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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Thursday, April 25, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE course will provide tax counsel and advisers with a detailed analysis of the qualified opportunity zone (QOZ) tax incentive mechanism provided under current tax law. The panel will discuss IRS regulations for investors, recent amendments, new markets tax credits, energy tax credits, and the necessary legal requirements and processes to achieve these tax benefits. The panel will also describe methods to ensure deferral or reduction of capital gains and outline additional tax planning strategies associated with opportunity zone funds and businesses.

Faculty

Alan M. Blecher
Managing Director
CBIZ Marks Paneth, LLP

Mr. Blecher has considerable experience serving high-income and high-net-worth individuals and their closely held businesses. He focuses especially on partnerships, limited liability companies and S corporations.

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Michael I. Sanders
Partner
Blank Rome LLP

Mr. Sanders focuses his practice in the area of taxation, particularly in matters affecting partnerships, limited liability companies, S-corporations, real estate, tax controversy, and estate planning, including trusts and estates. He also has a large practice in the area of exempt organizations involving healthcare and low-income housing, associations and joint ventures between for-profits and nonprofits, as well as structuring New Markets Tax Credit ("NMTC") and Historic Tax Credit ("HTC") transactions. He is the author of Joint Ventures Involving Tax-Exempt Organizations (3rd Ed., 2007; 4th Ed., 2013) which was recently cited by the majority opinion in the widely covered U.S. Supreme Court decision in Burwell v. Hobby Lobby Stores, Inc. He previously served as an attorney-advisor to the assistant secretary of tax policy at the Office of Tax Legislative Counsel.

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Gordon Goldie
Partner
Plante Moran

Mr. Goldie is one of the leaders of Plante Moran's housing and community development solutions group. He spends 100 percent of his time assisting for-profit and not-for-profit clients with real estate development projects involving tax incentives such as historic tax credits, New Markets Tax Credits (NMTCs), Brownfield redevelopment incentives, and the new opportunity zones incentive. Mr. Goldie assists clients nationwide in identifying available tax incentives and structuring transactions to optimize the net benefit of these incentives while ensuring compliance with all applicable tax law requirements.

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Description

Tax reform created one of the country's most significant economic development programs that encourages private investment in qualified opportunity zones (QOZs). The program allows taxpayers to defer and reduce capital gains by allowing the taxpayer to reinvest capital gain proceeds in a qualified opportunity fund.

This 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. The program required states to nominate a limited number of census tracts to be designated as QOZs with such designation to remain in place for 10 years.

To take advantage of the program's tax benefits, a taxpayer must reinvest capital gain proceeds in a qualified opportunity fund within 180 days from the date of the sale or exchange of a capital asset. A qualified opportunity fund must hold at least 90 percent of the fund's assets in QOZ property. Tax counsel and advisers must understand and develop planning techniques to assist individuals or businesses seeking to invest capital, raise funds, or recognize significant capital gains in the next few years.

Listen as our panel discusses the benefits of the QOZ tax incentive program as an investment tool for taxpayers, the final IRS regulations and recent amendments, the necessary legal requirements and processes to achieve the tax benefits, techniques to ensure deferral or reduction of capital gains, and a discussion of critical open issues, analysis, and recommended guidance for counsel and advisers.

Outline

  1. Opportunity zone provisions under current tax law
  2. Final IRS regulations and recent amendments
  3. Processes and criteria designating QOZs
  4. Opportunity zone funds as the new class of investment vehicles and interests they can hold
  5. Securing the tax benefits of opportunity zone investments
  6. Best practices and tax planning techniques for counsel

Benefits

The panel will review these and other key issues:

  • How do the IRS final regulations provide clarity to investors?
  • What are the key provisions included in the most recent amendments?
  • What are the opportunity zones and eligibility requirements for new markets tax credit?
  • What tax benefits do opportunity zones provide?
  • What are opportunity zone funds and QOZ businesses?
  • How can taxpayers ensure the deferral or reduction of capital gains and the appreciation exclusion?
  • How can the opportunity zone incentive be combined with other federal tax incentives, such as the new markets tax credit and energy tax credits?
  • Optimizing structures for opportunity zone investments

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize eligibility requirements for opportunity zones under IRC 45D(e)
  • Determine tax benefits realized due to investment in opportunity zones
  • Identify qualifying opportunity zone funds and businesses
  • Ascertain methods to defer or reduce capital gains and the appreciation exclusion

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Working knowledge and understanding of tax credits, sourcing rules; foundational knowledge of basis calculations and capital gains tax.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).