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Proposed Bipartisan Amendments to the Opportunity Zone Statute Could Have a Significant Effect on Current and Potential Investors

Late last week, a bipartisan group of U.S. Senators and U.S. Representatives introduced an expansive bicameral bill, titled the Opportunity Zones Transparency, Extension, and Improvement Act (the “OZ Bill”). This proposed...more

2020 Census Results Have No Impact on Boundaries of Opportunity Zones

The IRS has issued Announcement 2021-10 (the “Announcement”) in response to public questions regarding the potential effect the 2020 Census results may have on the boundaries of previously designated Opportunity Zones. ...more

Latest Proposed Regulations Provide Needed Guidance on the Working Capital Safe Harbor

Nestled within the new proposed regulations issued by the IRS on April 12 (the "Proposed Regulations") that mainly address foreign investors is needed relief for current Opportunity Zone projects....more

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

OZone Record-Keeping: How to Be Prepared

The Sullivan Opportunity Zone Practice Group has previously written a client alert promoting the benefits of detailed record-keeping for taxpayers operating in the OZone world. There are certain specific records that are...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

Opportunity Zone Best Practices During COVID-19

As we all re-examine business practices in the uncharted waters of COVID-19, the Sullivan Opportunity Zone Practice Group will be publishing concise reminders of best practices. Guidance abounds, including our own,...more

20 Ozone Things to Know for 2020 (Part 1)

Two months have elapsed since Treasury and IRS issued the Final Regulations on Opportunity Zones. The effective date is March 13, 2020. During these two months, the Sullivan Ozone Practice Group has hosted gatherings for our...more

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