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FDIC Insurance Coverage Permanently Increased to $250,000
As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed by President Obama on July 21st, the FDIC insurance coverage limit has been permanently increased from $100,000 to $250,000. The standard limit of $100,000 had been temporarily raised in October of 2008 in response to the financial crises. The increase was set to expire at the end of 2013. The permanent increase is welcome news for consumers. The $250,000 FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. Read more...
Federal Financial Regulation Includes Qualified Intermediaries
On July 21, 2010, President Obama signed comprehensive financial reform legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act. Title X of the Act will create a new agency called the Bureau of Consumer Financial Protection, which has broad authority over providers of financial products and services for the protection of consumers. Read more...
45 and 180 Day Extensions for Disaster Areas in Mississippi, Tennessee, Kentucky and Alabama
The IRS has issued extension Notices for the following disaster areas (the Covered Disaster Areas) for storms beginning on the disaster date in bold: Read more...
Can't Make the April 15 Filing Deadline?
If you are a taxpayer that needs extra time to file your federal tax return, you can file the Form 4868 request for an automatic extension. This extension gives you an additional six months, until October 15, 2010, to file your tax return.
Be aware that an extension of time to file is not an extension of time to pay. The taxpayer will still need to estimate their tax liability and pay the estimated balance due at the time of the extension request.
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45 and 180 Day Extensions for Disaster Areas in Massachusetts and Rhode Island
IRS issues Revenue Procedure 2010-14
The IRS has just released Revenue Procedure 2010-14 which provides a safe harbor for taxpayers who are in the middle of a §1031 Tax-Deferred Exchange, but are unable to acquire their replacement property due to insolvency issues on the part of their Qualified Intermediary. If a taxpayer meets the requirements of the revenue procedure, that taxpayer would report gain under the revenue procedure on the disposition of relinquished property as the taxpayer receives payments. Should you have questions about this Revenue Procedure, please conta Read more...
Julie Baird Named to “Top 20 Under 40” By Commercial Real Estate Women Network
FOR IMMEDIATE RELEASE
Brenden C. Faber Appointed to Third Term as Regional Vice President for Federation of Exchange Accommodators
SANTA ANA, Calif., Nov. 5, 2009 –First American Exchange Company, LLC, a member of The First American Corporation (NYSE: FAF) family of companies, announced today that Brenden C. Faber, CES® has been reappointed to a third term as vice president for the Rocky Mountain Region of The Federation of Exchange Accommodators (FEA). Faber’s one-year term began on Oct. 1, 2009, and will conclude at the FEA annual conference next fall.
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HUGH E. POLLARD HONORED BY FEDERATION OF EXCHANGE ACCOMMODATORS FOR OUTSTANDING SERVICE TO INDUSTRY
SANTA ANA, Calif., Nov. 2, 2009 –First American Exchange Company, LLC, a member of The First American Corporation (NYSE: FAF) family of companies, announced today that Hugh E. Pollard, CES® has received The Margo McDonnell Certified Exchange Specialists® Perpetual Award for Outstanding Service from the Federation of Exchange Accommodators (FEA).
The award was created in 2008 to honor Margo McDonnell, CES®, who is senior vice president and regional sales manager for First American Exchange Company. Read more...
New Washington State Law Regulates Qualified Intermediaries
Colorado Passes Law to Regulate Qualified Intermediaries
On Thursday April 16th 2009, Colorado Governor Bill Ritter signed House Bill 09-1254 (HB 1254). This means that there are now strict requirements that anyone acting as a Qualified Intermediary (QI) must follow. The bill was put into place as consumer protection for taxpayers who choose to perform an IRC § 1031 tax-deferred exchange where either: Read more...
Margo McDonnell Rejoins First American
Margaret “Margo” Mucha McDonnell Rejoins FIRST AMERICAN as Regional Sales Manager
SANTA ANA, Calif., Feb. 20, 2009 – First American Exchange Company, LLC, a subsidiary of First American Title Insurance Company and a qualified intermediary in IRC Section 1031 tax-deferred exchanges, announced today that Margaret “Margo” Mucha McDonnell has rejoined the company as regional sales manager for First American Exchange Company and its affiliate, 1031 CORP.
McDonnell’s previous tenure with 1031 CORP. Read more...
Hugh Pollard named Federation of Exchange Accommodators (FEA) President
Hugh Pollard, CES® was contacted by the FEA board after F. Moore McLaughlin announced that, due to personal reasons, he would be unable to complete his term as FEA President. In light of Mr. Read more...
Federation of Exchange Accommodators Names Brenden Faber as Regional Vice-President
October 10, 2007, Salt Lake City, Utah – First American Exchange Company, LLC announced today the appointment of Brenden Faber CES® to position of Vice-President – Rocky Mountain Region of The Federation of Exchange Accommodators (FEA). The position is a one-year term beginning immediately and concluding at the industry conference next fall.
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First American Exchange Company, LLC announced today the election of Hugh Pollard CES®....
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