What's New At Generes & Associates

We are often asked about the necessity of issuing an IRS Form 1099-MISC to entities and individuals receiving payments through real estate settlement transactions. The short answer is: Probably not, but read on.

• Act No 310 is effective January 1, 2021
• "Affidavit of Resident Title Agency Producer" must be filed with LDI to certify the agency is in compliance with the Act.
• While there is no due date given in the Advisory Letter, it's probably a good idea to have it in by December 31, 2020
• Penalties are not specified, but may be cancellation and reapplication.

Will you face severe IRS penalties over 1099-S exemptions?  Why take the risk?

Consultative selling is all about bringing value to the customer; it consistently places the customer’s pain/problems in primary focus. It effectively places the salesperson as a consultant to the customer.  It is not about the product; it’s about learning the customer’s perceived needs and problems and determining if the product addresses those needs or not.