Daily Tax Update - November 1, 2016: IRS Identifies Micro-Captive Transactions as Transactions of Interest

IRS Identifies Micro-Captive Transactions as Transactions of Interest:  Notice 2016-66 identifies certain transactions involving captive insurance companies as transactions of interest.  Transactions meeting the description in the notice must be reported to the IRS by January 30, 2017.  Treasury and the IRS also seek comments, by January 30, 2017, on how the transaction might be addressed in published guidance.

IRS Updates Priority Guidance Plan:  The IRS released the first quarter update to its 2016-2017 Priority Guidance Plan.  The update reflects six projects that the IRS published or released during the period from July 18 through September 30.