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45 and 180 Day Extensions for Disaster Areas in Michigan & Utah

on Fri, 08/07/2020 - 13:31   Jordan Born
united states map with Utah and Michigan highlighted

The IRS has issued extensions of exchange transactions under the guidelines set forth around federally declared disasters in Utah and Michigan. Accruit suggests that affected taxpayers consult with their tax and legal professionals as well as confirm on IRS website for any updates.

Politicians Target 1031 Exchanges

on Fri, 07/24/2020 - 13:49   Max Hansen

As another election draws closer, 1031 exchange1031 exchange reform has become a campaign topic again. We have seen this many times before, and the truth is that 1031 exchanges directly stimulate economic growth and is not a tax shelter for wealthy investors. From funneling revenue to Main Street America, to reducing the cost of capital, 1031 exchange allows Americans to reap the benefits in a variety of ways.

July 15 IRS Deadline Approaches

on Thu, 07/02/2020 - 15:52   Max Hansen

Accruit and its clients have been focused on July 15th for the past few months. That is the extended deadline to either identify their replacement properties or acquire their replacement properties to complete a 1031 exchange transaction. We published a blog post on the IRS Extension Notice 2020-23 in April. Accruit and many others involved in the real estate industry were concerned about the need for clarification of portions of the Notice and we are still awaiting that clarification. Some benefited from the extension but others were forced to wait for distribution of exchange funds due to the wording of the Notice.

Many of our clients who were in the middle of their 1031 exchanges in early April probably hoped that issues created by the COVID-19 pandemic would be behind us by now. However, it is clear the reasons for the deadline extensions still abound.

Property owners and investors continue to deal with travel restrictions, property inspection delays, problems in viewing replacement properties, appraisal and financing delays, finding enough suitable replacement property inventory, etc. All...

Proposed Regulations for 1031 Exchange

on Fri, 06/12/2020 - 14:30   Max Hansen
united states capitol building

On June 11, 2020 the U. S. Treasury released proposed regulations that have been promised since the passage of the Tax Cuts and Jobs Act (TCJA) at the end of 2017. In the TCJA, Congress repealed 1031 like-kindlike-kind exchanges of personal property and left taxpayers with only real property 1031 exchanges. There are four primary provisions that clarify or change the current application of Section 1031.

Clarification Requested on IRS Notice 2020-23

on Mon, 04/27/2020 - 10:17   Jordan Born

The FEA issued its second joint letter dated April 20, 2020 requesting clarity on the 1031 exchange1031 exchange deadlines per IRS Notice 2020-23. The ambiguity of the Notice has left questions regarding pertinent details, such as if this deadline extension is mandatory, or simply available for those who need more time to complete their 1031 exchange.

Deadline Extension for 1031 Exchanges due to COVID-19

on Mon, 04/13/2020 - 11:17   Jordan Born
ben-franklin-wearing-medical-mask

March 31st we posted a blog providing detailed information regarding a request from a coalition of interested real estate groups to the IRS to provide some relief to taxpayers on mandated exchange deadlines.  On April 9, 2020, the IRS issued Notice 2020-23 Providing Additional Relief for Taxpayers Affected by the COVID-19 Pandemic.  Affected Taxpayers performing Section 1031 exchanges are included in the amplified relief.  Among other subjects, this Notice extends the 45-day identification period...

Deadline Extension for 1031 Exchanges due to COVID-19

on Fri, 04/10/2020 - 10:19   Jordan Born

IRS Notice 2020-23 Provides Relief for Taxpayers Affected by the COVID-19 Pandemic. Learn more about how this deadline extension for 1031 exchanges may affect you.

Extension of 1031 Exchange Deadlines Due to COVID-19 Crisis

on Tue, 03/31/2020 - 10:11   Jordan Born

Accruit, LLC is closely monitoring any 1031 exchange1031 exchange deadline extensions due to COVID-19 on both a state and federal level through the Department of Treasury and IRS

Real Estate Letter to Treasury Requesting Like-Kind Exchange Deadline Reliefe
Notice 2020-19 postponement of filing payment of 2019 tax returns

FEA Meeting with Representative Raja Krisnamoorthi

on Tue, 04/10/2018 - 15:49   Accruit
Federation of Exchange Accommodators

On Friday, March 30, Accruit's Martin Edwards and Jordan Born joined other members of the Federation of Exchange Accommodators (FEA) in a meeting with Rep. Raja Krishnamoorthi (D-IL-8) to discuss 1031 like-kind...

Retain Like-Kind Exchanges in Tax Reform - Op-Ed

on Thu, 11/09/2017 - 08:29   Accruit
Like-Kind Exchanges Enable Small Business, Stimulate Economy - Op-Ed

Excerpted from the Denver Business Journal, "Beware changes in 'like-kind' transactions under proposed federal tax reform":

Rarely do the interests of small businesses owners and a broad range of local entrepreneurs agree with almost a century of federal income tax policy – especially when it results in billions of dollars in taxes being paid.

But luckily for the economy, they do.

The trouble is, this powerful economic driver is now in real danger as Congress and the Trump Administration grapple with the twin dilemmas of tax reform and a threadbare federal budget that would put such long-term investments and incentives at risk.

Read Accruit CEO Brent Abrahm's op-ed at the Denver Business Journal

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