Regulatory Update: IRS-Captive Insurance Update: Reporting Requirement Delayed

The Lead june 2016 - Lifetime Benefit Solutions

IRS Captive Insurance Reporting Requirement Delayed

The IRS issued a revised Notice 2017-08 on December 29th, extending the original filing deadline by 90 days, from January 30, 2017 to May 1, 2017. The extension is due to a formal request sent by the Self-Insurance Institute of America (SIIA) to the IRS, Treasury and Congress asking for modifications and a reporting extension.

IRS Logo - IRS-Captive Insurance UpdateIn the request, SIIA commented that the original timeline for compliance was short and that the requirements set forth in the Notice are too broad, resulting in little useful new information versus the tremendous cost of compliance to the taxpayers and loss of revenue to states.

You can read more about the delay here.

 

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