As we approach the end of the year, Legal & General would like to share a snapshot of cut-off dates to remember:
New Business Processing
December 30, 2022 will be the last day for 2022 business and the standard service times for processing documents received that day will apply.
1099 Income Reporting
New business requirements need to be received and processed by Friday, December 30 to be included in 2022 Miscellaneous Income Tax Reporting (1099-MISC).
The agent's individual cut-off date depends on when the partner has elected to be paid. For example, if the agent 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, 2023. Most agents choose the standard method which is the 10th, 20th and last day of the month. Generally, all commissions applied by December 20 will be included in the 1099-MISC for the year.
General Agent Bonus
The General Agent Bonus for 2022 is based upon all commissions processed through December 30, 2022. Please note: the payment date for each agent in the hierarchy may be different. Consider a situation where the agent is paid on the standard schedule and the broker is paid monthly with the most recent pay date of December 7:
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