The IRS is providing welcome relief for compliance measures associated with its new micro-captive insurance company reporting and disclosure rules. Although the scope and substance of required filings by participants and their material advisors has not changed, the IRS announced on Dec. 29, 2016 through Notice 2017-08 that the due date for such filings has been extended to May 1, 2017. Parties participating in these transactions formerly had until Jan. 30, 2017 to gather a robust volume of information associated with (potentially) many years of transactions, while simultaneously compiling this information into the required IRS filing. Material advisors were required to file by Jan. 31, 2017. Now both groups are timely if the required forms are filed by May 1, 2017.
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