Federal Tax

Qualified Opportunity Funds

The IRS is providing COVID-19-related tax relief for Qualified Opportunity Funds (QOFs) and their investors. In Notice 2020-39, the IRS specifies that if an investor’s 180th day to invest in a QOF would have fallen on or after April 1, 2020, and before Dec. 31, 2020, he or she now has until Dec. 31, 2020, to invest an eligible gain in a QOF. In addition, the period between April 1, 2020, and Dec. 31, 2020, is suspended for purposes of the 30-month period during which the property can be substantially improved. The IRS also addresses the application of certain relief provisions under Section 1400Z-2 regulations. Contact us for more information. © 2020