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.
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
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...
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.
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...
In a May 8, 2017 Tax Notes article, “Advocates Aim to Preserve Like-Kind Exchange in Tax Reform,” Emily Foster explores the issue of repealing 1031 like-kind exchanges as part of the current tax reform efforts in Washington. In the absence of specific guidance regarding like-kind exchanges in either the House GOP tax reform blueprint or President Trump's one-page tax reform plan, analysts are looking closely at former House Ways and Means Committee Chair Dave Camp's 2014 tax reform draft, in which Camp had proposed repeal of Section 1031 in its entirety.
Incorporating views from both opponents and advocates of like-kind exchange repeal, Foster's article discusses the history of 1031 exchanges, how and by whom like-kind exchanges are currently used and the potential consequences of repeal.
Original publication: Tax Notes by Tax Analysts. “Advocates Aim to Preserve Like-Kind Exchange in Tax Reform,” by Emily L. Foster. May 8, 2017, pp. 726-730. For more Tax Notes content, please...
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