May 14, 2014
Submit Quarterly Withholding Report to TDI by Thursday
Documentation Can Be Submitted to [email protected]
New agent solvency rules require title agents to submit a copy of their quarterly withholding tax report and evidence that the taxes have been paid to the Texas Department of Insurance (TDI). The first report for the quarter that ended March 31 is due to TDI by tomorrow, May 15. This new requirement is part of Administrative Rule S.5, which you can view
here.
As part of this process, TDI needs three items: the IRS Form 941 report, a completed Form T-S5, and documentation showing that the payroll taxes have been paid. The evidence can be a report from the EFTPS system showing the taxes have been paid. Or, if a payroll service is used, either the payroll service can send a receipt showing that they paid the taxes on behalf of the agency — or the agency can provide a bank statement (or an internet screen shot from the agency's online banking records) showing where the agency made a payment to the payroll service (covering the taxes).
This report and evidence that the taxes have been paid should be submitted to
[email protected] or:
Texas Department of Insurance
Title Examinations
P.O. Box 149104
Austin, TX
78714-9104
How Recent TREC Contract Changes Could Impact Your Business
Kelly Yount | Bridge Title Company
Recent contract changes that take effect on June 1, 2014, consist of changes that affect several of the existing Texas Real Estate Commission (TREC) contracts. The contract with the most significant number of changes is the Standard Contract Form TREC No. 20-11, One to Four Family Residential Contract (Resale). Overall, the consensus in the industry seems to be that these changes are welcome, even though some carry more weight than others. Reviews are mixed on the changes to Section 6.A.(8) (the Areas and Boundaries section) of the One-to-Four Family Residential contract, but anytime something can be improved upon and made even slightly less ambiguous it's a good thing for both consumers and title professionals.
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TLTA Members Participate in ALTA Federal Conference and Lobby Day in D.C.
A delegation of TLTA leaders, including TLTA President Joe Grealish, Past Presidents Randy Pittman, Phyllis Mulder and Brian Pitman, Randy Lee of Stewart Title, Executive Vice President & CEO Leslie Midgley and Director of Government Affairs Aaron Day, recently participated in the American Land Title Association's Federal Conference in Washington, D.C.. The TLTA delegation met with other title industry leaders from across the country and heard presentations from legislators, regulators and political experts over the three-day conference.
The TLTA representatives also visited Capitol Hill and had 14 different meetings over two days with members of the Texas Congressional Delegation. They discussed the important issues facing our industry, including CFPB regulation. They asked the delegation to support HR 4383, which would establish a small business advisory panel at the CFPB and would provide a formal vehicle for the title industry to communicate and interface with the Bureau. They also asked that Congressional leaders support the continuation of title insurance as a standard in any GSE Reform bills that are under consideration.
ALTA Conference Photo
From left to right:
TLTA President Joe Grealish, Director of Government Affairs Aaron Day, Past President Randy Pittman, Past President Brian Pitman, ALTA Chief Executive Officer Michelle Korsmo, U.S. Congressman Marc Veasey, TLTA Executive Vice President & CEO Leslie Midgley, Member Randy Lee and Past President Phyllis Mulder.
Register for These Upcoming Hot Topic Webinars!
Water Rights in the Everyday Lives of Texans
Tuesday, May 20 | 10:30 - 11:30 a.m.
Presented by:
Charles R. Porter, Jr., St. Edward's University
Live Version |
On-Demand Version
Escrow Procedures - It Really IS All About the Money!
Thursday, May 22 | 10:30 - 11:30 a.m.
Presented by:
Denise Smith Holmes, Independence Title Company
Nancy Waggoner, Republic Title of Texas, Inc.
Live Version |
On-Demand Version