IRS Provides Several Items of Relief Benefiting Qualified Opportunity Funds and their Investors

On June 4, 2020, the Internal Revenue Service (IRS) released Notice 2020-39 that contains relief for several of the time-sensitive requirements for qualified opportunity funds (QOFs) and for taxpayers who invest capital gains in qualified opportunity zones (QOZs).  The QOZ program designates economically-distressed communities (more than 8,700 QOZs nationwide) and encourages private investment and economic growth…