STEVEN TOSCHER, MICHEL STEIN and ROBERT HORWITZ to Speak at Upcoming Strafford Webinar
We are pleased to announce that Steven Toscher, Michel Stein Stigile and Robert Horwitz will be speaking at the upcoming Strafford webinar, “Understanding Opportunity Zone Tax Incentives in Light of New Congressional Oversight and the TIGTA Report” on Wednesday, July 13, 2022, 10:00 a.m. – 11:30 a.m. (PST).
This webinar will provide tax counsel and advisers with a detailed analysis of the qualified opportunity zone (QOZ) tax incentives in light of new congressional oversight and the recent Treasury Inspector General for Tax Administration (TIGTA) report. The panel will discuss recent developments and congressional oversight for QOZ tax incentives and critical challenges for taxpayers stemming from the TIGTA report. The panel will discuss methods to ensure deferral or reduction of capital gains and outline additional tax planning strategies associated with opportunity zone funds and businesses.
On Feb. 7, 2022, TIGTA issued a final report assessing IRS implementation of the QOZ program providing critical insight into the actions likely to be taken by the IRS in auditing qualified opportunity funds (QOFs) and their investors. Tax counsel and advisers must understand the QOZ rules and challenges in light of the TIGTA report to effectively advise clients.
The QOZ program allows taxpayers to defer and reduce capital gains by allowing the taxpayer to reinvest capital gain proceeds in a QOF. This new incentive investment program subsidizes growing businesses in low-income communities through short- and long-term capital gains deferral, providing a substantial step-up in tax basis and tax abatement on the post-investment appreciation.
To take advantage of the program’s tax benefits, a taxpayer must reinvest capital gain proceeds in a QOF within 180 days from the date of the sale or exchange of a capital asset. A QOF must hold at least 90 percent of the fund’s assets in QOZ property.
The recently issued TIGTA report concluded that (1) additional actions are needed to address QOF noncompliance with the QOZ program requirements; (2) additional actions are needed to identify and address inaccurate or incomplete investor reporting on Form 8997, and (3) additional tracking recommendations are needed to ensure compliance and effectively identifying false information and noncompliance.
Tax counsel and advisers must understand and develop planning techniques to assist individuals or businesses seeking to invest capital, raise funds, or that will recognize significant capital gains in the next few years.
Listen as our panel discusses critical provisions of the TIGTA report and its impact on the QOZ program, QOZ tax incentives as an investment tool for taxpayers, the necessary legal requirements and processes to achieve the tax benefits, and techniques to ensure deferral or reduction of capital gains, as well as a discussion of critical open issues, analysis, and recommended guidance for counsel and advisers.
We are also pleased to announce that we will be able to offer a limited number of complimentary and reduced cost tickets for this program on a first come first serve basis. If you are interested in attending, please contact Sharon Tanaka at firstname.lastname@example.org.
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