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Home / Blog » Advocacy

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 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

On 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 and the 180-day ...

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.

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 exchanges and their value to economy.

Like-kind exchanges have persisted in the tax code for nearly 100 years because of their benefits to the United States economy and to the local economies in which they are transacted. Economic studies by Ernst & Young and Ling & Petrova underscore the potential...

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

Five Years of 100% Expensing Not Worth Repeal of Like-Kind Exchanges

on Thu, 11/02/2017 - 15:46   Brent Abrahm
Five Years of 100% Expensing Not Worth Repeal of Like-Kind Exchanges

The new tax bill unveiled today by House Republicans proposes to repeal like-kind exchanges for personal property. In its place, the bill provides for 100% expensing of property, however this provision is only temporary, sun-setting after five years. 100% expensing may be extended, as other unrelated provisions have in the past, but the uncertainty makes long-term planning difficult for businesses.  

As I have argued for years on the Hill, like-kind exchanges are a matter of tax timing and not...

Capitol Hill Visit and the Unified Framework for Tax Reform

on Thu, 10/05/2017 - 14:21   Accruit
AED Vice President of Government Affairs Daniel Fisher and Accruit CEO Brent Abrahm

Last week, the "Big Six" released a new tax proposal titled the "Unified Framework for Fixing our Broken Tax Code." While laying out broad principles for tax reform, the Framework is lacking in details and does not speak specifically to the preservation or repeal of 1031 like-kind exchanges.

Concurrently with the release of the Framework, Accruit CEO Brent Abrahm was on Capitol Hill as co-chair of the FEA Government Affairs Committee, where he spoke with members of the House Ways &...

Are like-kind exchanges still advisable with tax reform on the horizon?

on Fri, 07/14/2017 - 08:51   Martin Edwards
Are like-kind exchanges still advisable with tax reform on the horizon?

Often, when learning of the tax deferral benefits of like-kind exchanges for the first time, sellers are surprised. It seems too good to be true, but it is. Capital gains taxes, recapture of depreciation, state taxes and a health care tax can all be deferred in full. But given the current climate of impending tax reform, is it still advisable?

Baucus and Camp Tax Reform Plans

A number of tax reform plans have been circulating over the past several years. The...

Like-Kind Exchange News Round-Up, June 29 – July 11

on Tue, 07/11/2017 - 08:30   Accruit
Farms 1031 like-kind exchanges

What brings farmers, small business owners, and legislators together to speak out about tax reform? Like-kind exchanges do.

In this week's round-up of 1031 news, Judd Vande Voorte, a fifth generation farmer, calls like-kind exchanges "a continuous circle of economic stimulus and liquidity" and cites a recent study showing that ...

Representative Steve Stivers Calls for Preservation of Like-Kind Exchanges

on Wed, 07/05/2017 - 11:36   Accruit
Capitol Building Washington DC

In an op-ed in The Hill, Representative Steve Stivers (R-Ohio) called for the preservation of 1031 like-kind exchanges. Stivers, a member of the Financial Services Committee, called Section 1031 an "important tax benefit," citing the tax provision's value to the community and the economy and stating the importance that it be kept out of the crosshairs of tax reform.

Read "To keep investment dollars flowing, protect this incentive" in The Hill.

 ...

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