Federal excise tax: Insurance 'Cascading' FET - Protective refund claims

On January 25, 2013 an insurance company domiciled in Bermuda filed a complaint with the US District Court for the District of Columbia challenging the 'cascading' FET. Foreign taxpayers who have paid the cascading insurance excise tax (imposed on foreign to foreign reinsurance of US risks) should evaluate the filing of protective refund claims before the statute of limitation expires.