On April 10, National Association of REALTORSÂ®Â (NAR) President Vince Malta issued the following statement after the IRS extended various federal tax deadlines, offering critical relief to NAR’s members and their clients:
“During recent weeks, NAR stronglyÂ advocatedÂ for tax payment deadline extensionsâ€”including for 1031-like-kindÂ exchanges and Opportunity Zone investmentsâ€”as this pandemic left small businesses and independent contractorsÂ particularly vulnerable,” said Malta. “On behalf of 1.4 million REALTORSÂ®Â across the United States, I want to commend the IRS for moving quickly to protect countless American workers and consumers.
“NAR’s federal advocacy team in Washington has keptÂ in constant contact with the IRS and Treasury Department since this crisis began, and the deadlines extended Thursday will provide immediate relief from some of the disruptions caused by COVID-19,” added Malta. “There are 9.5 million jobs in the real estate, rental and leasing sectorâ€”while every two home sales generate one American job. NAR is grateful that the IRS is committed to ensuring our industry remains in the best possible position to lead in our nation’s upcoming economic recovery.”
Aside from theÂ previously extended April 15Â estimated tax payment deadline, the new IRS notice also extends relief to estimated tax paymentsÂ due on June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, andÂ before July 15, 2020,Â can wait until July 15 to make that penalty-free payment,Â ensuring capital remains in the hands of America’s small businesses as they work to retain employees and maintain operations.
Of particular interest to REALTORSÂ®Â and the real estate industry, the new extended deadlines apply to existingÂ 1031 like-kind exchangesÂ andÂ opportunity fund investments, both of which were designed to foster economic growth in America, particularly in underserved communities. NAR has argued that well-meaning investors in these programs should not be harmed due to the effects of COVID-19.
For more information, please visit www.nar.realtor.