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Insurance Agents

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Learn about our services for insurance agents

The Accounting Office, Inc. represents clients from around the country in a wide assortment of industries. We specialize in insurance agencies, which account for 35% of our clients.

Since we know the insurance industry well, we don’t need to waste time and resources getting up to speed on your industry. We can hit the ground running to get you set up with accounting and tax services, so you can focus on sales and servicing clients.

We know exactly what we need on a recurring basis, with minimal impact on you as a client. Our company is a leader in the industry in efficiencies enabling us to provide a wide array of services in a very cost effective manner.

While so many of our competitors charge hourly, often $100-$400 per hour or more, we fix our fees with with one monthly rate, less than a one hour billing rate of our competitors. Even if they don't charge you during the year, you can bet they track the time spent during that year and incorporate the billing in your tax return.

Our fixed fee approach ensures you get every service you need to run a successful business, including a watchful eye on your future tax liability with regular projections.

What our Clients Say

"I’ve been with The Accounting Office since I opened up my Insurance Agency 4 years ago. I was new to owning a business and unsure of all of the things I needed to do from an accounting standpoint. ...They not only put my mind at ease, but helped me get my business set up properly. The Accounting Office makes my life easier by handling the behind the scenes monthly accounting, while allowing me to focus on high-value business activities. I have a personalized account manager who carefully monitors and services my account. I am very pleased with the entire team at The Accounting Office! I highly recommend their services to any new or seasoned business owner or individual!"

- Brian Edwards, Farm Bureau Insurance agency owner

"I have been in business for over 38 years. I have never had a company better than yours! Not just taxes and accounting, any services! You are all really the best! I love you guys!!"

- Doug Sutika, State Farm Insurance agent

S-Corp Classification For Insurance Agents

We want to bring to your attention a recent Tax Court Case dated December 29, 2016 involving an incorporated insurance agent. The Case found that the corporate entity (in this case, LPL Financial and Mass Mutual) issued 1099s to the incorporated insurance agent under the individual insurance agent’s Social Security Number, not the agent’s S Corporation identification number. The Tax Court confirmed that the income/commissions from LPL and Mass Mutual should be subject to self-employment tax since LPL and Mass Mutual had a contract with the individual insurance agent and not the insurance agent’s S Corporation. In other words, this particular Tax Court case found that the S corporation (not the individual agent) should have a contract with the corporate entity in order to report the commissions and other income on the S Corporation.

Most times when agents come to us they have already signed their individual agent contract with their company. We have always advised our clients without an incorporated agent contract with their company on various methods to appropriately and legally report commission and other income to their S Corporation. While these methods of reporting are advisable, legal within the Tax Code, and in line with industry standards, they were disallowed by the Tax Court in this specific Tax Court case. Again, these recent developments are only the result of a Tax Court case and are not law.

Please contact us to discuss this and address any questions or concerns you may have.