GRAR Member Update
Monday, April 13, 2020
Dear GRAR Members,

Your GRAR leadership and staff continue to monitor the COVID-19 situation very closely. It seems that we have settled into a new routine for the near future as there have been no meaningful updates from the Governor’s office in several days. Most of the new information coming out is in relation to the various financial items in the stimulus packages which you are receiving directly from NAR and/or NYSAR. GRAR would like to stay true to our goal of only sharing important and relevant information with you, and to that end, we will be moving our Daily Update to a Monday/Thursday schedule. We feel that this strikes the right balance between providing you relevant information without overdoing it. As always, if there are significant changes, we will share them with you immediately.

For general information and day-to-day items, please stay tuned in to the GRAR Facebook Group. For specific questions, please continue reaching out to us using the email.
Andy Kachaylo,
GRAR President
Jim Yockel,
NAR reports
IRS Deadline Changes
The IRS issued guidance last week to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway.

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.

The Treasury Department and Internal Revenue Service extended more than 300 deadlines for tax filings, payments, and other requirements to July 15.
GRAR will be sending updates each weekday until further notice.

Please visit the GRAR Coronavirus page for all updates, other related information, and links to NAR, NYSAR, and the New York State Coronavirus pages.
Also, please join the GRAR Members Only Facebook Group to get updates from GRAR as well as view and participate in discussions. GRAR Members Only Facebook Group .
Greater Rochester Association of REALTORS® |