Year-end closing dates for 2021 

 

As we approach the end of the year, we wanted to share a snapshot of cut-off dates to remember: 

 

New Business Processing
December 30, 2021 will be a normal business day and the standard service times for processing documents received that day will apply. Our offices will be closed on December 31. 

 

1099 Income Reporting
New business requirements need to be received and processed by December 29 to be included in 2021 Miscellaneous Income Tax Reporting (1099 MISC). Commission payments sent on December 30 following the December 29 closing are the final payments for the 2021 tax reporting year.  

 

The partner’s individual cut-off date depends on when the partner has elected to be paid. For example, if the partner is paid monthly and the most recent scheduled date is December 7, all commissions applied by December 7 will be included in the 1099 MISC for the year. The next pay date will be January 7, 2022.

 

Most partners choose the standard method which is the 10th, 20th and last day of the month. Generally, all commissions applied by December 18 will be included in the 1099 MISC for the year.

 

General Agent Bonus
The Partner Bonus for 2021 is based upon all commissions processed through December 30. Please note: the payment date for each partner in the hierarchy may be different.

 

Consider a situation where the partner is paid on the standard schedule and the advisor is paid monthly with the most recent pay date of December 7:

• the case is paid on December 31
• the partner’s share of the commission will process on December 31 and will be included in the bonus for 2021
• the advisor’s share will process on January 7, 2022, and will be included in the bonus for 2022.

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