January 14, 2014 - PwC US and Accruit, LLC are pleased to announce they have reached a three-year milestone providing integrated 1031 like-kind exchange ("LKE") program services to a growing list of more than 150 clients across 20 industries. This unique joint business relationship (JBR) combines PwC’s LKE tax & technology capabilities with Accruit’s patented QI services to provide a comprehensive LKE program, which clearly segregates LKE tax & compliance services from qualified intermediary (“QI”) and treasury services, pursuant to Treasury regulatory requirements.
“Our clients are benefiting from significant synergies created by the JBR, including expanded integration of tax reporting and QI services, enhanced financial controls and vastly improved tax compliance capabilities.” said Brent Abrahm, founder and CEO of Accruit. “We have enjoyed significant growth over the last three years due to the comprehensive nature of our offering and the specialized knowledge we bring to joint LKE engagements”.
“Accruit has provided 1031 LKE services to our John Deere equipment dealerships for over seven years. We have only benefited by the joint PwC / Accruit service offering further reinforcing our decision to segregate the QI from tax advisory services that impact our business every day,” says James River Equipment CFO, Bertsch Cox.
To help drive those efforts, PwC and Accruit actively participate in several industry associations, including the Equipment Leasing and Financing Association (ELFA), Associated Equipment Distributors (AED), Truckload Carriers Association (TCA), American Trucking Association (ATA), Automotive Fleet & Leasing Association (AFLA) and the Federation of Exchange Accommodators (FEA).
“There is no doubt that our work together over the last three years has greatly supported our clients in achieving their business goals,” said David Fowler, Tax Partner and LKE Practice Leader with PwC. “As we embark upon our fourth year of this joint business relationship, we are all looking forward to the new and innovative ways we will be able to benefit our clients and advance the industry together.”
About Accruit, LLC
Accruit is the nation's leading provider of qualified intermediary services for personal property 1031 exchanges and is the only provider with a patented like-kind exchange process (U.S. Patent No. 7,379,910, and other patents pending). Accruit along with North Star Deferred Exchange, its wholly owned subsidiary, have served companies since the early 90’s helping them identify unnecessary taxes to enhance cash flow. For more information on Accruit and 1031 exchanges, please visit www.accruit.com and follow Accruit on LinkedIn and Twitter.
About PwC's Like-Kind Exchange Services
PwC's Like-Kind Exchange Services has helped over 150 companies enhance cash flow and tax deferral on the sale of assets by automating the processes needed to satisfy stringent IRS LKE requirements and provide the tax reporting necessary for tax compliance. For more information, visit www.pwcelke.com.