Captive insurance companies were traditionally established as a solution for very large corporations to self-insure themselves against a variety of risks. In recent years, favorable tax treatments have made it possible for other entities to take advantage of the same benefits.
Captive insurance companies have specific audit requirements and tax matters that not every audit or tax professional would encounter on a regular basis. Louis Plung & Company has experienced audit and tax professionals that are well versed and dedicated to serving the specialized needs of captive insurance companies. Our tax professionals know the intricate tax treatments of captives and are here to help our clients make the best possible tax decisions.
Our clients benefit from a customized audit that is designed to fit their unique risk profiles. We are currently government-approved to provide audits of captive insurance companies in Hawaii, Guam, and St. Lucia. We perform audits and prepare taxes for family and corporate insurance captives. Family captives are favorable for estate planning for multiple generations and are helpful when members of a family have business interests to protect for the next generation. Our corporate captive insurance clients are large, multi-million dollar companies with operations and interests domestically and abroad who utilize the captive to help the company manage risk for known and unknown liabilities.