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 […]
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 […]
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 […]
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 […]
This week taxpayers got a preview of what the new tax reporting requirements for 2019 could look like with respect to Qualified Opportunity Funds. On October 30th, the IRS released a Draft Form 8996, the tax form that Opportunity Funds use to self-certify compliance with Opportunity Zone rules. The initial version of Form 8996 was […]