Eligible Taxpayers Will Self-Certify to be a Qualified Opportunity Fund
In a list of answers to frequently asked questions about the opportunity zone incentive the Internal Revenue Service (IRS) today clarified that a taxpayer self-certifies to become a certified qualified opportunity fund for purposes of qualifying for the opportunity zone incentive. In the FAQs, the IRS says it will release a self-certification form in summer 2018 that taxpayers can attach to their federal income tax returns. Thus, no approval or action by the IRS is required to certify a taxpayer. The IRS also says over the next few months it will provide further details, including additional legal guidance, on the OZ incentive.