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ARTICLE · 04 DECEMBER 2019

IRS Releases New Draft Form 8996, Adding More Detailed Reporting Requirements For Qualified Opportunity Funds

Buchanan Ingersoll & Rooney
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As part of this advice, we wanted to let you know that the Treasury and IRS just released (10/31/19) a proposed Form 8996 for QOFs for the 2019 tax year.

United StatesTax
Lisa M. Starczewski
Lisa M. Starczewski
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reated by the Tax Cuts and Jobs Act, the Opportunity Zones program offers significant tax incentives to encourage investment in certain designated low-income communities. Our Opportunity Zones Practice Team provides in-depth tax, real estate, corporate finance and other advice to clients exploring the opportunity zone program.

As part of this advice, we wanted to let you know that the Treasury and IRS just released (10/31/19) a proposed Form 8996 for QOFs for the 2019 tax year. The proposed changes to this are significant because they require a QOF to disclose more specific information about its investments. QOFs are required to file Form 8996 each taxable year.

Specifically, the Draft Form 8996 requires a QOF to report the following additional information:

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