Recent News

Wednesday, June 20, 2018

The Treasury Department should create “guardrails” for the opportunity zones incentive, according to a June 8 letter submitted by Sen. Cory Booker, D-N.J. Booker’s letter  asked Treasury to take care in its oversight of qualified opportunity funds, calling for statements of intent from prospective funds and metrics to measure each fund’s performance.

Wednesday, June 20, 2018

The Treasury Department today issued Notice 2018-48, which lists the population tracts that are officially designated as qualified opportunity zones (OZs). Investors in the qualified OZs can defer tax on prior gains no later than Dec. 31, 2026. The final OZs were designated last week.

Thursday, June 14, 2018

The Treasury Department today designated the final round of qualified opportunity zones (OZs) in four states: Florida, Nevada, Pennsylvania and Utah. Investors in qualified opportunity funds that invest in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026. With this final round, OZs have been designated in all 50 states, the District of Columbia and five U.S. possessions.

Tuesday, June 12, 2018

The Internal Revenue Service (IRS) updated and expanded the content on its opportunity zones frequently asked questions page. The new content includes confirmation that 2017 and 2018 gains are eligible for deferral and that a taxpayer may file an amended 2017 return to include a deferral on gains.

Friday, May 18, 2018

The Treasury Department today designated qualified opportunity zones (OZs) in 20 states, Washington, D.C., and Guam, leaving just four states still pending approval. The remaining states are Florida, Nevada, Pennsylvania and Utah. Investors in qualified opportunity funds that invest in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.