PIA Asks Tax Law Authors to Urge IRS for Pass-Through Clarification

On May 14, PIA sent a letter to House Ways and Means Committee Chairman Kevin Brady (R-TX) and Senate Finance Committee Chairman Orrin Hatch (R-UT) requesting that they either work with the Internal Revenue Service and the administration...
May 14, 2018

On May 14, PIA sent a letter to House Ways and Means Committee Chairman Kevin Brady (R-TX) and Senate Finance Committee Chairman Orrin Hatch (R-UT) requesting that they either work with the Internal Revenue Service (IRS) and the administration to ensure that owners of independent insurance agencies benefit from the maximum allowable pass-through deduction or include clarifying language in any technical bill that is passed by Congress. While the new law provides provisions that will result in savings for some pass-through entities, the benefit is limited by an income threshold and a categorical exclusion that may prevent some PIA members with pass-throughs from benefitting from the new deduction. Whether insurance agencies are excluded may remain unknown until the IRS issues regulations or guidance pertaining to the new law.