Jerrin Babu

Preparation and Review of Micro-Captive Companies

• Prepare and review Form 1120-PC for a portfolio of approximately 160 captive insurance companies managed by a firm located in Hilton Head, SC, USA, ensuring that all filings are completed accurately and on time in accordance with IRS regulations.
• Oversee the preparation and submission of Form 1120-PC for micro-captive insurance companies, ensuring adherence to IRS guidelines for tax returns, including the necessary filings for the 831(b) election.
• Provide guidance to clients regarding the 831(b) election, assisting them in the process of opting for taxation under this provision, which permits tax exemption on underwriting income up to $2.3 million per year.
• Ensure accurate reporting of investment income, loss reserves, and reinsurance arrangements in compliance with relevant tax regulations
• Support captive insurance clients in the preparation of Form 1120-PC and other related documentation.
• Evaluate financial statements, underwriting outcomes, and reinsurance arrangements to guarantee precise reporting of income, deductions, and reserves.
• Review and manage general ledger accounts, performing monthly reconciliations to ensure the accuracy of financial reporting.
• Work collaboratively with internal teams, including actuaries and accountants, to evaluate risk management strategies and propose tax optimization solutions.
• Ensure compliance with both local and international regulations governing captive insurance entities, addressing inquiries and supplying necessary documentation to regulatory authorities and auditors.
• Prepare statutory reports, financial statements, and regulatory filings in accordance with US GAAP and local standards. Deliver client services that include prompt responses to inquiries and updates on regulatory changes, tax legislation, and the status of filings.
• Collaborate with senior tax professionals to oversee investment income and reserves for insurance companies.
• Examine claims, premiums, and reserves to ensure alignment with risk management practices and provide insights on financial forecasts.

Other Duties and Responsibilities

• Oversee the preparation and examination of tax returns for individuals, corporations, and partnerships, including Forms 1040, 1040 NR, 1120, 1120S, and 1065, catering to a varied clientele across different sectors.
• Administer tax compliance for clients operating in multiple states and internationally, offering strategic advice to reduce tax liabilities while ensuring adherence to federal, state, and local laws.
• Deliver tax planning and consulting services to individuals, S-corporations, partnerships, and LLCs, with an emphasis on optimizing deductions and credits while maintaining compliance with current tax regulations.
• Perform comprehensive tax research and analysis regarding evolving tax laws, advising clients on the implications of these changes and assisting them in overcoming compliance obstacles.
• Guide and mentor junior tax associates, providing them with training and support in tax preparation, client relations, and research methodologies.
• Evaluate and finalize tax returns, guaranteeing their accuracy, completeness, and compliance with IRS standards.