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Fred Griffin Florida Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate)

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Ambassador
2,662,507
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

This does indeed apply to our LLC (not real estate related). I clicked on the website and saw there was a 30 page instruction/info booklet and I clicked off. Thanks for the reminder to look into it.

Jan 16, 2024 12:45 PM
Rainmaker
786,976
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I received notice on this as well, Fred.  I still need to take care of it.

Jan 16, 2024 12:54 PM
Rainmaker
1,666,765
Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, CFSP
Big Block LPT Realty 858.232.8722 - La Jolla, CA
Coastal San Diego, Veteran's & Retirees Services

Thanks Fred Griffin Florida Real Estate for the alert. I'm not sure it pertains to me? Vision Drive Realty, Inc. is an S-Corp. So it seems this doesn't apply to me, but if it does, my lawyer handles my annual business, my CPA checks in with me 3 times per year prior to our October filing...so I'll be covered.

Jan 16, 2024 12:28 PM
Rainmaker
1,129,171
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Yeah I have to do it, attorney says so and you can do it online . . . we have an entire year to get it done

Jan 16, 2024 01:38 PM
Rainer
425,993
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

yes, own patents and real estate... filed it. 

There will be no more hiding behind a LLC, sorry to inform the cottage industry attorneys that sells this to investors.

Jan 16, 2024 05:38 PM
Rainmaker
1,521,315
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

No corporation of any kind for me so no concern.

Jan 16, 2024 04:38 PM
Rainmaker
556,410
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, SFR®, e-PRO®, GRI, AHWD, REALTOR®

Fred Griffin Florida Real Estate 

Yes, my CPA sent me a notice before the end of year. They advise to consult with our attorney. I did file and got my number. Thanks for the notice to all.

Jan 16, 2024 04:02 PM
Rainmaker
1,303,304
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Well, Fred, I don't know a thing about this. Something else to learn about

Jan 16, 2024 03:49 PM
Rainmaker
2,906,230
Richard Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It is interesting to note that behind every rule, regulation, law or statute is the reason why they were created. Makes you wonder about some of these

Jan 16, 2024 01:58 PM
Ambassador
5,640,983
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Our attorney is taking care of this for me. Great share, Fred!

Jan 16, 2024 08:54 PM
Rainmaker
1,349,602
Peter Mohylsky,
Property Management International-Destin - Inlet Beach, FL
Call me at 850-517-7098

Nope, ignorance is bliss. 

Jan 16, 2024 03:09 PM
Rainer
439,853
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

I don't own any corporations, so I'm good.

Jan 16, 2024 02:22 PM
Ambassador
3,233,514
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

my attorney handled it for me.

Jan 16, 2024 02:21 PM
Rainmaker
2,614,952
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

The only corporation I currently own is a non-profit Fred Dorsey and yes, I will ask my CPA if it changes anything.

Jan 16, 2024 12:58 PM
Rainmaker
5,662,055
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

No knowledge of this being in the retirement mode but will check it out. Thanks for the heads up!

Jan 17, 2024 03:34 AM
Ambassador
3,471,826
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

That will all be discussed with my CPA.  It is that time of year!!!

Thank you for the heads up reminder to the AR Community. 

Jan 16, 2024 05:44 PM
Rainmaker
948,152
Carla Freund
Keller Williams Legacy - Apex NC - Apex, NC
NC Real Estate Transition & Relocation 919-602-848

Hum, I haven't heard about it. Thanks for the heads up.

Jan 17, 2024 05:12 AM
Ambassador
5,158,883
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I have no idea what that even is, so I sure hope that it will not affect me, haha.

Jan 17, 2024 04:11 AM
Ambassador
6,873,020
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I wonder if this will cut down on the number of criminals avoiding paying their taxes, though I suspect that the bad actors will find a way around this.

Jan 17, 2024 01:33 AM
Ambassador
3,344,866
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
Southern Utah's Preferred Real Estate Agent.

Haven't been notified, Fred.

Jan 16, 2024 05:58 PM
Rainmaker
3,110,463
Patricia Feager
Flower Mound, TX
Inactive/Semi Retired Real Estate Agent

Fred Griffin Florida Real Estate - Although it doesn't pertain to me, I attended LEGAL UPDATES on 1/11/24, a 2 hour CE taught by General Counsel, TX Real Estate Commission, and General Counsel, Texas REALTORS. Here is what I learned about the Legislative Changes effective 1/1/24:

Wholesaling: 1) Wholesalers are required to disclose their interest in a property in writing to both buyers & seler; 2) Failure to do so under Chapter 1101 constitutes unlicensed activity, meaning TREC (TX Real Estate Commision) has jurisdiction to enforce against. 

Business Entity Registration: 1) Can regisiser certain LLCs and S-Corps with TREC to receive compensation; 2) Must be at least 51% owned by the license holder on whose behalf the entity receives compensation; 3) No other brokerage activity. (e.g., advertising).

I hope this helps. 

Jan 16, 2024 05:36 PM
Ambassador
3,723,514
Anna "Banana" Kruchten
Retired Broker/Owner - Phoenix, AZ
602-380-4886

Not anymore for us, thankfully.  But if it did I'd let the professionals handle it for us.  I do believe it was you that first started mentioning this subject......and I'm glad you did.

Jan 17, 2024 12:18 PM
Rainmaker
1,557,860
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

We've had to do that for years now.  The LA region was in the second wave of FinCen after Miami.  We've had to report this with every transaction our flipping company has done.

Jan 17, 2024 08:54 AM
Rainmaker
6,129,122
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I did learn about it months ago, but thought it pertained only to our cash investor clients.   Will check with my tax professional, thanks for the heads up.

Jan 17, 2024 07:31 AM
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