Is an insurance agency eligible to file as an S Corp?

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  • February 17, 2013 at 5:24 am #176175
    Anonymous
    Inactive

    I currently work in a REIT as a property accountant. Family and friends think I’m a tax expert b/c I’m studying for the CPA exam…which is definitely not the case. Someone asked me to recommend a business structure. Obviously, I told her to consult with a CPA firm but the question is bothering me. I would think that an S Corp would be most beneficial but the IRC specifically excludes insurance companies. Would an insurance agency be included in this exclusion?

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  • February 17, 2013 at 5:32 am #397280
    JUTTERB
    Participant

    no, an agency will qualify for the S-election

    FAR - PASSED 11/2009 - EXPIRED, PASSED 11/2012
    REG - PASSED 1/2011 - EXPIRED, PASSED 11/2012
    AUD - PASSED 5/2011
    BEC - PASSED 11/2011
    ETHICS - PASSED 12/2012

    Licensed Colorado CPA

    February 17, 2013 at 6:10 am #397281
    Noct
    Participant

    Most definitely. I have 2 clients that are insurance agencies filing as S-corps.

    FAR - 79 - 07/2012
    AUD - 65, 78 - 11/2012
    BEC - 76 - 11/2012
    REG - 78 - 01/2013
    ETH - 98 - 01/2013

    Material: Wiley books

    February 17, 2013 at 6:11 am #397282
    Noct
    Participant

    FAR - 79 - 07/2012
    AUD - 65, 78 - 11/2012
    BEC - 76 - 11/2012
    REG - 78 - 01/2013
    ETH - 98 - 01/2013

    Material: Wiley books

    February 17, 2013 at 4:15 pm #397283
    Anonymous
    Inactive

    Thanks everyone!

    I'm starting to find tax more interesting as the concepts for REG are settling in. Probably wouldn't pursue tax but it's definitely something I want to learn more about

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