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Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

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Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Contact Us

Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Richey May Advisory

Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.

Learn More

Contact Us

Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

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Richey May Headquarters
9780 S Meridian Blvd., Suite 500
Englewood, CO 80112
Directions
303-721-6232

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Alternative Investment

The IRS Has Offered Guidance on Tax Relief for QOF Funds and Investors

Articles by: Richey May, Jun 10, 2020

The IRS has offered guidance on Tax Relief for Investors and QOF Funds as a result of COVID-19. You can see an excellent summary of the guidance from CPA Practice Advisor and read the FAQs from the IRS

The main points include: 

  • You may be eligible for more time to make an investment in a QOF to defer gains from property sales. Taxpayers selling property for a qualified gain may get additional time if the 180th day to invest in a QOF was supposed to fall between April 1 and December 30, 2020. The taxpayer now has until December 31, 2020 to invest that gain into a QOF.   
  • QOFs are not liable for 1400Z-2(f)(3) statutory penalties if they fail to hold less than 90% of assets in a QOZ Property on any semi-annual testing dates from April 1, 2020, through Dec. 31, 2020. Failures under this statue will not prevent an entity’s qualification as a QOF or an investment’s classification as a QOF investment. 
  • QOFs that qualified for a 31-month working capital safe harbor have an additional 24 months due to COVID-19 in which to expend capital (if they meet certain requirements). 
  • Investors who received distributions of QOF stock or partnership interest (and realized proceeds from a sale) have an additional 12 months to reinvest any gains as they intended to before the pandemic. 

If you have any questions about these changes or Qualified Opportunity Zone Funds and investments, please contact Steve Vlasak