Tax Law and News Tax Reform and Qualified Opportunity Zones Read the Article Open Share Drawer Share this: Share on X (Opens in new window) X Share on Facebook (Opens in new window) Facebook Share on LinkedIn (Opens in new window) LinkedIn 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 Advisory Services Don’t assume your clients’ children will retain you Advisory Services Forecast your tax firm’s CAS revenue—instantly Tax Law and News Extensions can be a tax-planning tool: Here’s how Tax Law and News Ética: mejores prácticas y límites con los clientes Tax Law and News Ethics: Best practices and client boundaries Client Relationships 12 tips to reduce client avoidance, anxiety, and procrastination Workflow tools Best tax software for busy season Practice Management Take a break: Listen to “Deduct This! with Carrie and Lexi” Tax Law and News Trump Accounts: What you need to know Tax Law and News April 2026 tax and compliance deadlines
There’s a list as well as a map of areas that qualify available here: https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx