Category: Company and Industry News

Accruit has recently partnered with Amarillo-based

Accruit has recently partnered with Amarillo-based

The Federation of Exchange Accommodators (FEA) has received confirmation that the New Hampshire Governor John Lynch has signed SB 483 into law. According to the FEA:

The new law amends prior law, which deprived taxpayers of Section 1031 tax deferral on a state level if they purchased replacement property in the name of a new entity, notwithstanding that the acquiring entity was a disregarded entity. The typical situation would be that in which a taxpayer was required by a lender or TIC sponsor to acquire a replacement property in the name of a new single member LLC. The State of New Hampshire began disallowing exchange treatment on those transactions in 2008 and began to audit previously closed transactions as far back as 2004, without notice either to taxpayers or to the professionals in the industry.
The new law makes it clear that exchange treatment will not be affected by taking title in the new entity as long as the entity is a single member LLC, revocable trust or other entity which is disregarded for federal income tax purposes. The amendment eliminates the “claw back” efforts to 2004.

Accruit President and CEO Brent Abrahm, who co-chairs the organization’s state legislative committee, says the new legislation is very good news for businesses in the state of New Hampshire and applauds the state’s lawmakers for working to put its companies on a level footing with those in neighboring states.
Abrahm encourages potentially affected businesses to consult with their tax advisors on how SB 483 might affect their tax strategies. Additionally, Accruit representatives are happy to assist in these discussions in any way that the tax advisor deems appropriate.

The Federation of Exchange Accommodators (FEA) has received confirmation that the New Hampshire Governor John Lynch has signed SB 483 into law. According to the FEA:

The new law amends prior law, which deprived taxpayers of Section 1031 tax deferral on a state level if they purchased replacement property in the name of a new entity, notwithstanding that the acquiring entity was a disregarded entity. The typical situation would be that in which a taxpayer was required by a lender or TIC sponsor to acquire a replacement property in the name of a new single member LLC. The State of New Hampshire began disallowing exchange treatment on those transactions in 2008 and began to audit previously closed transactions as far back as 2004, without notice either to taxpayers or to the professionals in the industry.
The new law makes it clear that exchange treatment will not be affected by taking title in the new entity as long as the entity is a single member LLC, revocable trust or other entity which is disregarded for federal income tax purposes. The amendment eliminates the “claw back” efforts to 2004.

Accruit President and CEO Brent Abrahm, who co-chairs the organization’s state legislative committee, says the new legislation is very good news for businesses in the state of New Hampshire and applauds the state’s lawmakers for working to put its companies on a level footing with those in neighboring states.
Abrahm encourages potentially affected businesses to consult with their tax advisors on how SB 483 might affect their tax strategies. Additionally, Accruit representatives are happy to assist in these discussions in any way that the tax advisor deems appropriate.

The Federation of Exchange Accommodators (FEA) has received confirmation that the New Hampshire Governor John Lynch has signed SB 483 into law. According to the FEA:

The new law amends prior law, which deprived taxpayers of Section 1031 tax deferral on a state level if they purchased replacement property in the name of a new entity, notwithstanding that the acquiring entity was a disregarded entity. The typical situation would be that in which a taxpayer was required by a lender or TIC sponsor to acquire a replacement property in the name of a new single member LLC. The State of New Hampshire began disallowing exchange treatment on those transactions in 2008 and began to audit previously closed transactions as far back as 2004, without notice either to taxpayers or to the professionals in the industry.
The new law makes it clear that exchange treatment will not be affected by taking title in the new entity as long as the entity is a single member LLC, revocable trust or other entity which is disregarded for federal income tax purposes. The amendment eliminates the “claw back” efforts to 2004.

Accruit President and CEO Brent Abrahm, who co-chairs the organization’s state legislative committee, says the new legislation is very good news for businesses in the state of New Hampshire and applauds the state’s lawmakers for working to put its companies on a level footing with those in neighboring states.
Abrahm encourages potentially affected businesses to consult with their tax advisors on how SB 483 might affect their tax strategies. Additionally, Accruit representatives are happy to assist in these discussions in any way that the tax advisor deems appropriate.

Industry’s only trade association supports strong regulation, looks forward to working with Consumer Financial Protection Bureau to craft consumer protection measures
President Obama is slated to sign the Consumer Financial Protection Act of 2010 (CFPA) into law in the coming days, and the 1031.org.
CONTACT
Caitlin Middleton, Executive Director
Federation of Exchange Accommodators
100 N. 20th St., 4th FL
Philadelphia, PA 19103
(215) 564-3484
www.1031.org

Industry’s only trade association supports strong regulation, looks forward to working with Consumer Financial Protection Bureau to craft consumer protection measures
President Obama is slated to sign the Consumer Financial Protection Act of 2010 (CFPA) into law in the coming days, and the 1031.org.
CONTACT
Caitlin Middleton, Executive Director
Federation of Exchange Accommodators
100 N. 20th St., 4th FL
Philadelphia, PA 19103
(215) 564-3484
www.1031.org

Industry’s only trade association supports strong regulation, looks forward to working with Consumer Financial Protection Bureau to craft consumer protection measures
President Obama is slated to sign the Consumer Financial Protection Act of 2010 (CFPA) into law in the coming days, and the 1031.org.
CONTACT
Caitlin Middleton, Executive Director
Federation of Exchange Accommodators
100 N. 20th St., 4th FL
Philadelphia, PA 19103
(215) 564-3484
www.1031.org

This just arrived via e-mail from the this notice at the IRS site for further details.

Accruit clients in potentially affected areas are encouraged to contact their Client Service Managers. Other parties with questions can e-mail us at

This just arrived via e-mail from the this notice at the IRS site for further details.

Accruit clients in potentially affected areas are encouraged to contact their Client Service Managers. Other parties with questions can e-mail us at