Gospel Christmas with the Oregon Symphony | December 10-12, 2021
The 22nd annual performance of this beloved concert, featuring the region’s premier gospel singers along with the Oregon Symphony, is sure to bring joy to your holiday season. Visit https://www.orsymphony.org/concerts-tickets/2122/gospel-christmas/
New Year’s Eve with Gladys Knight & the Oregon Symphony | December 31, 2021
Ring in the New Year with Motown’s original Empress of Soul, Gladys Knight. The legendary seven-time Grammy Award winner performs with the Oregon Symphony for one unforgettable evening. Visit https://www.orsymphony.org/concerts-tickets/2122/new-years-eve-with-gladys-knight-and-the-oregon-symphony/
Photo by Daniel Sherman
Kat Dierickx | Outdoor Project
Fall is a beautiful time in Portland, and you should definitely get out and see some of the amazing fall colors in the area. Nature adds orange, red, yellow, and purple to the greens, blues and browns of the summer months. The best places to watch colors change are anywhere you find deciduous trees. Aspen, bigleaf maple, and western larch are a few of the most transformational trees. Here are seven of my favorite fall hikes near Portland, but be sure to explore the featured adventures below for other great options close to the city. Click here for more info.
On April 7, the IRS issued Notice 2020-23, extending a variety of deadlines, including 1031 deadlines. Although the Notice is confusing, because it is not written like the typical Disaster Relief Notices, this Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020.
1031 Fund Security
A major role of a Qualified Intermediary is to safeguard taxpayer funds during a 1031 Exchange. Since Qualified Intermediaries are not regulated by the federal government or by most states, financial assurances, expertise, company strength and reputation are critical factors.
Real estate professionals are working to convince the IRS to change the start date from April 1st to January 20th so that the extensions apply to more taxpayers. Please note that this is different from the usual disaster extension that provides for an extra 120 days.
Here are two examples to illustrate the current extension.
Example 1: Exchange began April 1, 2020. 45th day is May 16, which would be extended to July 15, 2020. Taxpayer must still close on replacement property by Sept 28, which is the 180th day; because Sept 28 is after the last day of the disaster period (July 15).
Example 2: Exchange began Dec 31, 2019, 45th day is Feb 14, 2020. ID period is not extended because it is before April 1. The 180th day is June 28, which would be extended to July 15, 2020. As always, exchangers should speak with their tax advisors to determine if they are eligible for an extension.
This remains a fluid situation and should be confirmed with the IRS.