Weekly Update
April 15, 2020
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As REALTORS®, we are all in this situation together. While no plan is a one size fits all, the one thing we can all agree on is the need for consistency in guidelines to stabilize the housing market.
We understand some Members have attempted to make direct contact with Legislative Consultants, a lobbying firm under contract to work for, and at the direction of the Alaska REALTORS®.
Alaska REALTORS® have established policies and procedures for submitting legislative requests by any REALTOR® member. Therefore, Alaska REALTORS® suggests any member wishing to request changes or
suggestions to the COVID-19 Action Plan follow the process outlined below:
- Contact your local Board President and/or Association Executive and submit your legislative suggestions or requests. Your local board will then relay legislative requests to the Alaska REALTORS® Legislative Committee for review.
- If your local board does not respond, you may send your legislative suggestions or requests to your state board AR President, Evelyn Arnott.
Please do not contact Legislative Consultants. They are not able to field phone calls and emails from individual members.
If an individual Member or company wishes to retain the services of a professional legislative consultant (lobbyist), they should independently contract with a business that provides those services, at their own expense.
If you have any questions or concerns, please do not hesitate to contact your state or local board Presidents.
2020 Alaska REALTORS® Board of Directors
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IRS Extends Tax Deadlines
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The IRS issued guidance Thursday evening to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19.
- 1031 Like-kind exchanges. If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15.
- Opportunity Zones. If an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, he or she can make the investment as late as July 15.
Also, sole proprietors who pay quarterly estimated taxes now have until July 15 to file their second quarter payment. As a result of an earlier IRS notice, first quarter estimated tax payments had already been extended to July 15. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.
NAR has advocated heavily for these extensions since the outbreak of the COVID-19 pandemic. We'll have a full analysis of this announcement Friday on our dedicated coronavirus page.
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AREC Listserv Now Available
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Subscribe to the Alaska Real Estate Commission electronic mailing list and receive:
- meeting agendas
- meeting minutes
- position statements
- notice of regulation changes
You may cancel your subscription at any time. You are subscribing to a group email for informal communications from the Alaska Real Estate Commission.
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REALTOR® RESILIENCY REPORT
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Executive Summary
- Today the IRS issued guidance that addresses the 1031 like-kind extension requests and the Opportunity Zone extension requests. NAR advocated for both issues to the Treasury Department in the past three weeks. Please see below and go to NAR.realtor/coronavirus for more information.
- As circumstances concerning the coronavirus (COVID-19) continue to evolve, the NAR Leadership Team wants to assure members, staff, and partner organizations that your safety and well-being remain our top priority.
SEE THE FULL REPORT HERE
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ALASKA REALTORS® on COVID19
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