You are here:HomeNews CenterInsurance News2018PIA Comments on Tax Regulations

PIA Comments on Tax Regulations

PIA submitted comments in support of the proposed regulations.
October 4, 2018

In a major win for small-business insurance agencies and brokerages, proposed regulations issued August 16th by the U.S. Treasury Department and Internal Revenue Service state that insurance agents and brokers are eligible to take the 20 percent pass-through tax deduction that was created as part of the tax reform legislation signed into law late last year. On October 1,PIA submitted comments in support of the proposed regulations.

Because many members of PIA own independent insurance agencies that are organized as sole proprietorships, partnerships, or Subchapter S corporations, these proposed regulations would ensure that PIA members benefit as much as possible from the new 20 percent pass-through deduction. The proposed regulations explicitly specify that insurance agents and brokers are not barred from taking the deduction, unlike others, like stockbrokers, for example.

Filed under: