As we approach the end of the year, we wanted to share a snapshot of cut-off dates to remember:
New Business Processing
December 31, 2024 will be the last day for 2024 business and the standard service times for processing documents received that day will apply.
1099 Income Reporting
New business requirements need to be received and processed by Tuesday, December 31 to be included in 2024 Miscellaneous Income Tax Reporting (1099-MISC).
The agent's individual cut-off date depends on when the partner has chosen to be paid. For example, if the agent is paid monthly and the most recent scheduled date is December 6, all commissions applied by December 6 will be included in the 1099-MISC for the year. The next pay date will be January 6, 2025.
General Agent Bonus
The General Agent Bonus for 2024 is based upon all commissions processed through December 31, 2024. Please note: the payment date for each agent in the hierarchy may be different. Consider a situation where the agent is paid on the standard schedule and the broker is paid monthly with the most recent pay date of December 6:
- The case is paid on December 26,
- The general agent’s share of the commission will be processed on December 27 and will be included in the bonus for 2024,
- The broker's share will process on January 6, 2025, and will be included in the bonus for 2025.
