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OFFICIAL NEWSLETTER OF NCCIA

VOLUME 4; NUMBER 9
September/October 2018

RECENT NEWS

Pictures From the 2018 NCCIA Annual Conference Are Now Posted on the Association Website

Pictures from the 2018 NCCIA Annual Conference are now posted on the association website at www.nccia.org . We are currently looking for volunteers to serve on the 2019 Annual Conference Committee. If you are interested in serving please call or write Tom Adams at the association’s Headquarters.(Southern Pines)

Alex Webb, Lane Brown, and Tom Adams Meet With NCDOI Staff Regarding the Upcoming Regular Session of the NC General Assembly

Alex Webb, Chairman of the NCCIA Government Affairs Committee, Lane Brown VP of Government Affairs and Tom Adams President & CEO recently met with NCDOI staff regarding their plans for the upcoming Regular Session of the NC General Assembly. The Department has a number of technical amendments to the Captive Practice Act they want considered during the session. According to Webb “the technical changes are designed to keep NC at the forefront in the continuing evolution of captive regulation.” Continuing he said, “Additionally the NCCIA also has a number of amendments to the Act that will need to be introduced in 2019.”

It is now all but certain that there will be captive legislation introduced when the legislature returns in January. NCCIA will provide an overview of next year’s omnibus captive bill in an upcoming edition of The Newsletter. “North Carolina is now the fifth largest domestic captive domicile and NCCIA is committed to continuing efforts to ensure North Carolina is the domicile of choice well into the future by working through the legislative process” said Leon Rives, Chairman of the association’s Board of Directors.
 

NCCIA Continues to Challenge Notice 2016-66; Headed to U.S. Court of Appeals in the 6th Circuit October 19th

Since the IRS issued its infamous Notice 2016-66 in November 2016, your Association has vigorously challenged the Service ruling on many fronts. One of these challenges is coming to a head in the US Court of Appeals in the 6th Circuit (*Cincinnati) on October 19, 2018.  Arguments will be heard in the CIC Services, LLC et al litigation (Case No. 18-5019) when the appeal of the ruling from the Federal District Court in Tennessee is considered. 

The IRS contends that the Notice is within its rule-making authority under the Administrative Procedures Act, and to restrain or enjoin implementation of the Notice, would violate the Anti-Injunction Act.  NCCIA filed an amicus brief with the trial court in April 2017, but Judge Travis R. McDonough sided with the Government and upheld the IRS rule-making. Hopefully, the Circuit Court will take a more enlightened view of the arguments advanced against the IRS Notice in this latest round of challenges.

 In fact, according to the IRS, “the appeal presents a question of significant administrative importance regarding the scope of the ban on injunctive and declaratory relief involving federal taxes.  Counsel for the United States (IRS, Department of the Treasury) believe that oral argument should be heard.”  NCCIA’s Vice President for Government Affairs, Lane Brown, will be present for the argument and along with Adam Weber, Counsel for CIC Services, LLC. Brown will provide a post-argument analysis of the court proceedings. Today, the obligation to report micro-captive transactions to the Internal Revenue Service under 2016-66 remains much disputed.
 

NCCIA Is Watching The November Elections Very Carefully

NCCIA is watching the November elections very carefully. At stake in North Carolina is control of the state House and Senate. Currently Republicans have a veto proof majority in both houses. As the party in power Republicans name committee chairs and which members are assigned to serve on a particular committee. Historically NCCIA has enjoyed strong bi-partisan support in both chambers. NCCIA does not currently maintain a political action committee (PAC). We encourage each of you to contribute to the candidates of your choice. And vote.
 

NCCIA Annual Dues Investment Statements to Be Mailed in November

Annual Dues Investment Statements will be mailed in early November are payable not later than December 31st.  We look forward to your continuing membership and participation.
 

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