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Internal Revenue Service Provides Additional COVID-19 Related Relief for Opportunity Zones Investors

On January 19, 2021, the Internal Revenue Service (“IRS”) issued Notice 2021-10 (the “Notice”), which provides relief for Opportunity Fund investors from certain deadlines and testing requirements. The relief provided by the...more

Opportunity Zone Best Practices – Not All Extensions are Automatic

The IRS recently issued additional Opportunity Zone-related guidance, Notice 2020-39, that grants extension relief with respect to five specific time-sensitive actions. Among other things, Notice 2020-39 (i) allows certain...more

IRS Provides Relief to Opportunity Funds and OZ Investors

As part of its continuing response to the COVID-19 pandemic, on June 4, 2020, the Internal Revenue Service issued Notice 2020–39 (the “Notice”). The Notice provides welcome relief to Qualified Opportunity Funds (“QOFs”) and...more

Being “IN BOUNDS” is Important Even When You Aren’t Playing Golf - (or R-E-L-I-E-F is not spelled A-B-U-S-E)

The Coronavirus Aid, Relief, and Economic Security Act or the "CARES Act" and related federal stimulus legislation were collectively aimed at providing financial relief to individuals and businesses adversely affected by the...more

Where We Go From Here: Using the OZ Act to Move Beyond Covid-19

How will the United States recover from the COVID-19 pandemic? At least part of the answer may be by making a few critically important tweaks to the Opportunity Zone tax incentives contained in Code Section 1400Z-2 (the “OZ...more

IRS Guidance Provides Critical Information on Extended Deadlines for Returns, Payments and Other Time-Sensitive Tax Actions -...

As reported in our recent Client Alert, the IRS continued its series of tax relief announcements related to the COVID-19 emergency when it issued Notice 2020-23. This alert provides more detailed guidance on IRS Notice...more

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