Definition: In 2017, the IRS issued a final rule that made it possible for an independent insurance agency to be treated as an individual under Section 607 (c)(9) of Title II of the Internal Revenue Code, which establishes an exemption from federal income tax for individuals who are self-employed or engaged in activities that are not business enterprises. The final rule established a definition of an independent insurance agency that includes entities that engage in both insurance and non-insurance services to the same customers. This means that an independent insurance agency is considered a separate entity with its own tax return, separate from that of its insurer parent company, which may be required to file Schedule F as part of its 2017 tax filing due date. The definition also includes entities that provide services on their own behalf, rather than in the role of an independent agent. This includes entities such as broker-dealers or financial advisors who sell insurance products on their own behalf. In addition, the rule excludes companies that are not owned by individuals and are not engaged in the business activities described above. Overall, the final rule provides relief for those self-employed individuals who want to avoid having a separate income tax return from an entity that may be required to file Schedule F. The exemption is temporary until 2018 but is intended to provide some certainty for many businesses and individuals.

independent insurance agency

Definition: "Independent Insurance Agency Near Me" refers to a business or organization that operates independently from a traditional insurance company, providing services such as accident insurance, health insurance, and life insurance under the same brand name. This means that the company does not have a direct relationship with any of its competitors but rather is an independent entity that can offer its clients unique benefits and products. The word "independent" suggests that the company operates on its own without collaboration with other companies or agencies in the industry, which allows it to focus on providing high-quality services at competitive prices. The term "agency" is often used to describe a business that has multiple insurance agents who offer their services under one brand name. The word "near me" refers to a geographic area where an agency operates, either by physically being located in that location or by having remote access and operations from anywhere within that area. This can be particularly useful for those who are looking for a specific type of coverage but do not want to go out of the city to find it. Overall, "independent insurance agency near me" is a term that refers to a business that does not have a direct relationship with other companies or agencies in the insurance industry and offers its services through multiple channels.

independent insurance agency near me