C Tann-Starr's Outside Blog

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If Not For Stacey-Ann I Would Never Have Found This...

http://www.nysscpa.org/cpajournal/2007/707/essentials/p60.htm

She wrote a wonderful post about what makes a person part-time that got me poking around trying to figure out different aspects of my business model that may need to be tweaked. If you haven't figured it out by now, I'm into upgrading for the future.

The NYS Society of CPAs has a very interesting on-line journal which includes the subject of part-time employee exclusions. It made me realize that I really don't want to be a part-time anything because I am not working to be excluded, I am working to gain everything that I can gain.

I selected a post, "IRS Guidance for Part-time Employee Exclusions Under 401(k) Plans," written by Sheldon M. Geller (July 2007) to share with you that I thought was a very interesting read. Click the link up top if you want to learn more.

Enjoy your day. Regards, C.

 

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Comment balloon 10 commentsC Tann-Starr • June 02 2009 09:19AM

Comments

Careful to not confuse the IRS and CPA definition of "part time employee" with the unique exclusion under the IRS for the real estate "independent contractor". 

 

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) about 9 years ago

Carolyn, it seems to me the article you linked to would apply more to, say, a real estate agents assistant than to the real estate agent. When I served as BIC of several companies I would remind my agents to keep in mind that if their assistant is not allowed to set his/her own hours, negotiate their own fees and make decisions without consulting with the agent, they (the assistants) are most likely employees and NOT independent contractors and the agents need to talk to their own accountants about handling that. It's easy to get into trouble with the govt when you start talking 'employee', regardless of whether or not the employee is part or full time!

Posted by SarahGray Lamm, Realtor - 100K Hours of NC Real Estate Experience (Allen Tate Realtors Chapel Hill, NC 919-819-8199 ) about 9 years ago

Lenn, very true. Here's the IRS link for the Real Estate Page for anyone who is interested. I do work part-time for other vendors regarding short term contracts and I'm adjusting my position to Independent Contractor status with two of them (LOL). That's why I meant about tweaking my business model and Stacey-Ann making me re-think what it truly means. Sometimes firms like to hire you part-time because they then own what you create for them as a temporary employee. :-)

Sarah, a lot of RE Agents are also assistants on call as subcontractors to other firms on the fringe of the industry as well as in the industry. I just picked up a gig with Morgan Stanley this morning with a little help from my blogging buddies. It can apply to anyone depending upon what chair they are seated in at which firm. Real Estate Consultants are not just Brokers In Charge. They are simply people with access to information who know how to use spread sheets and multimedia presentations to enhance proprietary reports answering specific questions asked of them.

I'm working in real estate as a contract paralegal for a lot of people and I need to rethink some of my assignments and streamline the process of accepting and rejecting temp work. Even temp employees are employees of the agency farming them out (LOL). This may shape up into a fun conversation... :-)  

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

C --- Lynn beat me to it --- I was going to suggest the same thing about the IRS definition of independent contractor. 

 Mama Liz's Signature

Posted by Liz Loadholt, Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC (Liz Loadholt- AgentOwned Realty- Covering SC) about 9 years ago

Oh, the opportunities available! Sounds fascinating! Carolyn, you blow the doors off any traditional concept of "real estate agent"! I truly enjoy watching your mind work here on AR! I hope this does shape up into a conversation...many of us might benefit from the mind-melding. ;-P

Posted by SarahGray Lamm, Realtor - 100K Hours of NC Real Estate Experience (Allen Tate Realtors Chapel Hill, NC 919-819-8199 ) about 9 years ago

C I have to say you never go at anything Part Time You are fully involved with everything.  The definition Part Time when many Real Estate professionals say they don't "play well" is more of the casual agent who just dabbles not a person who gives 110%.  As for the IRS codes I leave such things to the accountants and of course to the AR members who fill in the rest for me like Lenn.

Posted by Paddy (Patricia) Pizappi, Real Estate Associate Broker Hudson Valley NY (Better Homes and Gardens Rand Realty) about 9 years ago

Liz, being an indie is awesome. Part-time serves a purpose as well. :-)

Sarah, I'm having fun learning from my peers. AR is a wonderful place. I love playing in the rain (LOL). I've been very busy studying for the broker's exam and not playing as much as I would like. I've been traveling a bit as well. Have some interesting interviews and eye candy to share. :-)

Paddy, I like to dive right in (LOL). I do need a vacation and some down time. Working from 8 AM to 8 PM everyday is draining. I have to start honoring the hubby and stay put on the Sabbath. My Fri/Sat routine is about to change (LOL). Looking forward to the family time. I miss spoofing on the little minions. I have paintings to complete, cartoons to publish and movies to edit. I need some down time to play with my toys with the wee people. I want to get back to Gigglefest and high-jacking posts.

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

I'll check out this article.  I have to agree with Paddy, its hard to imagine you part-time at anything.  Good luck carving out some rest and relaxation time - I know how difficult that can be.

Posted by Dr. Stacey-Ann Baugh, A doctor who makes house calls. (Century 21 New Millennium) about 9 years ago

Thanks for the links C.  I have never bought the FT/PT argument.  IMO, it is more about whether you are serious about your job and your committments.  As I mentioned on Stacey's post, if she chooses to work another job in her downtime, I don't understand how those who choose to relax instead can throw stones.

Posted by Erik Hitzelberger, Louisville - Middletown Real Estate (RE/MAX Alliance - Louisville REALTOR-Luxury Homes) about 9 years ago

LOL @ Stacey. Part-time can be a very useful gig if you have enough interesting things to do. :-)

Erik, I'm with you. It's just a label. I used to work with a few people who did very little all day between extensive smoker's breaks when they were not whining and complaining so what's the point of quibbling whether a PT or FT person is more effective? Efficiency is not about an employment label, it's about how organized and smart a person works. I love her post. Very well said.

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

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