Sam Smith

Stephen Doherty joins Accruit

Accruit is pleased to announce that Stephen Doherty has joined the company as Director of National Accounts.

Dan Belger, Vice President of Sales, says that, "Doherty's deep experience is perfectly aligned with Accruit's planned expansion in key markets. Our solution suite represents significant value for businesses of all sizes in industries like bank-owned leasing and over-the-road trucking, and our ability to effectively translate that value for decision-makers is greatly enhanced by having a strong strategic sales professional like Steve on our team. We're glad to have him aboard and are convinced that he's going to be very good news for companies throughout these industries."

Bonus depreciation reinstated

On Monday, President Obama signed the Small Business Lending Fund Act, "reinstating the 50 percent depreciation bonus for 2010 and giving AED a key policy victory. The legislation also creates a lending fund to provide capital for small businesses and increases Sec. 179 expensing levels to $500,000 (and the phase-out threshold amount to $2 million) for 2010 and 2011." More details at the AED Web site.

Accruit to address Illinois Equipment Distributors meeting

Dan Belger, Accruit's Vice President of Sales and Marketing, is set to keynote the upcoming Illinois Equipment Distributors business meeting next Wednesday (September 8).

Belger's address will focus on asset management strategies for businesses selling, leasing or renting heavy equipment. The presentation will be of particular interest to distributorship Principals, GMs, CFOs and Sales Managers, as well as those with accounting responsibilities in the industry.

The event will be held at the Holiday Inn is located at 150 So. Gary Ave. in Carol Stream, IL. The business meeting begins at 4:30pm. For more information, contact the IED.

Learn more about EnergyNet, our new partner in the O&G industry

Accruit has recently partnered with Amarillo-based EnergyNet, the industry's premier continuous oil and gas property marketplace, as their exclusive 1031 exchange solutions provider. We're obviously excited to be working with one of the O&G world's finest companies and we're looking forward to bringing the same powerful cash flow and asset management benefit to their clients that we have to hundreds of other businesses in recent years.

Oil & Gas Workshops scheduled for Corpus Christi and Austin

In June, Accruit partnered with CIMA Energy and EnRisk to present our first energy industry value capture workshop in San Antonio. The event was a success, and we promised that there were more dates to come. Those have now been announced.

We'll be at the Corpus Christi Town Club on September 15, and we'll be at the Austin Club the following day. The Independent Producer Value Capture Workshop presents detailed case studies and real-world solutions that independent oil and gas producers can put into play the same day.

New Hampshire enacts 1031 exchange reform bill

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.

Explaining 1031 exchanges to partners, customers, colleagues and friends

All of us here at Accruit are used to it. A friend, family member, acquaintance or somebody we just met at a party says "what does your company do?" The truth is that not a lot of people know much, if anything, about 1031 like-kind exchanges (LKEs), and it's not always the easiest thing to explain. The more they know about finance and tax issues, the easier it is, but even then it can be tricky communicating the code in a way that's readily understood.

FEA calls Federal regulation of Exchange Facilitators in financial reform bill a good start

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 Federation of Exchange Accommodators (FEA) believes the move is an important first step toward assuring comprehensive protection for all consumers. The FEA, the trade association representing the exchange facilitator industry, says it looks forward to working with the Consumer Financial Protection Bureau to develop regulations governing exchange facilitators, also known as Qualified Intermediaries, who facilitate tax-deferred exchange transactions under Internal Revenue Code §1031. Regulations are needed especially with respect to the security of client funds.

O&G: Independent Producer Value Capture Workshop a big success in San Antonio

These are challenging times for most independent oil and gas producers. Traditional competitive concerns are complicated by legislative and regulatory uncertainty, while difficult economic conditions have tightened access to operating capital for some companies.

Strong, smart, strategically minded producers have weathered the storm, but even the best independent O&G businesses remain focused on the cash flow and tax liability issues that directly weigh on their future success.

The good news: amidst the chaos and uncertainty, there are proven value-generation solutions that the independent producer can put into play today.

IRS issues 45 and 180-day extensions for disaster areas in Mississippi, Tennessee and Alabama

This just arrived via e-mail from the FEA:

The IRS has issued extension Notices for the following disaster areas (the Covered Disaster Areas) for storms beginning on the disaster date in bold:

Mississippi (April 23): Attala, Choctaw, Holmes, Monroe, Oktibbeha, Union, Warren and Yazoo West Virginia: Fayette, Greenbrier, Kanawha, Mercer and Raleigh

Alabama (April 24): DeKalb, Marshall and Walker

Tennessee (April 30): Benton, Carroll, Cheatham, Chester, Clay, Crockett, Davidson, Decatur, DeKalb, Dickson, Dyer, Fayette, Gibson, Hardeman, Hardin, Haywood, Henderson, Hickman, Houston, Humphreys, Jackson, Lauderdale, Lawrence, Lewis, Macon, Madison, Maury, Montgomery, Obion, Robertson, Rutherford, Smith, Stewart, Sumner, Trousdale, Wayne, Williamson and Wilson

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