"We're pleased to partner with Exchange Authority," said Andrew Schwartz, CPA, founder of FindAGoodCPA.com, a site where taxpayers can locate and interact with tax professionals based on that professional's specialty, "and have already begun recommending their 1031 intermediary services to visitors to our site, and to the CPAs and EAs listed on our directories."
A 1031 exchange, also known as a deferred exchange, allows people to defer paying taxes on the sale of real estate and certain other assets as long as a qualified replacement property is purchased within 180 days, and other conditions are met. One of the conditions is that the seller uses a Qualified 1031 Intermediary, such as the Exchange Authority, to facilitate the transaction.
What makes the Exchange Authority unique?
Exchange Answers. The Exchange Authority are exchange experts with a strong background in transaction structuring and analysis, understand the relationship between the tax matters and the practical transaction, and will answer exchange related questions for their clients and advisors.
Forms and Agreements. The Exchange Authority will insure that the exchange is properly and accurately documented in accordance with the provisions of the Internal Revenue Code and the regulations, and will provide every client with a complete, bound report of all of the documents related to their exchange.
Accounting and Analysis. As part of the report, they will provide every client and their tax advisor with a full analysis of the exchange including the calculations for realized and recognized gain and exchange basis.
IRS Form 8824. The Exchange Authority will also prepare a copy of IRS Form 8824 to be filed with the client's tax return for the year of the exchange.
More information about the Exchange Authority is available at www.exchangeauthority.com.
FindAGoodCPA.com is a site where taxpayers can locate and interact with tax professionals based on each professional's specialty. What makes the site unique is that only CPAs and EAs who have decided to "commit to their niche" are included on their directories. When a tax professional signs up to be listed on their site, they can only select one industry or profession that best reflects the focus of their practice and their client base.
Like most other professions these days, it has become very difficult for CPAs and EAs to continually give their clients top notch service and advice unless they specialize in the tax, accounting and basic financial planning issues affecting a certain segment of the market.
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