The Big “I” recently distributed a summary of the provisions of the new tax reform law that are most likely to impact IIAT and Big “I” members.
The document is not meant to be an exhaustive analysis of all provisions of the law that may impact independent insurance agents and brokers, as the law’s effect will vary depending on the individual circumstances of tax filers.
IIAT members are encouraged to consult with their accountants, lawyers and other relevant professionals related to tax and estate planning based on their individual circumstances. In addition, the changes that the law imposes are extensive, and how the reforms in their entirety ultimately impact the decision-making and subsequent tax liability of businesses and individuals remains to be seen.
Finally, the IRS will be issuing future regulations and guidance in 2018 and beyond to implement certain provisions of law, which may impact tax planning for businesses and individuals moving forward.