Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 15 JUNE 2020

IRS Provides Relief To Opportunity Zone Investment Programs

Seyfarth Shaw LLP
Explore more from Seyfarth Shaw LLP

In Notice 2020-39, issued on Thursday, June 4, 2020, the IRS made substantial accommodations to Qualified Opportunity Funds, and their sponsors and investors,...

United StatesFinance and Banking
Steven Meier
Steven Meier
Author LinkedIn connections

In Notice 2020-39, issued on Thursday, June 4, 2020, the IRS made substantial accommodations to Qualified Opportunity Funds, and their sponsors and investors, to allow them to address the challenges presented by COVID-19.

  • The Notice reaffirms previous guidance (Notice 2020-23, issued on April 9, 2020) and further extends the 180-day investment deadline for qualified gains. Now, for any gains that needed to be invested on or between April 1, 2020 and December 31, 2020 to meet the 180-day deadline, that deadline is automatically extended to December 31, 2020 (Notice 2020-23 had extended this deadline only to July 15, 2020).
  • The Notice provides for the automatic application of the statutory “reasonable cause” exception to a Qualified Opportunity Fund's satisfaction of the 90% “good asset” test for all testing dates falling on and between April 1, 2020 and December 31, 2020.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

OCC Issues Examiner Framework For Banks’ Use Of Artificial Intelligence

The Office of the Comptroller of the Currency has released a new framework for evaluating banks' deployment of artificial intelligence and agentic AI systems in their business operations. This guidance establishes how examiners will assess AI through existing risk management disciplines rather than creating separate regulatory requirements, with review intensity scaled to each use case's potential consequences and level of human oversight.
United StatesFinance and Banking
Sheppard
Sheppard
Article

23x5 Trading Comes To US Exchanges: What Firms Should Know Before Launch

US national securities exchanges are preparing to launch 23x5 trading by December 6, 2026, marking the most significant expansion of trading hours in decades. This comprehensive analysis examines the regulatory approvals, operational infrastructure changes, investor protection mechanisms, and issuer considerations necessary to support overnight equity trading from Sunday through Thursday evenings.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

SEC Proposes Rule Amendments To Expand Retail Access To Private Markets

The SEC has proposed sweeping amendments to expand retail investor access to private market strategies, including changes to performance-based compensation rules for registered investment advisers and modernization of the interval fund framework. The proposals also explore new credential-based pathways for individuals to qualify as accredited investors, potentially opening private offerings to a broader pool of eligible participants.
United StatesFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

A New Price Tag On OPT? DHS Proposes Unprecedented Fees For F-1 Practical Training

The Department of Homeland Security has proposed imposing fees of $70,000 for initial OPT recommendations and $30,000 for second-year extensions on educational institutions, potentially reshaping how international students, universities, and employers participate in the Optional Practical Training program. While framed as a fraud prevention measure, the proposal raises critical questions about workforce access, cost allocation...
United StatesImmigration
Seyfarth Shaw LLP
Seyfarth Shaw LLP
Article

California Contractors Get A Much-Needed Break: SB 342 Softens The Harsh Consequences Of Contractor License Lapses

Imagine completing a multimillion-dollar project, performing quality work, paying your subcontractors, and satisfying the owner, only to discover that a temporary contractor license lapse could prevent you from recovering payment for that work or pursuing claims for extra work. For decades, that was the reality under California Business and Professions Code section 7031.
United StatesReal Estate and Construction
Seyfarth Shaw LLP
Seyfarth Shaw LLP
Article

DHS Allows Salvadoran TPS Beneficiaries To Work And Remain, For Now

The Department of Homeland Security has confirmed that Salvadoran Temporary Protected Status beneficiaries remain protected despite the September 9, 2026 expiration date, though no formal announcement has been made regarding the program's future. This development raises critical questions about employer obligations and the potential scenarios that may unfold, including termination with a 60-day notice period or an extension of the designation.
United StatesImmigration
Seyfarth Shaw LLP
Seyfarth Shaw LLP
Article

More Than A Download: Using USCIS’s E-Verify Records Disposal Deadline As A Compliance Checkup

U.S. Citizenship and Immigration Services is permanently disposing of E-Verify records last updated before December 31, 2016, giving employers until January 8, 2027, to download critical compliance documentation. Companies must act now to preserve historical case data needed for audits, government investigations, and Form I-9 system transitions while ensuring their E-Verify account information remains current and accurate.
United StatesImmigration
Seyfarth Shaw LLP
Seyfarth Shaw LLP