Qualified Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act. They spark economic development and infrastructure improvements inside the United States by providing tax benefits such as capital gains tax deferral and exclusion to investors. Taxpayers may defer tax on eligible capital gains by making an appropriate investment in a Qualified Opportunity Fund and meeting other requirements.
We help clients working with wealth management advisors to determine how to comply with the QOZ regulations and report the investment on their tax return during the initial year of investment and associated/applicable futures.