Ensuring taxpayer friendly legislation. Monitoring regulatory actions. Providing commentary to the IRS, House Ways and Means Committee, and Senate Finance Committee. Drafting legislation. These are just a few of the ways that FEA leads the industry in setting standards and guidelines that support quality, safe, and beneficial exchange transactions.
Since 1989 FEA has:
- Promoted ideas and innovations in the industry
- Established ethical standards of conduct for QI’s
- Offered education to the exchange industry and the general public
- Worked toward developing uniformity of practice
- Provided input and guidance on relevant and necessary legislation and regulation
Early in the formation of the organization we established a Legislative Committee. This committee is responsible for taking an active role in responding to legislative and regulatory actions at both the state and national level and for advocating on behalf of the FEA and consumers. The Committee is divided into two sections – Federal and State.
The association has repeatedly presented commentary to the IRS, the House Ways and Means Committee and the Senate Finance Committee in connection with legislative proposals under review and consideration by Congress to amend IRC Section 1031 and related tax provisions.
The FEA has provided commentary and testimony to many state legislatures and regulatory agencies regarding the licensing and regulation of exchange professionals. The FEA remains committed to actively monitoring the issues affecting the exchange industry.
The collective strength of the FEA provides a clear unified voice as an advocate for the issues affecting the exchange industry and consumers.
The association has retained a leading Washington, D.C., tax advocate to monitor federal legislative and regulatory proposals. Due to the presence of our tax advocate and through the efforts of Members, the FEA has been able to keep pace with federal developments virtually as they occur.
On numerous occasions, the FEA and its Members have successfully presented and advocated taxpayer-friendly positions to the IRS, House Ways and Means Committee, Senate Finance Committee, and the Joint Committee on Taxation in connection with legislative and regulatory proposals.
Additionally, the FEA monitors activities of state legislatures and regulatory agencies through the vigilance of its Members. In several significant instances, the FEA provided commentary and testimony to state legislatures and regulatory agencies that shaped their approach to the licensing and regulation of exchange professionals and influenced state taxation and procedures for exchange transactions.
We are currently working closely with the states of California, Colorado, Idaho and Nevada to support laws that protect consumers of 1031 Exchanges as we make progress in these states we will extend our work to the federal government. We recently set-up a task force in California as a resource for lawmakers who need to learn about 1031 Exchanges as they draft new legislation.