Steven Meier and John Napoli, co-chairs of Seyfarth's Tax practice and Opportunity Zone Funds team, and Michael Lobie, associate in Seyfarth's Corporate department, will be serving as panelists for the Knowledge Group webinar "The Complex World of Opportunity Zones: Meeting Reporting Requirements and Keeping Penalties at Bay" on October 22, 2020.
The Qualified Opportunity Zones (QOZ) and Qualified Opportunity Funds (QOF) have been rapidly changing over the years. As a result, the Internal Revenue Service (IRS) has been stringently monitoring QOZ and QOF to ensure transparency among businesses and investors. More significantly, in October 2019, the IRS Treasury Department issued the proposed draft of the Opportunity Zone Accountability and Transparency Act which seeks to establish increased reporting framework, disclosure requirements, and penalty structure for QOFs.
As regulatory developments continue to arise, the tax law landscape remains uncertain. Thus, it is important to be in the know of recent and emerging developments in this area of law. Revisiting their reporting practices is also necessary to avoid noncompliance.
The panel will provide the audience with a comprehensive discussion of the reporting requirements for QOF. They will present trends, developments, and critical issues surrounding this topic and will offer risk mitigation techniques as well as best compliance practices to avoid penalties in this evolving legal climate.
Key topics include:
Two Years into the Qualified Opportunity Zones: A Lookback
Trends and Updates in QOZ
Opportunity Zone Accountability and Transparency Act