The Complex World of Opportunity Zones: Meeting Reporting Requirements and Keeping Penalties at Bay
Recording Available: Friday, October 23, 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.
Join a distinguished panel of key thought leaders and practitioners assembled by The Knowledge Group as they 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.
In a LIVE Webcast, the speakers will discuss:
- Two Years into the Qualified Opportunity Zones: A Lookback
- Trends and Updates in QOZ
- Opportunity Zone Accountability and Transparency Act
- Reporting Framework
- Disclosure Requirements
- Penalty Framework
- Red Flags
- Best Compliance Practices
- What Lies Ahead
Seyfarth Shaw LLP
Seyfarth Shaw LLP
Seyfarth Shaw LLP
Who Should Attend:
- Business Managers
- Business Analysts
- Executive Board Members
- Business Development Managers
- Fund Managers
- Investment Advisers
- Financial Management Officers
- Tax Advisers
- Tax Consultants
Gary Hobbs is an entrepreneur and former corporate executive with extensive experience in real estate, technology, education, and healthcare. He started his career as an electrical design engineer and has successfully migrated through the corporate ranks of companies like AT&T, Eli Lilly, and Roche Diagnostics. As an engineer, project manager, business executive, developer, and entrepreneur he has led organizations of up to four hundred people and budget responsibilities spanning well over $100M.
Currently, he is CEO for Black and White Investments, LLC. Gary founded BWI in 2005 as a development and construction management company. BWI’s target market is urban development within Indiana and their primary focus is multi-family and mix-use tax credit developments.
Gary is a co-founder of OZRA LLC (Opportunity Zone Real Estate Advisors). OZRA is a small consulting firm of leading experts in Accounting, Law, and Real Estate Development. We meets the growing needs of developers, investors, communities and municipalities in structuring deals and matching investors interested in the Opportunity Zone program. Gary is one of the country’s leading authorities on this subject matter, as one of the leaders supporting Senator Tim Scott in crafting the bill at its inception into Law.
Gary Hobbs is an entrepreneur and former corporate executive with extensive experience in real estate, technology, education, and healthcare. He …
John P. Napoli, partner in the firm’s Corporate department in New York and co-chair of the firm’s national Opportunity Zone Funds group, was named a Top 25 Attorney by Opportunity Zone Magazine. Napoli is the co-managing partner of Seyfarth’s New York office and also co-chairs the firm’s national tax practice. He practices federal, state and local tax law, and advises public and private clients on tax issues relating to opportunity zones, corporate mergers and acquisitions, international transactions, restructurings, consolidations, financing, real estate (including REITs), tax free like kind 1031 exchanges, subchapter S corporations, partnerships, joint ventures, and limited liability companies. Napoli is highly skilled in shaping tax-efficient real estate transactions, including the formation, operation, and liquidation of REITs and UPREITs.
John P. Napoli, partner in the firm’s Corporate department in New York and co-chair of the firm’s national Opportunity Zone …
Steve Meier chairs Seyfarth's Corporate department and serves as co-chair of Seyfarth’s Tax practice. Steve develops real estate and alternative investment programs of all types, including Qualified Opportunity Funds, REITs, investment funds, and complex like-kind exchange programs (such as Delaware Statutory Trust investment programs). Clients appreciate his knowledge of the tax law and his ability to apply it in a common-sense manner to real estate and corporate transactions. He has been recognized by The Legal 500 (2014-2020) for his tax practice and recently led the team that represented Sound West Realty Capital in the design and implementation of the Marina Square project, one of the first syndicated Opportunity Zone Funds to come to market and named the top Qualified Opportunity Fund in the country by GlobeSt.com and Real Estate Forum in the category of “Economic Revitalization and Social Impact.”
Steve Meier chairs Seyfarth's Corporate department and serves as co-chair of Seyfarth’s Tax practice. Steve develops real estate and alternative …
Michael Lobie is a senior tax associate in Seyfarth’s New York office. He has extensive experience advising public and private clients on the most tax-efficient way to structure and implement business transactions of all types, including real estate acquisitions, dispositions, like-kind exchanges, joint ventures, and syndications. He regularly works with clients to design, launch, and operate qualified opportunity zone funds, investment funds, REITs, and Delaware statutory trusts. He also represents clients before the federal and state courts, the Internal Revenue Service, and state and local tax authorities on a variety of litigation and controversy matters. Prior to joining Seyfarth, Michael worked as an attorney for the US Department of Justice, Tax Division, and as a judicial clerk for a judge at the US Tax Court.
Michael Lobie is a senior tax associate in Seyfarth’s New York office. He has extensive experience advising public and private …
Print and review course materials
Method of Presentation:
General knowledge of tax laws
NY Category of CLE Credit:
Areas of Professional Practice
Unlock All The Knowledge and Credit You Need
Leading Provider of Online Continuing Education
It's As Easy as 1, 2, 3
Get Your 1-Year All Access Pass For Only $199
About BWI, LLC
BWI, LLC is a construction, real estate development, property management, consulting and electrical firm in the greater Indianapolis area that focuses on not only construction management of general, large development projects, but also niche, energy-efficient urban revitalization projects. BWI has extensive capabilities helping clients design, develop and manage their projects with a special emphasis in electrical and eco-friendly, sustainable development. Our development and construction services can be accomplished under a consultative or design-build basis. BWI, founded in 2005, is headquartered in Indianapolis, Indiana.
At BWI, our number one aspiration is to bring hope to under-served urban communities via economic development that align with their Quality of Life aspirations and initiating in collaborative partnerships. We feel that successfully accomplishing this goal will bring about positive change in the lives of individuals, families, and ultimately communities. We also take a strong position for excellence and quality in our work products. This includes not only customer satisfaction with our quality, multi-family projects but also with our engagement process that we undertake on behalf of our clients (i.e. non-profits, syndicators, equity investors, lenders, government agencies, etc.). To ensure that we deliver outstanding performance to our customers, we implement fundamental project management control measures with our field teams and our clients to ensure each customer’s unique needs and expectations are met. Transparency, integrity, and quality are our core corporate values.
About Seyfarth Shaw LLP
At Seyfarth, we are leading the way in delivering legal services more effectively, efficiently, and transparently. We are a full-service firm with more than 900 attorneys in 16 offices, offering a national platform and an international gateway to serve our clients’ changing business and legal needs. Our REITs & Real Estate Capital Markets attorneys navigate complex tax rules, market risks, and increasing scrutiny from securities regulators with practical strategies for sound investments. Our clients range from Fortune 100 to midsize companies, and include publicly traded and privately held companies and various types of funds.