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On Friday, Sam posted a brief note on I.R.S Revenue Procedure 2010-14. This new RevProc offers important relief to certain taxpayers who were unable to their 1031 exchanges due to default on the part of their qualified intermediaries (QIs). I'd like to offer some more detail on RevProc 2010-14, highlighting what it takes to qualify under and apply these new safe harbor rules.
First, let's consider eligibility. The revenue procedure applies to:
The Internal Revenue Service today issued Revenue Procedure 2010-14, providing a much-needed safe harbor for reporting gain or loss for some taxpayers. Affected parties are taxpayers who initiated 1031 like-kind exchanges (LKEs) but failed to complete the exchanges because the qualified intermediary (QI) defaulted on their obligation to acquire and transfer replacement property to the taxpayer. The IRS ruling says that if the taxpayer meets the requirements of the revenue procedure, it will not be treated as being in actual or ... (Read the rest of this entry)
I've written several pieces on the "macro-succession" crisis I see facing American businesses. One challenge to my central thesis (which I've heard a few times, in fact) comes from people who think that the massive loss of institutional knowledge and expertise I predict as a result of Boomer retirements (which have already begun) won't occur because many of these people are choosing to work past the age of 65 (and ...
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My wife, who's working on her MBA, is currently wading through a class that focuses on leadership. Last night she observed that "there sure are a lot of people out there developing theories on leadership, aren't there?"
Well, yes, and for good reason. Most of those people are working to provide hooks for consulting practices, which can be pretty marketable. Why? Every company needs strong leaders. In fact, it's probably safe to say that very few ...
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Once upon a time the business world was dominated by hierarchical organizations that derived both their structures and mechanistic management philosophies from military thinking that traces its lineage through Frederic the Great all the way back, literally, to the Roman legions. And by "once upon a time," of course, I mean "at this very minute."
The truth is that way too many American companies today act as though their employees are some ...
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I just got my lunch handed to me by a business prospect and will be eating “humble pie” for months to come. It was a humiliating lesson, exacted upon a careless and overly-casual “professional” by an astute and thoughtful company leader. In recounting the experience I hope that, through my shortcoming and poor behavior, you may better consider the words you use and the actions you take to bolster and protect your professional brand. File this under: “Do as I ... (Read the rest of this entry)
You know the old proverb. Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime. I was reminded of this adage when I came across a recent Harvard Business Blog on "how to ask better questions."
The author of that insightful post, Judith Ross, notes that when people (especially subordinates) come to us with questions, the natural instinct is to provide ...
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Associated Equipment Distributors (AED) and Accruit have announced the continuation of their long-standing relationship which provides Accruit's industry-leading services to the heavy equipment industry.
Over the course of this six-year relationship, Accruit has grown to become the leading provider of 1031 Like-Kind Exchanges, thanks in large part to the strong relationship with AED. Working in consultation with the leaders of the heavy equipment industry, Accruit has consistently developed innovative tax services specifically designed ...
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Hopefully that title will make sense by the end of this article.
For the change management and organizational behavior fans in the audience (as well as those who simply need some insight into improving how their teams work), Peter Bregman has some thoughts over at HarvardBusiness.org on "A Good Way to Change a Corporate Culture." He recalls a conversation with a prospective client who wanted to change the company culture, but the firm was up ...
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Stew Friedman has compiled a pretty impressive résumé through the years: Practice Professor of Management at the Wharton School, founding director of Wharton's Leadership Program and of its Work/Life Integration Project, former head of Ford Motor's Leadership Development Center and author of the bestselling Total Leadership: Be a Better Leader, Have a Richer Life. So when he says that the key to effective leadership in times of turmoil is to be adaptive, flexible, and innovative, it makes sense to ... (Read the rest of this entry)
