On August 21, 2017, the United States Tax Court released its opinion in Benyamin Avrahami and Orna Avrahami v. Commissioner of Internal Revenue, and Feedback Insurance Company v. Commissioner of Internal Revenue. The Court held that certain amounts paid to Feedback were not insurance premiums for federal income tax purposes.
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On August 21, 2017, the Tax Court released its eagerly-awaited opinion in the consolidated cases, Benyamin Avrahami and Orna Avrahami v. Commissioner and Feedback Insurance Company, Ltd. v. Commissioner; the first court case involving a so-called “micro-captive transaction”. The decision was a mixed-bag. While the Petitioners lost on almost every issue, the Court’s decision was very much factspecific. So, it is not clear what this case means for micro-captive transactions with different facts.
Hurricane season is halfway over, and while you may not have to worry about hurricanes where you live, you still have to worry about flooding. Many homeowners believe that flood insurance is not needed if they do not live in a “flood zone”. However, any home can be damaged by flooding, even if it is not in a flood zone.
RMC Group has expanded its international operations by opening two new offices in the United Kingdom.
Ryan S. Mitchell, President of European Operations, stated, “Opening several offices in London is a strong statement of our intent to expand RMC’s international presence and growth. We have bold ambitions to grow our European platform, and anticipate adding both personnel and product lines in the near future.”
On August 9, 2017, the Department of Labor filed a Notice of Administrative Action in the lawsuit, Thrivent Financial for Lutherans v. DOL, in the United States District Court for the District of Minnesota, that it has requested permission from the Office of Management and Budget to extend the transition period and applicability date for the Best Interest Contract Exemption and PTE 84-24 from January 1, 2018, to July 1, 2019.
Your client has a Profit Sharing/401k Plan that has been in place for several years. He is generally satisfied with the performance of the plan but desires greater retirement benefits than those provided by a Profit Sharing/401k Plan. In addition, he is interested in putting more money away for retirement. This is a common problem, as a business grows and becomes more successful, and is easily addressed by the adoption of a defined benefit plan.
Meet Tom Bacharach, RMC's Regional Vice President of the Northeast. Tom currently resides in Bristol, Connecticut with his wife and foster animals. He can't live without coffee and his first job was a Gymnastic Instructor. To learn more fun facts about Tom, CLICK HERE.