In last week’s BVWire,
we mentioned that the new tax law’s 20% “qualified business income deduction” (QBID) for pass-through entities (PTE) is not allowed for those providing certain services and included in the list was insurance (under “brokerage services”). A reader points out that the proposed regulations
provide that brokerage services include services in which a person arranges transactions between a buyer and a seller with respect to securities for a commission or fee, such as stock brokers, and does not include services insurance agents and brokers provide. A publication from by Independent Insurance Agents and Brokers of Washington mentions this, and so does a recent article
from RSM, which examines the new PTE deduction proposed regs.
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