IRS: Welcome back, Opportunity Zones need your attention; still weeks away, says Dan Gauthier, Rose Law Group transactional attorney handling many O-Zone investments

Boarded up facade of foreclosed building in Harlem, New York City. / Getty / Forbes

 

By Joshua Pollard | Forbes

14,000 unpaid IRS workers decided not to show up to work last week, due to the prolonged government shutdown, according to the Washington Post. Now that the government has reopened temporarily, the IRS’s timely focus on Opportunity Zones will be critical if the program is to become the boon for investors and low-income communities that many have anticipated.

Tax season, which starts this week, may prove to be a higher priority for the IRS, but hopefully the IRS can manage both. The Opportunity Zone program, which was rolled out as part of President Trump’s 2017 Tax Cuts and Jobs Act, has garnered support from investors and community advocates around the country who are eager to begin igniting the economic revitalization that Opportunity Zones are likely to create.

READ ON:

“Although the federal government has at least temporarily reopened and investors are clamoring for further Opportunity Zone guidance, the next public hearing date – previously set on January 10, 2019 and cancelled due to the shutdown – will occur no earlier than two weeks after appropriations to the Treasury Department are restored.”

~Daniel R. Gauthier

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