WASHINGTON–Insurance industry officials will meet with Treasury tax officials tomorrow and urge them to delay or rescind Internal Revenue Service guidance requiring domestic insurers to pay an excise tax every time a premium is ceded to a foreign insurer or reinsurer.
Unless rescinded, the Treasury guidance will go into effect Oct. 1. It was published by the agency in late March and, according to industry lawyers, represents a long-held IRS position. It will give carriers that haven't complied with the law until Oct. 1 to voluntarily file.
The meeting will be with Eric Solomon, assistant secretary of the Treasury for tax policy.
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