Filed Under:Markets, Company News

IRS: Yes, 2009 Was Hard on Agents

The Internal Revenue Service (IRS) has published new, detailed sole proprietorship return data for 2009 that hint at how tough 2009 was for small and midsize insurance agencies and brokerage firms.

The number of sole proprietorship agencies that filed returns in 2009 increased to 446,229, up 1% from the total filed in 2008, but business receipts fell 4.2%, to $31 billion.

The sole proprietorships increased total net income 0.3%, to about $12 billion by slashing expenses.

Business deductions for salaries and wages fell 2.5%, to $2.7 billion

Advertising expenditures fell 4%, to $783 million.

Deductions for employee benefits dropped 23%, to $123 million, and deductions for pension and profit-sharing plans dropped 23%, to $62 million.

- Allison Bell

Other IRS data coverage from National Underwriter Life & Health:

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]


In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI


Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's


An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting


Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources


Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.