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Shakhnovsky said:
Hi all. I am one year into the business, and still learning. I had previously ordered direct mail leads from a company that was connected with my IMO in 2022. There was a big mess with the service, and was ultimately given a refund for the $2,500 spent. I had just received a 1099 from the company who was selling the leads for the $2,500 refund. Is this normal?
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Just go ask a professional tax preparer (or 2) for your answer. We're insurance agents not professional CPA's/tax preparers. If you need dental work performed you don't get your answers from an insurance forum right? Hope this helps.
 
Allen Trent said:
Completely agree....but remember 80,000 new IRS auditors are coming to the rescue & the self employed & businesses will be the primary focus. With 80% or more of population taking the standard deduction, those individuals don't have much to find in an audit like a business or self employed person does
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They just want you to pay your fair share.
All of it is fair isn't it?
 
Allen Trent said:
Completely agree....but remember 80,000 new IRS auditors are coming to the rescue & the self employed & businesses will be the primary focus. With 80% or more of population taking the standard deduction, those individuals don't have much to find in an audit like a business or self employed person does
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Thats 80 k people over a decade . Many of the added jobs not auditors . There looking forward guys making $400k or more . There not screwing with people making $200 k, They want the big fish making $1 million or more. 1.3 million people made $500 k or more .
 
theinsuranceman said:
Just go ask a professional tax preparer (or 2) for your answer. We're insurance agents not professional CPA's/tax preparers. If you need dental work performed you don't get your answers from an insurance forum right? Hope this helps.
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Yes... and no.

For life insurance and annuities especially, a working knowledge of how taxes work and how tax forms work... is essential. There's a complete income tax course for financial planning in CFP, ChFC, and CLU (it's the same course). If taxes weren't important, it wouldn't be one of the core courses in these designations.

Now, that doesn't mean we are Registered Tax Preparers, Enrolled Agents, or CPAs. But we know stuff and especially when the tax form comes from an IMO/FMO/BGA, etc., who better to ask?
 
DHK said:
Yes... and no.

For life insurance and annuities especially, a working knowledge of how taxes work and how tax forms work... is essential. There's a complete income tax course for financial planning in CFP, ChFC, and CLU (it's the same course). If taxes weren't important, it wouldn't be one of the core courses in these designations.

Now, that doesn't mean we are Registered Tax Preparers, Enrolled Agents, or CPAs. But we know stuff and especially when the tax form comes from an IMO/FMO/BGA, etc., who better to ask?
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I think those are excellent comments.

And, I think I see the same thing in the senior forum. Things like ACA health plans and IRMAA adjustments to Medicare premiums, and some agents who receive referrals from financial planners. I think some of the agents who post there and deal with those types of concerns have very good basic tax knowledge and can provide excellent "starting point" advice about a situation if they choose to do so.
 
theinsuranceman said:
Just go ask a professional tax preparer (or 2) for your answer. We're insurance agents not professional CPA's/tax preparers. If you need dental work performed you don't get your answers from an insurance forum right? Hope this helps.
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With the volume of posts I read here from agents regarding the complaints they receive about dental plans, there may be some agents here who could give some good advice about dental work, at least the insurance portion of it!
 
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