By Lisa A. Tyler
National Escrow Administrator
The Company's most valuable asset is our employees. Knowing employee safety is of utmost importance the National Escrow Administration department had Carl Carter Jr. tell his tragic personal story at the 2016 Galactic Escrow Training events. He spoke passionately at each of the events drawing the audience in by sharing the tragedy of his mother, Beverly Carter, who was a real estate agent in Scott, Arkansas.
Although none of the audience members were real estate agents, it was understood many of us in the industry put ourselves in potentially harmful situations on a regular basis by conducting after hours' signings when there is no one else left in the office, or meeting buyers and sellers outside of the office, sometimes after hours and in places that are not familiar.
In addition, the audience recognized our largest group of customers, our best friends and even family members are real estate agents who if anything as tragic ever happened to them would leave the audience members devastated. Read Carl's story in "CULTIVATE safer practices" to discover things you can improve upon to keep you safe!
During July 2016, National Escrow Administration sponsored the Jedi Knight Contest. Employees who submitted evidence of a Business Email Compromise (BEC) email chain — where they identified and thwarted a fraudster from stealing funds from the Company — were entered into the contest. A winner was selected each week for a cash prize of $250 and a grand prize of $500 at month–end. "RESULTS are in…" reveals the Jedi Knights who submitted entries and those who won prizes.
Per the IRS regulations, "Someone who sold or exchanged during the year, who expects to sell or exchange during the year, or who sold or exchanged in either of the 2 previous years, at least 25 separate items of reportable real estate to at least 25 separate transferees…" qualifies as an exempt volume transferor. Discover detailed information about the exemption by reading the story entitled "EXEMPT volume transferors."
Be sure to answer the monthly 1099—S question to make certain you understand the tips on properly reporting sales in order to avoid penalties!
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