Tax Law and News Tax Reform and Qualified Opportunity Zones Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mike D'Avolio, CPA, JD Modified Dec 12, 2018 1 min read The U.S. government is attempting to attract private investment money into economically disadvantaged communities in order to boost economic growth and job creation. Under the Tax Cuts and Jobs Act, the states, D.C., and U.S. possessions nominate low-income communities eligible for these tax benefits. On April 9, 2018, the Treasury and the IRS announced the first round of Opportunity Zone designations for 18 states. There are two elections that incentivize investment in Qualified Opportunity Zones: Temporary deferral of inclusion in gross income of capital gains reinvested in a Qualified Opportunity Zone. Permanent exclusion of capital gains from the sale/exchange of an investment in a Qualified Opportunity Zone. These two elections may provide substantial tax benefits. Read more about Qualified Opportunity Zones and related guidance from the IRS. Previous Post Alimony and Tax Reform: What You and Your Clients Need… Next Post December 2018 Tax and Compliance Deadlines Written by Mike D'Avolio, CPA, JD Mike D’Avolio, CPA, JD, is a tax law specialist for Intuit® ProConnect™ Group, where he has worked since 1987. He monitors legislative and regulatory activity, serves as a government liaison, circulates information to employees and customers, analyzes and tests software, trains employees and customers, and serves as a public relations representative. More from Mike D'Avolio, CPA, JD 2 responses to “Tax Reform and Qualified Opportunity Zones” Does anyone have a link to look up if an area is part of the Qualified Opportunity Zone? There’s a list as well as a map of areas that qualify available here: https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx Browse Related Articles Tax Law and News Consultant Spotlight: John Trammell Practice Management Why you should care about green cloud computing Practice Management Consultant spotlight: Steven G. Advisory Services Understanding your client’s relationship with mon… Practice Management Consultant spotlight: Jonathan Lovitt Practice Management ProConnect™ Tax spotlight: Megan Leesley, CPA Tax Law and News Boo! Extension season horror stories Tax Law and News Tax relief for victims of Hurricane Milton Practice Management Tax Season Readiness virtual conference—Nov. 13-14 Practice Management Lacerte® Tax spotlight: Tania Santos, EA
There’s a list as well as a map of areas that qualify available here: https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx