PAYING AN INTERNATIONAL REFERRAL
When it comes to paying an international business entity for a referral, you will want to talk to your CPA and find out if you will be required to 1099 a business in that country. You will also want to talk to your broker and verify that it is within the local real estate guidelines.
| NOTE: international referral brokerages cannot be entered into Command. Agents should add a Note in the commission section to alert the MCA to the need to manually add the international referral brokerage to WinMORE and to the DA. |
Enter the outside referral in WinMORE using the first 9 digits of their business ID number or other unique brokerage or business identification number that they use locally in their country or town.
If the business does not have a business ID number or does not have one with at least 9 digit: enter something in the WinMORE EIN field in order to enter the Outside Broker in your system. For example, if they have a 4-digit id, repeat that until you have 9 digits total. However, do not enter 11-1111111 (or zeros) in the ID field as this will cause the End of Year Update to fail and will prevent your final transmittal. Do not submit a 1099 to the IRS for this referral.
FINDING AN INTERNATIONAL REFERRAL BUSINESS PARTNER
Associates must be a member of the GPS Community to search for international referral partners. Associates can click here to learn more about the GPS network and how to get started.
CURRENCY EXCHANGE RATES
To learn more about how currency exchanges rates may affect the actual amount sent or received, please consult with your CPA and a local currency exchange service.
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