Happy Wednesday! In this week's Big I Buzz, we are discussing things agencies should keep in mind as Tax Day approaches and IIHS' ratings for assisted-driving systems from major automakers.

It's Time for Your Agency's 2024 Tax Check-Up

As Tax Day 2024 looms, independent agency owners are advised to consult their tax experts regarding their current tax structure and potential implications of a future sale. The Tax Cuts and Jobs Act of 2018 brought significant changes, favoring both C-Corps and pass-through entities. However, with the upcoming election cycle and potential changes in the tax code, understanding the implications is crucial. Moreover, the choice between stock and asset sales has significant tax ramifications, with asset sales generally preferred by buyers. Data suggests a significant number of agencies are still structured as C-Corporations, but considering conversion to other structures might be advantageous, particularly as there's a five-year waiting period to realize tax benefits in a sale. Consulting with professionals is recommended to navigate these complexities effectively. Read more from PropertyCasualty360 here.

Tesla, Rivals Get Low Marks for Automated-Driving Technology

The U.S. Insurance Institute for Highway Safety (IIHS) has given poor ratings to Tesla's Autopilot and Full Self Driving technology, along with nine other assisted-driving systems from major automakers, citing a lack of evidence for real-world safety benefits based on crash data. The study contrasts these findings with evidence showing that automatic emergency braking systems significantly reduce rear-end collisions and incidents involving pedestrians. Tesla, despite claiming its technology makes vehicles safer, is under scrutiny by federal regulators investigating nearly 1,000 accidents involving Autopilot. The IIHS emphasizes the absence of federal regulations governing advanced-driver assistance systems and highlights the need for standardized safeguards. Of the systems tested, only Lexus Teammate with Advanced Drive received an acceptable rating. Automakers could enhance safety ratings by adopting existing technology for functions such as driver monitoring or attention warnings. Tesla and other manufacturers are working on improving their systems, but concerns remain regarding their effectiveness and safety. Read more from insurancejournal.com here. 

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list.