On the Hill

The new tax deduction reduces the top effective tax rate on pass-through income to approximately 29% from 37%. For those in the 24% bracket, it can reduce the rate to as low as 19.2%.

The IRS recently issued final regulations governing Section 199A of the tax code. The rule confirms that owners and shareholders of insurance agencies and brokerages organized as pass-through entities are eligible for a tax deduction of up to 20% on “qual

The webinar will provide a comprehensive explanation of how the new tax deduction benefits pass-through owners and shareholders, including an overview of specific sections of the over 200-page regulation relevant to insurance agencies and brokerages.

On Monday, the IRS issued a draft worksheet form Publication 535 to help taxpayers calculate a 20% deduction on qualified business income from pass-through entities for 2018.

FEMA reversed its decision not to issue new or renewal policies or make changes to existing policies during the government shutdown.

Last week, the Big “I” submitted comments regarding a proposed rule which would allow employers to integrate their health reimbursement arrangements with individual health insurance coverage.

Further guidance from the NFIP is expected, but for the time being, the NFIP will not issue new policies or make changes to existing policies.

If legislation to extend the NFIP fails to garner final approval at the last minute, it is unclear what will happen.

Late last week, U.S. District Judge Reed O’Connor ruled that the Affordable Care Act is unconstitutional after Congress repealed the individual mandate.

Last week, the Department of Treasury and the Internal Revenue Service issued draft regulations which would help alleviate complex and unnecessary compliance burdens faced by p-c insurance agents and brokers that place international risks.