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27 January 2020

Thursday, 6 February | Federal Opportunity Zones - Final regulations (1 pm ET)

On 19 December 2019, the IRS released final regulations, Sections 1.1400Z2(a)-1 through 1.1400Z2(f)-1 and 1.1502-14Z and 1.1504-3, regarding Federal Opportunity Zones, created through the Tax Cuts and Jobs Act and codified in IRC Sections 1400Z-1 and 1400Z-2. Federal Opportunity Zones are census tracts primarily located in low-income areas that were nominated by states and subsequently designated by the IRS. Taxpayers who invest in these zones through entities certified as Opportunity Funds are eligible to receive potentially significant tax advantages. These regulations finalize the proposed regulations that were previously released in October 2018 and May 2019. Although taxpayers have been largely permitted to rely on the proposed regulations, final regulations have been highly anticipated as the IRS flagged many issues in the proposed regulations as open for comment and further clarification.

In response to this milestone, a panel of experienced Ernst & Young LLP professionals will discuss the key issues addressed in the newly released regulations on Opportunity Zones. Topics will include:

  • New rules promulgated in the final regulations
  • Key changes between the proposed and final regulations
  • Implications of the key changes
  • Transition rules

Date: Thursday, 6 February 2020

Time: 1:00-2:00 p.m. EST New York; 10:00-11:00 a.m. PST Los Angeles

Panelists

Joe Bianco, Principal, Financial Services, Wealth and Asset Management Services, Ernst & Young LLP

David Kirk, Partner, National Tax, Private Client Services, Ernst & Young LLP

Brian Peabody, Principal, National Tax, Mergers and Acquisitions Group, Ernst & Young LLP

Rachel van Deuren, Manager, Financial Services, Credits and Incentives Services, Ernst & Young LLP

Andrea Whiteway, Principal, National Tax, Partnership Transactions and Planning, Ernst & Young LLP

Moderator

Mike Bernier, Partner, Financial Services, Credits and Incentives Services, Ernst & Young LLP

CPE credit offered: 1.0. Recommended field of study: Taxes. Learning objective: Describe the latest updates regarding Opportunity Zones and the mechanics of how this tax incentive can impact investors. This intermediate level, group internet-based course has no prerequisites or advanced preparation. Final CPE award to be based on content, polling, length of participation, etc. See CPE FAQ for more information.

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Document ID: 2020-5119

 
 

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