Entries tagged “qualified opportunity funds”
IRS Guidance Provides Flexibility for Disaster-Related Extension of OZ Working Capital Safe Harbor
im-report 
Debbie A. Klis · April 13, 2021
The Internal Revenue Service (IRS) will publish in April 14, 2021’s Federal Register a notice of proposed rulemaking for the opportunity zones (OZ) incentive that provides flexibility in the 24-month extension of the working capital safe harbor in the case of federally declared disaster areas. The proposed rule that would also provide requirements that certain…
Bi-Partisan Legislation Introduced to Extend OZ Investment Period to 2028
im-report Debbie A. Klis · February 21, 2021
House of Representatives Propose Legislation to Extend the Opportunity Zone Tax Deferral for Two Additional years. The Opportunity Zones Extension Act would extend the capital gains tax deferral date to permit the deferral of capital gains until the end of 2028. This Bi-Partisan legislation is intended to attract additional private sector investment in underserved communities.…
IRS Notice Extends Several Opportunity Zone Investment Deadlines
im-report Debbie A. Klis · January 20, 2021
The Internal Revenue Service (IRS) issued Notice 2021-10 on January 19, 2021 that extends several deadlines related to investments in qualified opportunity zones (QOZ) and by qualified opportunity funds (QOFs). 180-Day Window Extended. Of particular importance, Notice 2021-10 provides an extension to taxpayers’ 180 day reinvestment window in QOFs due to the COVID-19 pandemic. Henceforth,…
IRS Provides Several Items of Relief Benefiting Qualified Opportunity Funds and their Investors
insights Debbie A. Klis · June 5, 2020
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…
