Insurance organizations play a critical part in protecting society and its assets. As such, they’re also subject to extensive regulations and oversight that can make taxes and tax compliance more challenging and complex. The teams at Polston Tax help companies and agencies in this industry comply with the rules, refine and implement effective tax strategies, and prevent costly violations or inefficiencies.
Polston Tax has the tax experience and qualifications to help a wide range of insurance-related entities in any focus, such as life and health, property and casualty, and commercial lines.
As you protect other people and organizations, Polston Tax can help protect you from high tax payments. Credits enable you to reduce the tax amount you owe. Whether you are a broker, carrier or other insurance provider, we can work with you to find tax solutions. Incentives can differ from state to state, and the requirements for federal reductions may be complex. Work with Polston to learn more about your options.
Several general business tax credits at the federal level that may apply in your industry include:
You can earn reductions at the state level by contributing to the local economy. For example, the California Competes Tax Credit awards businesses that create more jobs in the state by growing their operations. Some states have initiatives for insurance companies. Members of the Florida Life and Health Insurance Guaranty Association (FLAHIGA) can earn tax credits in Florida.
As experienced partners, we’re well acquainted with the unique tax challenges those in this industry face, including:
We’re a trusted partner nationwide for professional insurance consultant tax services and insurance organization tax advice because we bring:
We’ve served carriers, agents and Departments of Insurance countrywide for over 20 years. This longevity translates directly into deep knowledge of industry-specific tax accounting, law, reporting and resolution. We’ve consulted with hundreds of insurance clients to maximize their tax efficiency and minimize their liabilities since 2001, generating over $250 million in tax and penalty savings for our partners.
At Polston Tax, we know that every insurance organization’s role differs, which means varying regulations, reporting and responsibilities. We take a collaborative approach, tailoring our services to both your needs and the applicable regulations. We also work on your behalf in tax resolution matters. Our team takes on IRS negotiations and communications, so you’re free to handle other critical business tasks.
We have an extensive in-house team of professionals who understand the common tax challenges that arise in the insurance industry. You’ll have access to a dedicated team of CPAs, case managers and tax attorneys for timely, accurate and practical guidance.
Polston Tax proudly serves insurance-related organizations with bespoke advice and services, regardless of your niche within the industry. Connect with us online to discuss how we can help, or request a free consultation for personalized assistance.