Insights

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    IRS Extends Relief for Opportunity Zone Funds and Investors

    January 27th, 2021

    –From PP&Co Partner Tim Ulen   Qualified Opportunity Zone (QOZ) Funds and Investors received great news last week. The IRS issued Notice 2021-10 to expand upon the relief provided in Notice 2020-39 (June, 2020) by further extending several key deadlines, highlighted below:   If the last day of a taxpayer’s 180-day investment period falls on […]

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    Opportunity Zone Resource Center

    January 14th, 2021

    The Tax Cuts and Jobs Act of 2017 created a tax incentive program to stimulate investment in distressed communities that have been designated as Qualified Opportunity Zones (OZs). These tax friendly investments are made through Qualified Opportunity Funds, which are partnerships and corporations organized for the purpose of owning property within OZs. The rules for […]

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    Opportunity Zones: Final Regulations Released

    February 14th, 2020

    The wait is over… much-anticipated final regulations on Opportunity Zones tax incentives were recently released by Treasury. The new rules are designed to better facilitate investments, projects, and businesses qualifying for OZ benefits. Get info on the new regs and FAQs HERE. Still have questions or need help determining how you can take advantage of […]

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    ASC 606 -The New Revenue Recognition Standard

    February 14th, 2020

    Are you still working through the implementation?   From Destiny Flood, PP&Co Audit Senior Manager As most companies are currently well underway with their 2019 year-end close, private companies are likely still working through certain aspects of implementing the new Revenue Recognition Standard ASC 606 for the first time. The new standard is effective for […]

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    Real Estate Partnerships Beware! Interest Deductions May Be Limited by Tax Shelter Status.

    February 14th, 2020

    Author: Rita Zhang, Sr. Tax Associate | Editor: Phuong Mayer, Director A provision in the Tax Cuts and Jobs Act of 2017 (TCJA) that limits business interest expense for certain taxpayers is creating headaches for real estate partnerships. Careful planning is required to make sure you are maximizing deductions. Prior to 2018, taxpayers could generally deduct […]

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