Accruit & PwC will be Attending the 2014 ELFA Annual Convention
Karen Kemerling, Stephen Doherty and Tracey Wilson will represent Accruit at the convention along with representatives from PricewaterhouseCoopers, LLP (PwC). Please visit us at Booth #24 and discover how our 1031 like-kind exchange solutions can benefit equipment leasing and finance companies. We’re looking forward to seeing some of our current equipment leasing and finance customers and answering questions about our comprehensive like-kind exchange services.
What is a 1031 Exchange?
Internal Revenue Code section 1031 (Section 1031) allows taxpayers to defer federal income taxes on an exchange of like-kind properties held for business or investment purposes. Businesses with extensive asset portfolios that routinely dispose of assets on a regular basis at a gain (e.g., equipment leasing or rental car companies) may decide to set up a like-kind exchange (LKE) program to access the gain deferral allowed under Section 1031. Existing tax rules require the involvement of a third-party qualified intermediary (QI) to facilitate the exchanges and to hold the cash from the disposal of the assets until it is needed to purchase replacement assets.
Together, PwC and Accruit offer the only comprehensive 1031 like-kind exchange solution for the leasing industry. We assist our clients in implementing and operating LKE programs that can help enhance cash flow and increase margins. We currently manage LKE programs for more than 150 companies across 20 industries, and we assist our clients in managing over 25 million LKE-eligible assets each month. We have developed an integrated and cost effective LKE service that integrates PwC’s LKE tax consulting and compliance process with Accruit’s 1031 qualified intermediary process. We can work with your business team to customize our LKE program solution to meet your specific needs.