Hey guys, Matt Robinson here, founder of the Professional Investors Guild. You can find out more about us by visiting professionalinvestorsguild.com. I just wanted to come back to you and answer another question as part of our "Ask the Pig" series. I had received a question from one of our members named Tom regarding paying referral fees. This topic often comes up and is frequently discussed by gurus, but it's important to be cautious when talking about referral fees. Interestingly, this topic came up during a brainstorming session with some of my premium members this morning. The question at hand is whether it is permissible to put up a sign, hand out flyers, or tell friends and relatives that I will pay them a referral fee if they bring me a real estate deal. The answer, unfortunately, is no. Paying a referral fee is illegal and considered fraudulent. In fact, it is a felony in the state of Florida, and other states have similar laws. If you assist someone in buying or selling real estate for a fee without the proper license, it is considered acting as a real estate agent without authorization. While it may seem like there is no way around this, there are legal alternatives for compensating individuals involved in a real estate transaction. One option is if you are a party to the transaction, such as the buyer or seller. In this case, you can request a portion of the Realtor's commission. However, this must be disclosed on the HUD settlement statement and approved by the lender, which can often be a challenge. If you are not a party to the transaction, issues arise. Therefore, it is crucial to understand the limitations and explore alternative methods for compensating individuals. In summary, paying a referral fee is not allowed and can have severe...
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Real Estate Referral fee percentage Form: What You Should Know
CPA, who provides tax-related services to individuals and businesses on behalf of the taxpayers. Preparers with a PAIN must be employed by a tax preparation firm that provides tax-related services to individuals on behalf of the taxpayers. All professional preparers must meet the qualifications described in 28 CFR part 45, including passing a training course, completing an annual certification training program (CAT), undergoing criminal history and background checks, satisfying ongoing compliance obligations and registering their PAIN. Preparers must be available for the IRS to contact them in regard to client problems. Where do I file a taxpayer return if my PAIN isn't valid? Sep 15, 2024 — File the correct form for your state of residence using the appropriate taxpayer ID number. File the return using the correct taxpayer ID number. This includes IRS 1040 (Form 1040), IRS W-2 (Form W-2) and Form 1040A. The same taxpayers may file returns using other taxpayer ID numbers. See the guidance in the IRM 4.15.7.3.1, Filing With Other Taxpayer Identification Numbers (Twins). File the correct form for your state of residence using the appropriate taxpayer ID number, even if the taxpayer identification number is different from the taxpayer record number listed in the IRS file (see IRM 4.15.7.1.3.1.2.3 (1)-(5), Where to File Tax Returns). See IRM 4.15.7.1.2.6.4.4.2.6 for a list of tax ID numbers. Taxpayers can download IRS 1040 Forms and Publications by clicking on the links in IRM 4.15.7.1.1.1, Download Taxpayer Return Transcripts, IRM 4.15.7.1.1.1 (2)-(4), Download Taxpayer Return Transcripts (for more information about the 1040T Transcripts and Forms) and IRM 4.15.7.1.1.4, (for the 1040A Transcript and Forms). IRM 4.15.10.6.6.12, Employer Identification Number of Preparers, explains when your PAIN is valid and when it isn't. If you're unsure about your PAIN, contact the firm you work for. IRM 4.15.10.6.6.
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