New Educational Course: Tax Compliance and Accounting for Captive Insurers

Sarah Stubbs
July 2, 2020

Finding relevant insurance accounting education has always been a challenge for insurance professionals. Insurance is a global industry. But, the financial reporting and tax rules for insurance transactions represent only a small niche within the extensive realm of statutory and GAAP guidance.  Captive insurance companies are yet another niche within that, which only narrows the available and relevant education offerings.

A new course for captive insurers

Booke Seminars has provided accounting and tax education for insurance companies since 1968 and has historically catered to the larger or commercial insurance carriers. But, after being acquired by Sovos in January of 2020 we have expanded our content offerings. And we now offer a comprehensive eight-hour course tailored specifically for small insurance companies and captives.  This course will cover both tax compliance and tax accounting and reporting topics, including:

  1. Documenting and maintaining status as an insurance company from a federal tax perspective
  2. How insurance companies of all sizes are taxed 
  3. Benefits, considerations, mechanics and disclosures related to the §831(b) election
  4. Tax accounting and reporting for captives 
  5. Tax preparation for captives making the §831(b) election including the calculation of common book-to-tax differences

To register for this course, and all other Booke courses, send an email to statsupport@sovos.com.

We look forward to working with you to meet the educational needs of your business. 

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Sarah Stubbs

Sarah is a Regulatory Education Director at Booke by Sovos, helping to deliver insurance accounting education to professionals in the industry, as well as service providers. Prior to joining Booke, Sarah was in public accounting. For over 20 years, she advised clients on all areas of taxation from formation, to annual compliance, to strategic acquisitions and reorganizations. Sarah also holds a current certified public accountant’s license.
Share This Post

Latin America VAT & Fiscal Reporting
May 20, 2020
Sovos Acquires Taxweb, Extends Tax Determination Capabilities in World’s Most Challenging Compliance Landscape

Earlier this month Sovos announced its second acquisition of 2020, completing our solution for Brazil with an unparalleled offering that solves tax compliance in the place where it is most challenging to do so.  Too many companies doing business in Brazil have been burdened by managing multiple point solutions for continuous transaction controls (CTCs), tax […]

North America Sales & Use Tax
March 2, 2021
Maryland Enters the World of Digital Tax – Part 2

As reported here, a few weeks ago the Maryland Legislature enacted two bills impacting the state’s approach to tax in the digital economy. The first bill was a first-in-the-nation tax on digital advertising that is already being challenged in the courts on Constitutional grounds. The second, HB 932, while far less controversial, should not be […]

North America Sales & Use Tax
March 1, 2021
Growth is great – but is your approach to tax keeping up?

When business is booming, the last thing you want to do is focus on tax liability.  But as you expand, so does complexity. Moving into new geographic areas or creating new products and services will likely affect your business’ sales tax obligations, so it’s vital to keep up with new requirements as you grow.  More […]

North America Sales & Use Tax
March 1, 2021
If cars can drive themselves, should filing sales and use tax be so hard?

Picture this scenario: You input your sales and use tax data into your automated tax management tool and wait for your filings to be ready. A few days later, you get your determinations and have 24 hours to sign off.  You try to do quality control, but the forms don’t provide visibility into what data […]

North America Sales & Use Tax
March 1, 2021
It’s 2021. No more unpleasant sales and use tax surprises

It’s no secret 2020 was a year of personal and professional disruption, requiring rapid adaptation. So long, office happy hour. Hello Zoom quarantinis! Of course, businesses have been adapting just like each of us. You may have been growing your online sales… perhaps quickly. Maybe you’re selling into states you’ve never done business in before […]

E-Invoicing Compliance EMEA India
February 28, 2021
India Signals an Expansion in the Scope of E-Invoicing

The new Indian e-invoicing system has been live since October 2020 and it has been rolled-out in phases. The first phase started in October 2020 with taxpayers with a 500 Cr. rupees threshold or more and the second phase continued in January 2021 covering taxpayers with a threshold of 100 Cr. rupees or more. The […]