March 2020
President's Message
From the FEA Executive Director's Desk
Disaster Extension NOT Included in Notice 2020-17
Additional Important Tax Related Updates
Notice of Coronavirus Addendum/Amendment (C.A.R. Form CVA, 3/20)
Message from the FEA Executive Director
The FEA Midyear Meeting (& CES® Exam) Postponed
Suggestions for FEA Members Working Remotely
Idaho Dept. of Finance Issues Guidance for Working Remotely
President's Message
by Scott R. Saunders,
Asset Preservation, Inc.
PERSPECTIVE
Some look to well-known investors like Warren Buffet, the Oracle of Omaha, or billionaires like Bill Gates or Mark Cuban for financial insights and wisdom. I think what Mike Tyson said applies right now, “Everybody has a plan until they get punched in the mouth.” As a country, and as a 1031 exchange industry, we are experiencing unprecedented challenges on many fronts – a virus gone viral, running our QI companies and migrating to remotely operating and supporting customers, a financial meltdown on Wall Street, unforeseen interest rate shocks, and the list goes on and on.
Disaster Extension NOT Included in Notice 2020-17
Attached is Notice 2020-17 granting an extension to pay 2019 taxes and 1st quarter 2020 taxes due April 15, 2020 for 90 additional days.
 
Please note that Notice 2020-17  does not  provide any extension of the Section 1031 time deadlines.

Relief for our 1031 exchange clients is paramount to all of us. The GAC has worked on a joint real estate coalition letter to the Treasury and IRS seeking disaster relief for taxpayers in a 1031 exchange. The FEA will share any information on extensions as soon as it is released.
Additional Important Tax Related Updates
  1. The News Release just issued by the CA Franchise Tax Board (FTB) extends the due date for multiple taxes, including non-wage withholding, to July 15, 2020. https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-3-state-postpones-tax-deadlines-until-july-15-due-to-the-covid-19-pandemic.html.  GAC has confirmed with the FTB that this extension includes filing of Form 593 and payment of real estate withholding. Questions can be directed to Patricia Carte at patricia.carte@ftb.ca.gov.
  2. IRS Notice 2020-17 https://www.irs.gov/pub/irs-drop/n-20-17.pdf which extends certain tax payment (but not filing) deadlines, and which does not include extensions of any 1031 deadlines.
Notice of Coronavirus Addendum/Amendment
(C.A.R. Form CVA, 3/20)
The California Association of REALTORS® (CAR) just released a new CAR Form: Coronavirus Addendum/Amendment (C.A.R. Form CVA, 3/20.) This new Coronavirus Addendum/Amendment permits buyers and sellers to, among other things, agree to extend close of escrow by up to 30 days due to circumstances related to the outbreak of coronavirus, after which time either the buyer or seller may unilaterally cancel the purchase and sale agreement.
Message From the FEA Executive Director
In response to COVID-19, the Association Management, Ltd. (AML)/Federation of Exchange Accommodators (FEA) staff team are closely monitoring this growing concern and taking the appropriate steps to keep our clients, employees, members and communities safe.
The FEA Midyear Meeting
(& CES® Exam) Postponed
REMINDER: The Midyear Meeting & CES® Exam on April 28 & 29 have been postponed due to COVID-19 (coronavirus). We are working with the hotel to reschedule and will have more information available shortly. We plan to transfer your registration to the new dates once they are identified. If the new dates don’t work for you to attend, we will issue a full refund. The CES® Council will work with anyone who applies to take the exam at an alternate location.

Planning continues on the Annual Conference, September 23-25, 2020 at The Palmer House Hilton, Chicago, IL.
Suggestions for FEA Members Working Remotely
Reflected below are some suggestions for FEA members who may have some or all employees working remotely in response to the Coronavirus (COVID-19) outbreak nationally. This is not a comprehensive list but covers some general issues to consider when working remotely.
Idaho Dept. of Finance Issues Guidance for Working Remotely
The Idaho Department of Finance’s Temporary Regulatory Guidance , issued on March 18 th , addresses working from home due to coronavirus/COVID-19 concerns or quarantines. Questions regarding this temporary guidance may be directed to  securities@finance.idaho.gov  or to (208)332-8004.
Visiting Washington, D.C. and Need a Hotel Room?
The Morrison-Clark Historic Inn & Restaurant offers a special rate for FEA members. (Note: This is NOT the hotel we are using for the Midyear Meeting.)
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