Oops ... bit of an oversight
I happen to be a Re/Max agent. All agents pay "rent" to the broker. This covers the rent of our office space, and the costs of staff, copy machines, etc. It comes to around $15,000/year. In addition, we pay many advertising bills to newspapers, etc. directly. Real Estate agents are independent contractors, most are sole proprietorships. If this means I have to do 1099s each year, it will be a horror.I believe there are well over 100,000 members of the Natl Assoc of Realtors.
Perhaps the most disturbing paragraph in this NY times article
They didn't read the d(&*) thing before they signed on the dotted line!and many lawmakers were apparently unaware of it when they voted for final passage of the legislation.
The funniest line in article
Just yesterday (I think) the Times reported that govt employees are responsible for $98 million in unpaid taxes. Now, if we consider those deadbeats we see in the TV ads for law firms who will negotiate with the IRS for you to reduce your delinquent taxes ... why doesn't the IRS just go after those turkeys? Then I think ... how smart am I anyway? I've just been paying my taxes all these years“This 1099 reporting was a well-intentioned provision to try to catch people who were cheating on their taxes,” Mr. Murphy said.