BLOG

Accruit Aligns Organization to Support the Expansion of Their 1031 Exchange SaaS Offering, Exchange Manager Pro(SM)

Accruit Holdings LLC separates Qualified Intermediary Services and Technology Operations by launching Accruit Technologies LLC.
Accruit Technologies

Denver, CO, August 4th, 2022 – Accruit Holdings LLC launched Accruit Technologies LLC to focus on the further development and growth of 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 Manager ProSM, their patented 1031 exchange software. Originally developed for internal use by Accruit LLC, an independent Qualified Intermediary, 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 Manager ProSM standardizes and automates the workflow improving efficiencies and increasing client satisfaction.

In 2021, the 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 Manager ProSM Software as a Service (SaaS) offering became available to other Qualified Intermediaries and organizations that advise on 1031 exchanges. To date 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 Manager ProSM is licensed by numerous third parties and has processed over 10,000 exchanges.

The formation of Accruit Technologies allows further separation of the 1031 exchange software from the 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 services. It also paves a clear path for initiatives in the Accruit Technology pipeline. Earlier this year, Mark Mayfield, Vice-president of Service Development and Delivery, initiated steps to conduct a SOC 2 Type 2 audit under the technology division.  The company expects to finalize the first phase of this process by Q4.

“Accruit Technologies is an exciting step for our organization. It allows our SaaS offering, 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 Manager ProSM, to develop and expand separately from our Qualified Intermediary practice. 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 Manager ProSM is revolutionizing the 1031 exchange industry, and we believe it is only just the beginning,” said Brent Abrahm, CEO of Accruit Holdings LLC.

 

About Accruit Technologies

Accruit Technologies developed 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 Manager ProSM, a proprietary, online software application that makes administering 1031 exchanges safe, secure, and simple. 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 Manager ProSM was designed to automate routine functions of Qualified Intermediaries including online client onboarding, document creation and distribution, and automatic deadline reminders and notifications.  

Start an Exchange