As a form of crowdsourcing and alternative finance, crowdfunding is implemented to encourage crowds through online collaboration to efficiently invest in projects that interest them. It functions in several different ways, with multiple factors influencing the process. In the first entry of this series on crowdfunding, we’ll explore the basics of such fundraising efforts as well as the variety of crowdfunding methods available.
Tax deferral afforded through Section 1031 like-kind exchanges has been under threat of repeal or being reduction for many years. A committee made up members from the Senate Finance Committee and the House Way and Means Committee known as The Joint Committee on Taxation have made such recommendations many time over the past few decades. Cutbacks to Section 1031 had been recommended as far back as President Clinton’s administration. In 1997, that administration suggested requiring exchanges to be limited to “same-kind” properties rather than like-kind (any kind of real estate is like-kind to any other type of real estate). It came as no surprise that the recent House and Senate proposals for tax reform chose to whittle down Section 1031 in order to raise tax revenues to offset some of the tax reductions contained in the reform plans.
Accruit, LLC, a financial technology company specializing in escrow and 1031 exchange services, has acquired PaySAFE Escrow, including its PaySAFE® web-based transactional technology that allows buyers and sellers to safely complete online purchases. PaySAFE’s settlement service partners with auction houses, online marketplaces and classified websites to ensure that customer transactions are securely settled.
Comprehensive tax reform is here, and Congress is moving the legislative text through its final stages. Final voting is expected before the end of the year, with the new legislation to become effective for 2018. With Section 1031 retained for investment and business use real estate, but repealed for personal property (equipment, autos, machinery, etc), the new legislation presents a unique opportunity for exchangers to permanently reduce tax liabilities. There’s a very short window. If the new tax legislation passes, Section 1031 exchanges of personal property will only be allowed on sales that occur through December 31, 2017.
Over the years IRC Section 1031 tax-deferred exchanges have been known by many names. In addition, there are many different types of exchanges that one way or another relate to Internal Revenue Code Section 1031. Let’s take a look at some of these names and transaction types.
Accruit, LLC, a financial technology company specializing in escrow and 1031 exchange services, today announced that they have signed an agreement to acquire the assets of PaySAFE Escrow, Inc. including its PaySAFE® web-based escrow technology (www.PaySAFEescrow.com) that allows buyers and sellers the ability to complete online purchases with financial protection and proper documentation.
Accruit, a financial technology company specializing in escrow and 1031 exchange services, today announced the addition of Jeff Hathcote as director of information technology.
Hathcote brings more than 25 years of experience in a broad range of specialties including security, networking, vendor management, project management and software development. Hathcote is a Certified Information Security Manager and a Microsoft Certified Systems Engineer.
Rarely do the interests of small businesses owners and a broad range of local entrepreneurs agree with almost a century of federal income tax policy – especially when it results in billions of dollars in taxes being paid.