IRS Issues two PLRs Granting Relief to File Form 8996, Self-Certifying as a QOF

Monday, February 7, 2022 - 11:15AM

The Internal Revenue Service (IRS) published two private letter rulings (PLRs) granting relief to a taxpayer who was late to file a Form 8996 to self-certify as a qualified opportunity fund (QOF). PLR 202205020 concerns a taxpayer that didn’t file a Form 8996 in a timely manner because the taxpayer and its accountant were unaware of the requirement to do so.  PLR 202205021 addresses a similar situation in which the accountant filed a return and then an amended return without including a Form 8996. The IRS granted relief to file Form 8996 within 60 days of the ruling. PLRs are only directed to the taxpayer and may not be used or cited as precedent.

Opportunity zones (OZs) regulations will be discussed at the Novogradac 2022 Spring Opportunity Zones Conference, April 21-22 in Long Beach, California.

Feb. 24, 2022: Updates to correct earlier error in description.

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