Realtors® Applaud IRS Move to Provide Tax Relief to American Consumers

WASHINGTON (April 10, 2020) – National Association of Realtors® President Vince Malta issued the following statement Friday after the IRS extended various federal tax deadlines, offering critical relief to NAR’s members and their clients.

“During recent weeks, NAR strongly advocated for tax payment deadline extensions – including for 1031-like-kind exchanges and Opportunity Zone investments  – as this pandemic left small businesses and independent contractors particularly vulnerable,” said Malta, broker at Malta & Co., Inc., in San Francisco, CA. “On behalf of 1.4 million Realtors® 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 kept 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. There are 9.5 million jobs in the real estate, rental and leasing sector – 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.”

Background

Aside from the previously extended April 15 estimated tax payment deadline, the new IRS notice also extends relief to estimated tax payments 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, and before July 15, 2020, can wait until July 15 to make that penalty-free payment, ensuring capital remains in the hands of America’s small businesses as they work to retain employees and maintain operations.

Of particular interest to Realtors® and the real estate industry, the new extended deadlines apply to existing 1031 like-kind exchanges and 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.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

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