Denver, Colorado – April 5, 2017
Accruit, LLC, a nationwide financial technology company and provider of qualified intermediary and escrow services, today announced the promotion of Tracey Wilson to vice president of business solutions.
Wilson joined Accruit as director of exchange programs and projects with the company’s acquisition of North Star Deferred Exchange in 2011. Since that time, she has led Accruit’s project management office, spearheaded process improvement efforts, and handled like-kind exchange program implementations and other initiatives. She leads Accruit’s software product development and works directly with department managers across the company to develop quality assurance and process improvement strategies.
An impound escrow account is set up for a real estate mortgage loan to pay certain property-related expenses such as private mortgage insurance, homeowner’s insurance and property taxes. Frequently, lenders require these impounds to be paid with the borrower’s monthly loan payment. Often, loan regulations require impounds to be set up for a mortgage loan collateralized by a personal residence. Escrow accounts are far from simple as they may be required or restricted by an array of state and federal laws and regulations. Generally, there is a legal instrument that places a lien on the homeowner’s property, such as a deed of trust or mortgage, that requires reserves or impounds for property taxes and insurance.
Soon, Congress will propose sweeping tax reform legislation. The new tax policies will have a direct bearing on the heavy equipment industry and play a big role in how equipment dealers operate.
Accruit and PwC will again join the effort as the AED's Preferred Providers of Like-Kind Exhanges to advocate on behalf of AED members for sensible, pro-growth tax policies that benefit American businesses. Accruit CEO, Brent Abrahm, and PwC Tax Partner, Dave Fowler, will spend the three days at the 2017 AED Washington Fly-In meeting with policymakers to discuss the positive impact that 1031 like-kind exchanges have on the U.S. heavy equipment industry.
Tax reform is on the horizon, but little is known about what shape that will take or when it will take place. Few of our elected officials have ever run a business, so it is our responsibility to educate them on how tax reform may impact American businesses and the economy as a whole. Like-kind exchanges benefit millions of American investors and businesses every year, encourage business expansion and help keep dollars moving in the U.S. economy.
Tax deferral in a proper 1031 exchange is based upon strict adherence to Internal Revenue Code Section 1031 and the Regulations promulgated under that code section. In fact, there is a distinct emphasis of form over substance throughout the Regulations.
Early April is the expected date for committee discussions on a preliminary tax reform bill. Or is it May? Perhaps before the August recess?
That was the comical consensus I received after attending 17 meetings in Washington D.C. last week. Lately, when monitoring the news out of our nation’s capital, we’ve all become a bit skeptical of what defines “good reporting.” The proposed House tax plan labeled A Better Way is reported to have the full support of Republican lawmakers. However, some closed-door conversations with members of Congress last week provided me with an entirely different story.
The results of the recent election cycle will have a profound effect on the United States income tax system. With Republican control over both chambers of Congress and the Oval Office, we can expect bold moves in tax reform—bold, but not unexpected. In anticipation of a reform-friendly environment, the House Republicans, prior to the November elections, released an outline for future tax reform. Released on June 24, 2016 and titled, “A Better Way, Our Vision for a Confident America,” the document is the foundation for the Republican’s tax reform efforts. The outline is also referred to as the “House Republican Blueprint” (HRB), and while only 35 pages in length, it seeks to begin a “conversation about how to fix our broken tax code.”
January 10-13, 2017
AED preferred providers of 1031 exchange services, Accruit and PwC partner to provide over 75 AED members with 1031 like-kind exchanges and exchange programs. We joined these and other leading American and Canadian equipment distributors at AED Summit and Condex 2017 to provide AED members insight into how 1031 like-kind exchanges might reduce their tax liabiiity and increase cash-flow.
Accruit, LLC, the nation’s leading provider of qualified intermediary and 1031 like-kind exchange program solutions, today announced a definitive agreement to acquire all of the assets of Bankers Escrow Corporation, one of the largest full service escrow companies in Colorado. The parties anticipate a closing on June 30, 2016. Going forward, services will be provided under Accruit-owned Bankers Escrow, LLC.