IRS

Micro-captive insurance plans under the Internal Revenue Code are providing small businesses in California the ability to rebuild faster after wildfires.

A decision backing the surviving shareholder in a family business could have carried major tax implications to succession plans. Instead, SCOTUS backed the IRS.

Some worry the proposed regulations could make it more difficult for small and midsized businesses to obtain coverage in case of disaster.

The notice contains interim guidance for insurance companies ahead of proposed regulations on the 15% minimum tax under the Inflation Reduction Act.