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 A person acting to facilitate an exchange under section 1031 and the regulations. This person may not be the taxpayer or a disqualified person. Section 1.1031(k)-1(g)(4)(iii) requires that, for an intermediary to be a qualified intermediary, the intermediary must enter into a written "exchange" agreement with the taxpayer and, as required by the exchange agreement, acquire the relinquished property from the taxpayer, transfer the relinquished property, acquire the replacement property, and transfer the replacement property to the taxpayer. 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 Exchange requirements.
Tax advisors had conducted business under this assumption for years, but companies who felt trepidation with how liability netting was structured under Refers to the "nature or character" of the property and not to its "grade or quality." That is, real property held for investment or the productive use in a trade or business may generally be exchanged on a tax-deferred basis for other real property. Personal property held for investment or the productive use in a trade or business may generally be exchanged on a tax-deferred basis for other personal property, provided the personal property is of "like kind" or "like class." Professional tax advice should be obtained when planning exchanges. Like-Kind 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 Accommodators (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.