Connect with Us

Powered by PR Newswire

  1. PR Learning Center
  2. Reach the Media
  3. Request Information
 
  • Print
  • Email
  • Share 
  • Blog it 
  • Blog Search 

PR 101 eNEWSLETTER - SUBSCRIBE TODAY!

With simple tips and actionable advice, you'll be able to quickly and easily enhance the visibility of your product, service and brand.


By submitting this form, you are confirming you have read and agree to our Terms and Privacy Statement.

"We recently used PR Newswire's services to announce our newly hired Director of Development. Our release was picked up by over 100 online publications. Their services and website are user-friendly, and we were truly impressed by the results. It was definitely worth the investment!"

 

Amanda Zimmerman
Youth Frontiers, Inc.

Read All Testimonials

PIA: Independent Insurance Agents Score Major Victory In Treasury Department's Proposed Regulations for Pass-Through Businesses

Share with Twitter Share with LinkedIn

WASHINGTON, Aug. 9, 2018 /PRNewswire/ -- In a major win for small-business insurance agencies and brokerages, proposed regulations issued August 8 by the U.S. Treasury and the Internal Revenue Service (IRS) specifically state that insurance agents and brokers are not excluded from taking the 20% pass-through tax deduction that was passed as part of the tax reform legislation signed into law late last year.

Many members of the National Association of Professional Insurance Agents (PIA) own independent insurance agencies that are organized as sole proprietorships, partnerships, or Subchapter S corporations. Such small businesses do not pay corporate income tax. Instead, their income "passes through" the firm and appears directly on their owners' individual tax returns, where it is taxed as normal income. The 20% deduction, subject to other limitations imposed by law or regulation, will lower these individuals' tax bills.

Treasury's proposed regulations explicitly specify that insurance agents and brokers are not barred from taking the deduction, unlike others, like stock brokers, for example.

"PIA has been aggressively advocating for this tax relief for pass-through entities since passage of the tax reform law (P.L. 115-141) last December, on behalf of PIA members," said PIA National Executive Vice President & CEO Mike Becker. "We advocated for the language that was ultimately adopted by Treasury and the IRS in their proposal."

"PIA was gratified to see the proposed Treasury regulation explicitly excludes insurance agents and brokers from the category of businesses that are not permitted to take the 20% pass-through deduction," said Lauren G. Pachman, Esq., PIA counsel and director of regulatory affairs. "It's a good day for small-business insurance agencies, whose businesses will be taxed the way pass-through entities were intended to be by Congress."

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA's web address is www.pianet.com

This statement is online at: http://www.pianet.com/news/press-releases/2018/independentinsuranceagentsscoremajorvictoryinpropsedregulationsforpassthrough080918

Cision View original content:http://www.prnewswire.com/news-releases/pia-independent-insurance-agents-score-major-victory-in-treasury-departments-proposed-regulations-for-pass-through-businesses-300694940.html

SOURCE National Association of Professional Insurance Agents



RELATED LINKS
http://www.pianet.com