Business Resources

Broker-owners / Designated REALTORS® / MLS Participants all have different needs, concerns and interests from the general membership. With our market dynamics changing, we understand that the decisions you have to make on a daily basis are more complex than ever before and the profit margin for the average office is shrinking in this competitive market.

Here then, are the tools and latest news about risk reduction practices to help keep your office operating at peak efficiency and in adherence to local, state and national laws as well as structures and resources to help you succeed!

Business Summaries by Topic

Budgeting Business Planning Business Taxes Company Structure
Independent Contractors Licensing Office/Personal Assistants Office Policies
Opening a Business Real Estate Quiz Sales Meetings Trademark Firm Name

REALTOR Round Table Discussion

You are invited to join us for an informal learning / sharing round-table session to discuss core basics of the business. Through this program, attendees will gain access to industry professionals and best practices, discover methods to build your knowledge base, network with Realtors striving to raise the bar and learn about advanced educational opportunities.

October 30 – 11:00 a.m. – 1:00 p.m. (light lunch provided) at the Board Office, 99 West Street, Pittsfield (TD Bank building, 2nd floor)

  • Learn Septic / Title V Best Practices from Ryan Ray of Berkshire Green Septic Services
  • Oil heat discussions with Susan Janett of Partnership for Realty and Oilheat Success (PRO$)
  • Open Discussion and Emerging Issues with the Board Office CEO, Sandy Carroll
  • Veteran REALTOR Wrap: What I Wish I knew when I started…from our committee

This is a place to listen, share, ask questions  – in a safe and judgement-free environment.  Pre-registration is required as seating is limited.

Big Win for Realtors in IRS 20% Income Deduction

On Wednesday, August 8, the IRS released its proposed guidance on the new 20 percent business income deduction.  A wide range of real estate professionals, including those who are self-employed and those operating through partnerships, LLCs and S corporations, can take 20 percent off the top of any income received through pass-through businesses, provided annual income doesn’t exceed $157,000 for those filing individually, or $315,000 for married couples.

The calculation will depend on how your business is structured. Other limits could also come into play, but the basic structure is very favorable to you as a small business or independent contractor.

The key development from Wednesday’s announcement is the IRS’ new recognition of eligibility for a wide range of real estate professionals, including, as previously stated, those who are self-employed and who are operating through partnerships, LLCs or S corporations.

Realtors were integral to the favorable interpretation in the proposed guidance. Your association made a forceful case—both in a detailed letter sent to the agency on June 19 and in a face-to-face meeting with IRS officials in early August—that certain limitations on the deduction, based on income, were not intended by Congress to apply to real estate professionals. And that’s the interpretation the IRS has taken in its proposed guidance.

As Bloomberg News reported on August 7, “the National Association of Realtors … met with OMB (Office of Management and Budget) and Treasury Department officials to discuss proposed rules outlining computation of the new write-off for pass-throughs.”

NAR President Elizabeth Mendenhall had this to say about Wednesday’s annoucement:

Over the past several months, the National Association of Realtors® has worked with the IRS and Treasury Department to ensure real estate professionals can benefit from the Section 199A 20% deduction for pass-through businesses.

We were pleased with yesterday’s announcement, and believe this new 20% deduction will have a significant, beneficial impact on real estate professionals and America’s small businesses. Specifically, we anticipate the deduction to become available to a wide range of real estate professionals, including those who are self-employed as well as those operating through partnerships, LLCs, and S corporations.

This ruling is a victory for many of our 1.3 million members, those who represent all aspects of residential and commercial real estate. NAR continues to review all relevant information in the recently released proposed regulations on Section 199A, and will communicate with our members as new details emerge.

The new deduction is available for tax years beginning after Dec. 31, 2017. That means you’ll be able to claim it for the first time on your 2018 federal income tax return, beginning next year.

Look for detailed NAR guidance by mid September. It’s a complicated provision, and how it works for you is going to depend on many factors unique to your business structure and your income. As always, consult with your accountant or tax attorney on how this deduction should be applied in your situation.

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