IRS Extends Deadline for Micro-Captive Reporting to May 1, 2017
February 1, 2017
As a result of its increased scrutiny of small captive insurance companies, the IRS outlined new disclosure requirements for micro-captive transactions last November. The original due date of the disclosure, included in IRS Notice 2016-66, was January 30, 2017. After receiving a significant amount of requests for an extension, the IRS recently issued Notice 2017-08, which extends the deadline for compliance with the information requirements to May 1, 2017. The deadline is the same for captive owners, insured businesses and material advisors who participate in “transactions of interest.”
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