The accountant that put on the class I attended regarding House Bill 5 forwarded me a copy of his presentation. Please click HERE for a copy. Thank you, BGW
Patty Sneperger formerly with our office is not doing well health wise. Some of you asked for her address so please find below. Thank you, BGW
586 Forestview Road
Bay Village, OH 44140
Starting this year (2016) we will have to pay municipal tax in those cities where we sell property. The State of Ohio has been terrible at reporting this information. Technically we should have already been making estimated payments but hopefully the taxing authorities will be lenient this first year. Average income tax per communities varies but 2 - 2.5% are average percentages. Some communities like Olmsted Township do not have municipal tax. All and all it should not cost much more, if anything it is the nuisance of allocating and tax reporting. Agents have to do this as does the brokerage on deals where the company recieves a portion of the commission. Probably one of the most difficult things will be making estimated quarterly payments as you will have to estimate what your expenses will be in determining how much tax to pay, however, there are safe harbor provisions that can relieve some of this burden.
Gross commissions of $24,000 (below percentages must add up to 100%)
Cleveland $3,800 (15.9%)
Westlake $6,500 (27%)
Bay Village $5,400 (22.5%)
Lakewood $4,800 (20%)
North Olmsted $3,500 (14.6%)
After taking out expenses you can calculate what income is to be taxed for each community
Net commissions after expenses of $21,000 (multiply above percentages to obtain net income for each community, total must equal net amount)
Cleveland $3,339 (15.9%)
Westlake $5,670 (27%)
Bay Village $4,725 (22.5%)
Lakewood $4,200 (20%)
North Olmsted $3,066 (14.6%)
Good news is RITA covers many communities so those communities can all be filed on one return. Same with CCA. Lastly, the way our income sheets are set up will make it easier for your accountant.
Christmas & New Years: We will be closed on Monday 12/26, Friday 12/30 & Monday 1/2/17
I will be picking up our permit from the City of Westlake tomorrow morning first thing. I have put the wheels in motion with all of the tradespeople and am shooting for moving in by no later than the weekend of the 17th. I am currently working on a "What to Expect" timetable for company change and will get that in front of you as soon as I can. Thank you for your patience, BGW
We will be holding it in our temporary space in Suite 102 at Reserve Office Park. We'll discuss current market conditions and please bring any questions you may have about upcoming company brand change. Thank you!
Unfortunately, we are still delayed on the move. The architect I hired was slow at turning in revisions to the City of Westlake and so we are still held at bay. The revisions were resubmitted on Thursday, 11/17 and so I am hopeful to have the permit back by Wednesday of next week but more than likely will receive it the following week. Again, we are ready to close at the site so a reasonable guess on occupancy at this point would be the weekend of December 10th. My sincerest apologies for this mess. I am setting up some public computers in suite 102 for those who are in need while we wait it out. We will hold our next meeting in Suite 102. Thank you, BGW
We had a setback with our friends at the Westlake Building Dept. that was quickly resolved. I am hoping to have our permit back at the end of this week / beginning of next so we can order inspections and close (most of the work has been completed). My best estimate on timing for our move in to new space will be the weekend of 11/18. If you need to use the scanner/copier you will find a lockbox at the bottom of the railing going up the stairs in the lobby area of building. Again, our temporary hold up is in Suite 102 which is the first door on your left after coming in the lobby (solid gray door - no glass). We are using Cleveland Home Title's internet connection and I have not been able to get our receptionist phone working but reception does receive voice mails so please leave a message and they will get back with you via cell. I will be unavailable next week but will be monitoring construction progress behind the scenes so we can get through this. Again, my apologies for the bumps along the way.
Our last day in our current office will be Friday, October 28, 2016. We will be homeless for a time as we are a little behind with build out. I will probably have receptionists working remotely from home until we complete the build / move. I am guessing it will be sometime the week of November 7th that we can move in (possibly the weekend following). The men I have working on the project have been great but I underestimated the time it would take and Cleveland Home Title is taking occupancy of our space the weekend of 10/29. The space is turning out real nice and I believe it will make a nice new home for us when complete. I ran our new address through CDyne and this is the proper postal address:
901 CANTERBURY RD STE D
WESTLAKE, OH 44145-1480
We will forego the November office meeting due to the complexities surrounding the move.
My apologies for any inconvenience this may cause.
I will keep you informed.
Linda & Barb thought it would be good if I post the following housekeeping items:
When mailing earnest money checks to the escrow company please include the property address so we/they don't struggle trying to figure out what deal it is for.. When our staff mails it for you, they include the earnest money letter if we have it or an enclosure with the address of the deal and your name.
The Data Collection Sheet needs to be completed for us to enter into the home warranty cos. system before the deal closes in order for you to get paid per RESPA. If we don't get it to the home warranty company you don't gat paid and we only police the deal prior to closing.
When requesting that your listing goes to Contingent Status, please supply the contract date and the reason for the contingency as they are required fields and we can't change status without them. Below please find reasons for contingency:
Other – See Remarks
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