Real Estate Assistant Program Developed for Coldwell Banker Residential Brokerage Colorado

Contents Common Mistakes Made by Real Estate Agents With Employees Checks and Balances Real Estate Assistant Program Benefits to You Cost of Not Implementing Service Fee and Payment Options HR Service Center How to Get Started

Common Mistakes Made by Real Estate Agents with Employees Using “ Independent Contractors ” –Issuing a 1099 alone does not eliminate employer liabilities –Do you set the work hours and conditions? –Does the assistant use your equipment or supplies? –The Internal Revenue Service will view them as your employee. Lack of Employee Benefits –Decreases ability to attract and retain top talent Lack of Employee Policies and Procedures –Increases exposure to employer risks and liabilities Inadequate Documentation –When it comes time to defend yourself against employee claims, you must have documentation to defend your actions. © 2007 Checks and Balances, Inc. – All rights reserved

Checks and Balances, Inc. Real Estate Assistant Program In a shift of liabilities, Checks and Balances becomes the employer of record of the agent’s assistant, and assumes all employer related responsibilities. Utilize the assistant you want, without becoming an employer. © 2007 Checks and Balances, Inc. – All rights reserved

Checks and Balances, Inc. Real Estate Assistant Program Payroll and Payroll Tax Administration –Payroll processing –Direct deposit –Garnishment processing and payments –Payroll tax filings and deposits –Year end W-2 preparation and distribution © 2007 Checks and Balances, Inc. – All rights reserved

Checks and Balances, Inc. Real Estate Assistant Program Real Estate Assistant Employee Benefits –Medical –Dental –401(k) and IRA retirement plans –Section 125 flexible spending accounts –Life insurance –Credit union membership –529 college savings plan © 2007 Checks and Balances, Inc. – All rights reserved

Checks and Balances, Inc. Real Estate Assistant Program Human Resources Management –Dedicated HR service team –New hire onboarding –Employee relations –Employee file maintenance –Termination assistance © 2007 Checks and Balances, Inc. – All rights reserved

Checks and Balances, Inc. Real Estate Assistant Program Business Insurance Coverage –Workers’ compensation insurance –Errors & Omissions insurance –Secondary auto insurance –Crime insurance –EPLI (Employer Protection Liability Insurance) © 2007 Checks and Balances, Inc. – All rights reserved

Benefits to You Elimination of employer liabilities Relief from administrative burdens and paperwork Compliance assurance Access to employee benefits © 2007 Checks and Balances, Inc. – All rights reserved

Cost of Not Implementing Loss of productive time defending tax or employee charges Increased legal and accounting expenses Government fines, penalties and interest Government liens Employee feeling of job insecurity Outright closure of your business © 2007 Checks and Balances, Inc. – All rights reserved

Service Fee and Payment Options Service Fee –Based on percentage of assistant’s pay –Includes all statutory requirements Federal, state and local payroll taxes Workers’ compensation insurance Unemployment insurance Payment Options –Bank debit (Discounted rate) –Visa or MasterCard (Standard rate) © 2007 Checks and Balances, Inc. – All rights reserved

HR Service Center Hours of Operation –8AM to 6PM (Eastern time) Monday – Thursday –8AM to 5PM (Eastern time) Friday Contact –Phone: –Fax: – –Website: © 2007 Checks and Balances, Inc. – All rights reserved

How To Get Started Step 1 – Checks and Balances provides you with a New Client and New Employee Packet Step 2 – Return completed client and employee forms to Checks and Balances. Assistant now becomes an employee of Checks and Balances. Step 3 – Submit timesheets © 2007 Checks and Balances, Inc. – All rights reserved