45-Day and 180-Day Postponements for Disaster Areas in Alabama |
The IRS has issued postponements of the 45-day and 180-day deadlines as follows:
Clarke, Dallas, Marengo, Mobile, Perry, Washington, and Wilcox counties for Hurricane Zeta that began on October 28, 2020.
The Disaster Date is in bold above. (Note that some disasters occur on a single date; others, such as flooding, occur over a period of days and the Disaster Date above is preceded by beginning or began.)
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Summary of Final Regulations Defining Real Property and Modifying (g)(7) Items |
Summary provided by Mary Foster, Esq., CES®, 1031 Services, Inc.
On November 23, 2020, the IRS issued the final regulations defining real property for Section 1031 purposes. The proposed regulations were issued in June 2020. The FEA and several other parties submitted comments to the IRS on the proposed regulations in August. The IRS responded to the various comments in the final regulations by significantly expanding the definition of real property. The proposed regulations contained a provision allowing a QI to use exchange proceeds to pay for personal property that is incidental to replacement real property without blowing the QI safe harbor. The final regulations adopt this provision with no changes.
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GAC Update - November/December 2020 |
Although Election Day has passed, the 2020 election continues in Georgia. Voters in that state will determine control of the U.S. Senate when they go to the polls January 5 to vote in two runoff elections. Democrats need to flip both U.S. Senate seats – currently held by Republican Sens. David Perdue and Kelly Loeffler – in order to win a majority in the Senate. |
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Updated State Spreadsheets Now Available on FEA Website |
Do you have a question about which states regulate qualified intermediaries? Or, maybe you need to look up state-specific withholding requirements related to like-kind exchanges?
FEA members can access spreadsheets that outline each state's rules related to QI regulation and withholding requirements upon exchange of real estate. These spreadsheets have recently been updated and can be found in the members only section of FEA's website, www.1031.org.
The spreadsheets also include updated links to each state's source information. Just copy and paste the link into your browser.
Many thanks to FEA member Steve Chacon for his work in updating the state spreadsheets.
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FEA Government Affairs Committee Accomplishments – Fall 2020 |
The FEA’s Government Affairs Committee (GAC) provides a key function in preserving everything this Association stands for – it is where much of our volunteers’ time is spent and it comprises a substantial part of FEA’s budget for expenses. It is all worth it in order to preserve the IRC Section 1031 and the role of the Qualified Intermediary in the exchange industry.
FEA must extend our debt of gratitude to Dave Franasiak and the Williams and Jensen team in Washington DC for their undying guidance, heightened awareness and composure under fire that they have provided this year. They are our trusted partner and we are very glad for relationship.
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CES® 2020 Winter Webinars Series |
The CES® 2020 Winter Webinar Series will cover in-demand as well as brand-new topics. All participants will receive a copy of the PowerPoint presentation and any prepared handouts. There will also be a Question & Answer session at the end of each webinar. The one-hour webinars are approved for CES® credit hours. The FEA is making every effort to keep the cost as low as possible to make these webinars affordable for everyone. Education is critical to the long-term success of the CES® designation and our industry. |
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FEA Thanks Committee Leaders |
FEA wants to thank all the committees for their hard work this year. The achievements of the FEA Committees further the mission of the organization while providing networking and professional growth opportunities for Members. All Members are encouraged to join a committee and contribute to the success of the FEA. Our Association wants to take this time to recognize the co-chairs and their organizations for allowing them the time to devote to this industry and for their leadership.
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Independent Bank of Texas
7777 Henneman Way
McKinney, TX 75070
(469) 301-2791 Phone
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Signature Bank
565 5th Avenue, 12th Floor
New York, NY 10017
(646) 822-1946 Phone
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FEA thanks our Affiliate Members for their support of our FEA members and the 1031 exchange industry. In return, FEA members are encouraged to support our Affiliate Members. |
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1031 Investment Services LLC
(845) 534-6818
Alma Bank
(718) 663-5335
Axos Bank
(858) 732-1381
BankUnited
(914) 305-9428
Budget Mortgage Corp.
(410) 458-5747
Capital One
(631) 304-3061
Capital Square 1031
(804) 290-7900 Ext 132
Clark Wealth Strategies, Inc.
(402) 504-3531
Colorado Financial Service Corporation
(303) 962-7267
Customers Bank, CB Private & Commercial BKNG-NY
(212) 843-2488
Effective 1031 Planning
(888) 251-3004
ExchangeRight Real Estate, LLC
(855) 317-4448
First Foundation Bank
(949) 468-8559
Four Spring Capital Trust
(732) 749-7339
Independent Financial
(469) 301-2791
Inland Real Estate Group
(630) 218-4953
Kay Properties & Investments, LLC
(310) 404-7297
Lockton Insurance Brokers, LLC
(415) 568-4106
Luther Burbank Savings
(858) 436-1830
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Meltzer, Lippe, Goldstein & Breitstone, LLP
(516) 747-0300
Millwork Commercial
(801) 899-1943
MNM Partners, LLC
(408) 221-3077
MUFG Union Bank, N.A.
(312) 601-3956
Nano Banc
(858) 880-5900
NexTrend Securities Inc.
(972) 661-1283
Northern Bank and Trust
(781) 569-1852
Passco Companies, LLC
(949) 263-7904
Peregrine 1031 Energy Partners
(214) 483-1997
Realized Holdings LLC
(512) 827-3651
Robbins May & Rich, LLP
(910) 692-4900
Seacoast Commerce Bank
(760) 550-2030
Signature Bank
(646) 822-1946
Stan Johnson Company
(646) 778-5560
Syndicated Equities
(312) 640-9028
Tangible Wealth Solutions
(720) 996-1794
TriState Capital Bank
(412) 304-0464
Umpqua Bank
(818) 254-3492
Wilmington Trust
(302) 636-6019
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From the FEA Executive Director's Desk |
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Financial Report and Committee Reports Presented at the Annual Meeting:
Every member holds a stake in how the FEA runs and is managed. Each year at the annual meeting held during annual conference, the FEA Board of Directors presents minutes of the past annual meeting, a financial report, board terms of members elected by the membership and recognition of any outgoing board members. FEA members are entitled to know what is happening in the professional association they belong to and we encourage everyone to get involved.
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FEA offices will be closed for the Christmas holiday on Thursday, December 24 and Friday, December 25; and for New Year’s on Thursday; December 31 and Friday, January 1, 2021
From all of the FEA Staff Team here at Amplify Association Management, we will you a safe, healthy holiday season and very happy 2021!
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Did you know..... Association documents are available for any FEA member in the Members Center? They include
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1031 - A Century of Growth |
Though we had a great virtual conference that offered the same high-quality education and continuing education credits as a live event, we missed interacting with you at receptions full of music, food and laughter. We missed discussing what we learned during sessions at the networking breaks. We missed visiting with our sponsors and learning more about their products and services. We missed the live event!
The FEA Conference Planning Committee is gearing up to go live once again in Chicago in 2021. There are so many reasons to celebrate and not the least among them, by far, is the 100th Anniversary of the 1031 tax code.
Mark your calendar and plan to attend the 32nd FEA Annual Conference hosted in Chicago, Illinois.
FEA Annual Conference
1031 – A Century of Growth
September 22–24, 2021
The Palmer House Hilton
17 East Monroe Street
Chicago, Illinois
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New Threats to Section 1031 Like-Kind Exchanges |
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The FEA 1031PAC contributes to Members of Congress of both political parties. The FEA 1031PAC is funded by eligible individual employees. To become eligible, individuals must be employed by FEA member companies that have filed a Permission to Solicit form. A Permission to Solicit form is required by the Federal Election Commission before FEA can solicit eligible employees of member companies.
Member companies are only permitted to grant one trade association permission to solicit their employees per calendar year. Contact Lynn Harkin at director@1031.org for more information.
FEA Member Key Contacts can find a Permission to Solicit Form here.
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Federation of Exchange Accommodators
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