William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

Statutory Employees: Full-time Life Insurance Salespeople

Posted by William Byrnes on August 30, 2010

Why is this Topic Important to Financial Professionals? General classification and taxation of insurance professionals is governed by statute.  Therefore, a basic discussion of the law as it applies to insurance agents and tax is below.

Please read my blogticle at Advisor FYI Statutory Employees: Full-time Life Insurance Salespeople

For a detailed analysis regarding the tax treatment of life insurance agent, see Tax Facts Q 361. Who is an owner-employee for purposes of the qualification requirements?

One Response to “Statutory Employees: Full-time Life Insurance Salespeople”

  1. Can you tell me why the statutory employee status is only in regards to Life/Annunity agents and not property and casualty agents? The agents in question also are responsible for the majority of their office expenses. How do we go about getting this statutory employee status changed with in our company?


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