Annual Conference Session Details

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15. Captive Taxation - Deconstructing the Recent Whirlwind (Intermediate)

Date: 2021-08-11T00:00:00-04:00 Time: 10:00 am-10:50 am

Learning objectives: A panel of experts will discuss the current landscape of the captive tax world. Upon completion, participants will be able to:
- Explain the current thoughts on what constitutes insurance for tax purposes
- Describe when a state can tax premium and the latest activity from a state tax perspective
- Understand how captives are being affected by new IRS guidance and initiatives 

Level: Intermediate

Prerequisite: Basic understanding of tax and captive operations
Field of Study: Taxation

Coordinator & Moderator: Alicia Miller, Crowe LLP

Content Advisor: Ian Davis, People's United Bank
There has been a whirlwind of captive tax activity this past year. Hear from our tax experts on what is influencing the captive industry from a tax perspective and what the implications are. The states, such as Washington, are extraordinarily active in the captive tax area currently. By August 2021, there are expected to be decisions in the U.S. Supreme Court case of CIC v IRS, the Reserve Mechanical case (currently on appeal to the Tenth Circuit), and the IRS' suit against the Delaware Department of Insurance, all of which will be covered in this session. We will explore what the IRS has done to implement its announcement that it will audit thousands of taxpayers, using a dozen new audit teams. With the deficits being generated by COVID-19, Congress may enact tax legislation. Even the GAO (General Accountability Office) has written a report on offshore captive insurance companies. Nearly everything explored in this session will have occurred during the past year. Join us for this timely, interesting and interactive session! 

Scheduled Speakers:

Alicia Miller

As a Tax Senior at Crowe Horwath LLP, Alicia is the lead client service provider for many of the firm’s multi-national and international insurance clients. She has experience with both U.S. domiciled and internationally domiciled insurance companies. Alicia has worked with commercial property & casualty insurance companies, life insurers, single parent captives, risk retention groups, association captives, cell companies, risk pools, and reciprocal insurance companies. Her roles at the firm include overseeing the preparation of federal and state income tax returns, preparation of tax related compliance for GAAP and SSAP 101 reporting and performing research and consulting on federal and state insurance related issues.

Mikhail Raybshteyn

Mikhail Raybshteyn is a Partner in EY's Tax practice, with a focus on Insurance sector clients. For over 15 years, Mikhail has been advising global, multinational and regional Life, Property & Casualty, Health/BCBS, Financial Guarantee and Captive Insurance clients (and Captive Insurance owners). Some of the areas where he has advised clients include all aspects of domestic and global tax accounting and financial reporting (GAAP, IAS and SSAP), Domestic and International tax planning, structuring, tax financial forecasting and Captive Insurance and alternative risk financing structures, feasibility and implementation. Mikhail is member of EY Global Captive Network and is the Co-Leader for EY Americas Captive Insurance Services, leading a practice of over 40 professionals in the Americas across tax, consulting, risk, and actuarial service lines that comprise EY's Captive Insurance Services practice.

Bailey Roese, Esq.

Bailey Roese is a partner in Dentons Bingham Greenebaum LLP’s Louisville office and represents taxpayers in federal, state, and local tax controversies. Selected as a Kentucky Super Lawyers® Rising Star for 2018-2021 in the area of Tax law, Bailey regularly advocates for clients in the state courts and administrative tribunals of Kentucky, Ohio and Indiana, as well as the United States Tax Court. Her expertise encompasses income tax, sales tax, property tax, trust and estate tax and excise tax, and she advises clients in the manufacturing, retail, tobacco and alcohol industries, as well as many others. She also assists clients with their tax planning and compliance needs. Bailey also has experience advising individuals, corporations, or owners of captive insurance companies who have been selected for audit. She assists these taxpayers in resolving their cases at audit, with IRS Appeals, or in the United States Tax Court. Bailey serves as General Counsel for the Kentucky Democratic Party. She formerly served on the Board of Louisville Girls Leadership, is a 2016 graduate of Leadership Louisville's Ignite Louisville Program, and is a 2015 graduate of Emerge Kentucky.