IRS Extends Tax Deadlines

The IRS issued guidance Thursday evening to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway.  Both of these programs are designed to promote economic growth in com­munities, and NAR made the case that investors in these pro­grams should not be harmed due to the effects of COVID-19.

•        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. 

NAR has advocated heavily for these extensions since the outbreak of the COVID-19 pandemic. We’ll have a full analysis of this announcement Friday on our dedicated coronavirus page.

March 2020 the Longest Decade Ever

I am sure that you will all agree with me that the last month has been anything but “Normal” with the virus causing panic, social distancing, extra handwashing and quarantines we are all experiencing a very big deviation in the way we normally conduct our lives. It has also made time seem to stretch into an endless blob where its hard to tell the difference between what day it is and how many have passed. Here at IPG we have been lucky to be able to conduct business in a fairly normal fashion until we were put on a shelter in place order the last week of March. We have been finding new ways to connect with each other and others and are trying to live as normally as possible. I found this chart about dealing with the effects of Covid-19 which zone are you in and how are you helping yourself and your family to calm the panic?

For Our IPG Family

Dear IPG Family,

In these times of crisis its hard to find the rays of sunshine that help us all cope with our everyday lives. When it seems like the sun has gone away and things have gotten dark and depressing, please remember that this is temporary and one day soon we will be able to say we survived this! Find ways to make the best of this situation and the extended time that you get to be around your immediate family. Always look for new ways to hope, dream and find the positive. One of our favorite quotes in times like these comes from the immortal Mr. Rogers, “Look for the helpers because that means that there is hope.”

We have seen so many people take up that role as helpers in our communities from medical personnel, to those who are trying to stock shelves at the grocery store. Things may look dark but there is always hope.
We wanted to let you know that as you are part of our IPG family that we are concerned about you, we pray for you, and we have you in our thoughts during this difficult time. Those of you here in Utah we hope that you made it through the earthquakes unscathed (at least physically), and for all of us living with the Coronavirus threat, we pray that you will be able to stay healthy.
If there is anything that we can do to help you at this time, please don’t hesitate to ask.
Love the IPG Team,

Michael Jeppesen, SIOR, CCIM, LEED AP
Jeremy Jensen, SIOR, CCIM
Candace Keller
Tammy Zaelit

What is Your Vision for 2020?

Near the beginning of each year here at IPG, we like to kick off the year and set goals of what we want to accomplish in the next year. As this is the beginning of a whole new decade, we thought we might look a little farther into the future than we normally do. So what is your vision for 2020? We found this very inspirational video to help us and maybe it will help you too!

SIOR of the Year

On Wednesday, December 17, 2019, the Utah SIOR Chapter (Society of Industrial and Office Realtors) held their annual awards luncheon in Salt Lake City to recognize the accomplishments of SIOR’s in both Office and Industrial categories.

 The Utah SIOR of the Year in the Industrial Category was Michael Jeppesen, SIOR, CCIM, LEED AP with IPG Commercial Real Estate. This marks the fourth time since 2014 that IPG has been presented with the SIOR of the Year honor. IPG’s notable transaction was the Bullfrog Spas building in Herriman Utah for a 264,524 SF new corporate headquarters and manufacturing facility. Mr. Jeppesen represented Bullfrog Spas and Developer Riverbend Management. This was the largest build to suit industrial land transaction in 2019 in Utah. Contact Michael directly at (801) 746-7295 ext. 101 or at michael@ipgcre.com. Finalists in this category were selected based on criteria such as production, community service and mentoring.  

 The Utah SIOR Chapter is a leading professional real estate group of industrial and office brokers with an international network, who have demonstrated their commitment to excellence by obtaining the SIOR designation, administered by the Society of Industrial and Office Realtors. Learn more at www.sior.com