Last year, the President signed into law the widest-ranging tax reform legislation in decades. This legislation will impact the tax liability of agents and brokers in 2018 and beyond. The centerpiece of the law is a lowering of the corporate tax rate from 35% to 21%. The law also changes tax rates for individuals and creates a special 20% deduction for pass-through businesses. The Treasury Department recently released draft regulations that outline how insurance agencies and brokerages can benefit from the new pass-through deduction.
2018 Issue Summary
IIABA Federal Tax Reform Advocacy and Resources