Independent Contractor vs W2

AB 5 is in effect. Would be interesting to know what all of your companies are doing. Especially, for example, Lyft, Uber, Grub-Hub, and others.

Exemptions

As we know, Real Estate Agents are exempt along with Doctors, Dentists, Lawyers, Engineers. One IRS definition states that a Real Estate Licensee selling Real Estate is exempt. Just another nuance of so many.

Let us know what is happening.

2 Responses to Independent Contractor vs W2

  1. Wayne L. Brown January 16, 2020 at 6:17 pm #

    Duane

    So where does this leave us loan originators?

    I work for a small boutique Mortgage Banker….. not straight broker.

    Other than requiring us to complete our annual educational requirements for the
    NMLS and paying the annual licensing fee, and occasional compliance updates, we are basically left to our own to originate…… Much like Realtors.

    I set my own hours, including evenings and weekends as well.

    If we have to classify ourselves as employees this will upend our industry.

    • Duane Gomer February 13, 2020 at 6:38 pm #

      Wayne Brown, I suggest you and your Mortgage Banker read AB5 and NMLS regs on licensing. If you are originate 1-4 units residential, you have to be licensed under NMLS. I know of no exceptions.

      From my research, I strongly believe that you have to be employees. You better check with some compliance person.

      Thanks for reading my blog and responding. It is appreciated.

Leave a Reply

More Information & Classes - www.DuaneGomer.com