(Updated August 20, 2019) If you’re considering investing in a Qualified Opportunity Zone, you need to understand what the IRS considers to be “eligible improvements.” Some, but not all, necessary guidance has been issued about the types of property, businesses, and improvements that do and don’t qualify for this great incentive. We will continue to…
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If you’re planning to utilize the benefits of a Qualified Opportunity Zone (QOZ), you must invest your gain into a Qualified Opportunity Fund (QOF). They are fairly simple to create, but be cognizant of the tests to stay certified and the deadlines for avoiding penalties. Read on to learn more about how, when, and why…
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Qualified Opportunity Zones (QOZ) is a new benefit created with the new tax reform legislation and is one of the largest incentives to taxpayers that we’ve seen in a long time. Although fairly complex in terms of timing, they are simple to set up and maintain—absolutely worth the effort in terms of tax savings. (View…
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A number of years ago I had my purse and wallet stolen. If you’ve ever experienced a theft like this, you’re familiar with the flood of unnerving thoughts that seen to haunt you for a while. Will the person misuse my identity? What risks does this now expose me to? A few months ago I wrote…
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I recently attended a class held by the IRS which focused on many issues that we face as taxpayers and practitioners but the most alarming was the current epidemic, Identity Theft, and identity theft scams. The Federal Trade Commission (FTC) estimates that as many as 9 million Americans have their identities stolen each year. It’s…
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There are two common ways you may discover you are a victim of the ever-growing identity theft epidemic. When your tax preparer goes to e-file your tax return, it may get rejected with an error message saying another return has already been filed under your SSN, or you receive a notice from the IRS…
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