How to deal Case Split with an international agent referring me to a client in the States

[LifeInsurancePro]

(Legitimate non-money laundering potential situation) Planning on splitting the case 50/50, but not exactly sure how that would work out for me tax-wise. I'm planning on submitting 100% under my name and then paying the other agent out. Should I just write off the split amount or am I getting hosed in a way that I'm not thinking about? The client should be paying the annualized amount so not worried about it being structured otherwise.

 

[Tahoe Ray]

(Legitimate non-money laundering potential situation) Planning on splitting the case 50/50, but not exactly sure how that would work out for me tax-wise. I'm planning on submitting 100% under my name and then paying the other agent out. Should I just write off the split amount or am I getting hosed in a way that I'm not thinking about? The client should be paying the annualized amount so not worried about it being structured otherwise.

Have the other agent sign a w-9 and then 1099 them next year for whatever you pay them.

EDIT: Missed the international part. I would talk to your accountant.

 

[STIBROKER]

is this international agent Nigerian.....

 

[InsurancePimp_]

It’s a w-8ben-e form he needs to sign. Even if there aren’t any tax treaties with whatever country he is from, he can still do it. On his side, he can claim it or not, depending if his gov from his country cares about international income.

 

[goillini52]

It’s a w-8ben-e form he needs to sign. Even if there aren’t any tax treaties with whatever country he is from, he can still do it. On his side, he can claim it or not, depending if his gov from his country cares about international income.

Hopefully no chargeback. Hard to re-coop from out of the country?

 

[InsurancePimp_]

Hopefully no chargeback. Hard to re-coop from out of the country?

"LoL" is going to be the response from Mr Worldwide if asked for a refund on charge backs

 

[WinoBlues]

Hopefully no chargeback. Hard to re-coop from out of the country?

I was thinking this as well.

Especially since the prospect is paying annual. There may be a as earned comp cap even on annual. So agent comes out of pocket first.