The Department of Labor (DOL) also recently proposed to delay the effective date of a final rule issued by the Trump Administration, which was set to go into effect on March 8, 2021. DOL proposed this delay following a memorandum issued by the Biden Administration requesting federal agencies to review or delay certain pending regulations. NAR commented(link is external) on this delay, requesting that the effective date not be delayed, as the regulation provides needed clarity and certainty for how an employer may classify a worker. While these regulatory modifications have no direct impact on real estate professionals’ classification under the Internal Revenue Code for federal tax purposes, it is anticipated DOL will effectively delay this rule and eventually modify or rescind it, potentially adding more challenging worker classification standards, especially if the ABC test is incorporated. Read more HERE