As 2013 draws to an end, Accruit took a look back and realized that it’s truly been a great year. Between the state of the economy, business and our friends and family, we have a lot to be thankful for.
Here’s a quick list of some of the things we’re thankful for, just in time for Thanksgiving:
1. The trucking industry forges on
Accruit’s Steve Doherty attended the 2013 American Trucking Association national conference held this past October in Orlando Florida. Despite being hit hard by several problematic external factors, we’re happy to report that several aspects of the industry are improving, including: alternative fuel-driven power unit designs, solid growth in the nation’s homebuilding, safety and vehicle accident statistics, and dialogue with the nation’s shippers around wait time problems and expenses.
Although lasting impacts of the economic decline in recent years will continue to affect trucking for the next several years, the general trend is an inspiring start to recovery for a vital national industry. Read the full blog post here.
2. Paying down lines of credit
As a Qualified Intermediary, we’re thankful (but not surprised) that the Chief Council Advice recently ruled that paying down lines of credit is not in breach of 1031 Like-Kind The transfer of the relinquished property to the Qualified Intermediary, and the receipt of the replacement property from the Qualified Intermediary is considered an exchange. To be compliant with IRC Section 1031, the transaction must be properly structured, rather than being a sale to one party followed by a purchase from another party. Exchange requirements.
Tax advisors had conducted business under this assumption for years, but companies who felt trepidation with how liability netting was structured under Like-Kind The transfer of the relinquished property to the Qualified Intermediary, and the receipt of the replacement property from the Qualified Intermediary is considered an exchange. To be compliant with IRC Section 1031, the transaction must be properly structured, rather than being a sale to one party followed by a purchase from another party. Exchange programs can now be thankful for the definite ruling. You can download the full article by Jeff Nelson from PwC here.
3. The Federation of Exchange Accommodators (FEA)
On a more personal level, Accruit is thankful for the appointment of our own Steve Chacon as the Treasurer of the Federation of Exchange Same as intermediary, facilitator, or Qualified Intermediary. The party who facilitates a tax-deferred exchange by acquiring and selling property in an exchange to aid the taxpayer in complying with Section 1031 and all applicable rules. Accommodator s (FEA). With a heavy presence in the FEA, Accruit is tied closely with the official voice of the 1031 industry and is thankful for the plans and developments within the federation. Get a recap of the 2013 FEA Annual Conference and Accruit’s involvement here.
4. The expiration of bonus depreciation
Accruit is grateful to be in a position to help our customers brace for impact of bonus depreciation expiration. The companies that opted to postpone implementing a 1031 LKE program in exchange for bonus depreciation need to prepare for 2014 so they’re not hit with a big tax bill. We’re thankful that we’re able provide continued tax relief for companies in a wide variety of industries.
Happy Thanksgiving from Accruit
Lastly, we’re thankful for our friends, family and all our customers, business partners and loyal followers. We couldn’t do any of the work we do without your continued support and we hope you all have a wonderful holiday season.