TagTax Day

Considering Making A Qualified Opportunity Zone Investment?

By:  Amanda Wilson

 

Qualified Opportunity Zones are a hot topic in the tax and business world, and are an opportunity that span into almost any business market.  I get questions about them daily.  If you are considering making an investment in property in a qualified opportunity zone, or are simply wondering what an opportunity zone is, I recently presented on this topic.  A copy of the presentation materials can be found here.

Now Is The Time To Review Your Tax Provisions

By:  Amanda Wilson

As tax season is underway, one important deadline is coming that should not be overlooked.  Tax law allows for partnership and LLC agreements to be amended retroactively to the first day of the prior year, provided the amendment is executed before the due date (without extensions) for the prior year’s tax return.

What does this mean for your agreements?  You should look at the tax provisions and see if there are any items that should be corrected.  For example, do the allocation provisions result in unintended consequences that you would like to correct?   Would you like to add a limited deficit restoration obligation so that one member or partner can utilize losses?   Or does your agreement provide for a tax matters partner, which is a concept that was replaced by a partnership representative (previously discussed here).  You should act quickly, though, as the deadline for executing any amendments for the 2018 tax year is March 15, 2019.

IRS Offers Tax Relief for Those Impacted by Irma, Including for 1031 Exchanges

By:  Amanda Wilson

President Trump’s declaration of a major disaster in Florida and Georgia as a result of Hurricane Irma provides important tax relief for those residing in these states.  This declaration provides automatic relief for those facing deadlines for the filing of tax returns (for example, those that had extended their 2016 personal or business tax returns to September 15 or October 15, respectively).

In addition, the declaration provides relief for those taxpayers that were in the middle of a Section 1031 like-kind exchange.  For taxpayers that entered into the exchange prior to September 10, 2017, and whose 45 or 180 day window for identifying and acquiring replacement property had not yet passed, these windows have been extended.  The windows now extend to January 31, 2018 or, at the taxpayer’s option, 165 days (for the 45 day period) or 300 days (for the 180 day period) from the date that the taxpayer’s relinquished property was sold, whichever is later.  However, in no event can the period be extended beyond the due date for the taxpayer’s 2017 return (including extensions).

 

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