INSURANCE DEPARTMENT: TAX COMPLIANCE SERVICES HONIGMAN’S CAPTIVE INSURANCE CAPABILITIES We provide a diverse array of services for a broad range of captive insurance companies and risk retention groups, their owners as well as their insureds. We advise on captive feasibility, structure, governance, and operations. Our captive practice began in 1975; we now represent over 200 active insurance companies, ranging from single owner captives to group captives to cell captives. Our team includes attorneys who address coverage matters, policy drafting and interpretation, reinsurance arrangements, and questions involving commercial insurance regulations. We have two lawyers whose practice consists exclusively of addressing the complex tax issues involving insurance company taxation and international transactions. Our services in the tax area include the following: • Assisting clients in complying with U.S. state and federal tax filing requirements in multi-jurisdictional insurance arrangements • Designing and implementing tax efficient U.S. inbound and outbound structures • Advising both individuals and companies of the U.S. and foreign tax implications of cross-border transactions, including matters related to tax treaties, withholding taxes, Subpart F/anti-deferral rules, and foreign tax credits • Examining the deductibility and taxation of premium payments made to captive insurance companies under U.S. state and federal tax laws counseling clients on the special U.S. federal tax rules applicable to insurance companies and their owners representing captive insurance companies and their owners in IRS audits
TAX FORM PREPARATION
We provide U.S. tax compliance services for captive insurance companies and risk retention groups and for their owners and insureds.
These tax compliance services are offered on an annual fixed-fee basis to our clients and also are available to captive insurance companies that we do not otherwise represent. The most common forms that we routinely prepare are: For non U.S. captives and their owners:
• IRS Form 1120-F • IRS Form 5471 • IRS Form 926 • Code Section 351 Statement • FinCEN Form 114 / FBAR • IRS Form W-8BEN-E
For U.S. captives and those electing to be taxed as U.S. corporations:
• IRS Form 1120-PC • FinCEN Form 114 / FBAR • IRS Form W-9 Other forms, as applicable:
• Tax Elections under Sections 953(d) and 831(b) • Portions of IRS Form 990 relating to Captive • IRS Form SS-4 • Common Reporting Standards (CRS) Forms • Department of Commerce Forms (BEA Forms) • IRS Form 720 • State Tax Forms We believe that our holistic approach streamlines the tax compliance function for our clients, that it improves the coordination of reporting between the captive and its owners, and that we can deliver our services on a costeffective basis.
JULIE E. ROBERTSON Department Chair 313.465.7520 jrobertson@honigman.com SARA J. BRUNDAGE 269.337.7862 sbrundage@honigman.com MICHAEL W. DOMANSKI 313.465.7352 mdomanski@honigman.com SCOTT D. GEROMETTE 313.465.7398 sgeromette@honigman.com WILLIAM O. HOCHKAMMER 313.465.7414 whochkammer@honigman.com MARK D. KLEINLEIN 313.465.7458 mkleinlein@honigman.com JESSICA LEINWEBER 313.465.7708 jleinweber@honigman.com PAULA E. LITT 312.701.9317 plitt@honigman.com GREGORY M. NOWAKOWSKI 313.465.7502 gnowakowski@honigman.com MARK S. PENDERY 616.649.1910 mpendery@honigman.com RYAN PERUSKI 313.465.7724 rperuski@honigman.com JASON M. ROSENTHAL 312.701.9349 jrosenthal@honigman.com JENNA SIMON 313.465.7264 jsimon@honigman.com
KEY CONTACTS
Our fixed fee covers: • Preparation and filing of those forms and filings applicable to or needed by the captive and its owners or insureds • Responses to routine requests from governmental authorities concerning the filings • An annual report to the captive board at the completion of the filings
MICHAEL W. DOMANSKI
PARTNER Leader, Insurance Tax Practice Group 313.465.7352 mdomanski@honigman.com
There is no separate charge for overhead costs or administration.
US CAPTIVE REVIEW AWARDS 2017 WINNER CAPTIVE TAX SPECIALIST honigman.com
INSURANCE DEPARTMENT
RYAN PERUSKI
ASSOCIATE Attorney, Insurance Tax Practice Group 313.465.7724 rperuski@honigman.com