The IRS issued its final regulation governing Section 199A of the IRS tax code, and the insurance community has been buzzing. The new rule makes owners and shareholders of pass-through entities eligible for a tax deduction of up to 20% on qualified business income! This is a huge win for member agencies, and you can thank your Big “I” government affairs team for their aggressive efforts in helping to make it a reality. Watch this video to get the inside story from Charles Symington, Big “I” senior vice president of external, industry & government affairs, on what you need to know about the new tax regulation and how it could boost your bottom line.
Resources for MAIA Members to Learn More
Log in to the Big “I” website to view these other member resources on the new tax regulations:
- WEBINAR: A recording of "Government Affairs Update: New Tax Regulation for Pass-Through Agencies, " a 30-minute webinar the Big “I” hosted on January 30th.
- PRESENTATION: A PowerPoint presentation that provides a comprehensive explanation of how the new tax deduction benefits pass-through owners and shareholders, including discussion of the specific sections of the over 200-page regulation relevant to insurance agencies and brokerages
- OVERVIEW: A one-page overview of the new tax rate for C-corporations and the new tax deduction available to some pass-through businesses
- FAQs: A four-page FAQ document that outlines the must-know facts about the new 199A deduction
Like all things tax code-related, the new regulations are complex, and we encourage you to consult a tax professional.