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 …
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Method of Presentation:
General knowledge of tax laws
NY Category of CLE Credit:
Areas of Professional Practice
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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.