"The passage of H.R. 1, the tax reform bill, will benefit owners of small businesses, according to the
"When
"While the bill provides provisions that will result in savings for some pass-through entities, the benefit is limited by an income threshold that will prevent some PIA members from benefitting from the maximum new deduction available to certain pass-throughs. As such, many may opt to reorganize as C corporations, a process that costs money and presents logistical and compliance issues that could be overly burdensome to small businesses. Furthermore, the benefit for pass-throughs, even at its most generous, is not permanent, which leaves small business owners at a disadvantage compared to large corporations. Still, overall this legislation will be a net positive for most PIA members.
"PIA will work with our members to maximize their benefit from this measure and will remain involved in the forthcoming regulatory process."
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA's web address is www.pianet.com.
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