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Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

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Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

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Technology Solutions

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

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Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

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Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

Technology Solutions

 

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Technology Solutions

 

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Contact Us

Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

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Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232
Alternative Investment

The IRS Has Offered Guidance on Tax Relief for QOF Funds and Investors

Articles by: Richey May, Jun 10, 2020

The IRS has offered guidance on Tax Relief for Investors and QOF Funds as a result of COVID-19. You can see an excellent summary of the guidance from CPA Practice Advisor here and read the FAQs from the IRS here.  

The main points include: 

  • You may be eligible for more time to make an investment in a QOF to defer gains from property sales. Taxpayers selling property for a qualified gain may get additional time if the 180th day to invest in a QOF was supposed to fall between April 1 and December 30, 2020. The taxpayer now has until December 31, 2020 to invest that gain into a QOF.   
  • QOFs are not liable for 1400Z-2(f)(3) statutory penalties if they fail to hold less than 90% of assets in a QOZ Property on any semi-annual testing dates from April 1, 2020, through Dec. 31, 2020. Failures under this statue will not prevent an entity’s qualification as a QOF or an investment’s classification as a QOF investment. 
  • QOFs that qualified for a 31-month working capital safe harbor have an additional 24 months due to COVID-19 in which to expend capital (if they meet certain requirements). 
  • Investors who received distributions of QOF stock or partnership interest (and realized proceeds from a sale) have an additional 12 months to reinvest any gains as they intended to before the pandemic. 

If you have any questions about these changes or Qualified Opportunity Zone Funds and investments, please contact Steve Vlasak