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CPA

Guy Nicio

Long Beach, CA

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About Guy Nicio

Guy Nicio is a certified public accountant. He is a partner in the tax and accounting services department at Windes in Long Beach, California.

Windes, founded in 1926, is a recognized leader in the field of accounting, assurance, tax and business consulting services. Headquartered in Southern California, it offers a wide range of services to clients. Its capabilities include audit and assurance, employee benefit services, estate and trust planning, executive recruiting and human resources consulting. It also specializes in mergers and acquisitions assistance, as well as tax planning and consulting.

Nicio joined Windes in 1998. He focuses on tax planning and consulting for mid-sized and small businesses, as well as tax compliance for corporations, partnerships, and individuals. He has extensive experience working with closely held businesses, pass-through entities and their owners.

Nicio is an expert in federal and multi-state income taxes for businesses and individuals, income tax audit representation, payroll and payroll taxes, sales and use taxes, personal property taxes, and accounting. He serves a variety of clients in the real estate, construction, manufacturing, professional services, health care and restaurant industries. He also works with high net worth individual clients.

Nicio holds a bachelor’s degree in accounting from the University of Phoenix and a master’s of science degree in taxation from Golden Gate University.

Company

Windes

Address

111 West Ocean Blvd, Long Beach

TOTAL ANSWERS

127

Answers to Opportunity Zones

127 Questions Answered

How can a Qualified Opportunity Fund have multiple tiers of structures?

11 Members Answered

What are the criteria for real estate and other tangible property to qualify as QOZBP?

6 Members Answered

How can I elect to defer tax on a gain if I have already filed my tax return?

20 Members Answered

How can I refinance proceeds from a Qualified Opportunity Fund and leverage distributions?

5 Members Answered

How and when can I take advantage of owning a commercial property in an Opportunity Zone?

14 Members Answered

Is there a way to structure a QOF so that it can accept non-qualified OZ investment funds in tandem with qualified investments, then pay out the benefit to the non-qualified investors?

15 Members Answered

How is “active trade or business” defined for a QOF subsidiary to qualify as a QOZB?

6 Members Answered

How does one determine the election of the capital gains deferral effect on whether the gain qualifies as short-term or long-term capital gains?

11 Members Answered

What if a taxpayer makes an equity investment in a QOF by contributing property in a nonrecognition transaction?

12 Members Answered

If my primary residence is located in an Opportunity Zone, is there any way that I can take advantage of the OZ program?

14 Members Answered

What happens if I invest in a QOF, but they don’t deploy my funds before the testing period?

16 Members Answered

How do I request the benefits for developing in an Opportunity Zone?

6 Members Answered

How important is it to go with a fund that has a formal opinion issued in connection with their Qualified Opportunity Fund?

13 Members Answered

How do I qualify as an Opportunity Zone business?

8 Members Answered

What data was used to identify eligible tracts for the OZ program?

12 Members Answered

Do residents of non-conforming states receive the OZ benefits if they invest in an Opportunity Zone project in a state that conforms with the federal OZ regulations?

9 Members Answered

What if a QOZ Business’s income fluctuates outside acceptable levels?

7 Members Answered

Can the owners of a QOF have their spouses as its members and invest in residential real property in the zone, then lease it to its members for their personal use?

11 Members Answered

What are the three safe harbors that a QOZB need to meet to fulfill the 50 percent test?

7 Members Answered

How long is a “reasonable period”?

7 Members Answered

What’s the best way to value a QOF’s leased property?

7 Members Answered

How do I prepare a written plan for capital in order to qualify for the Working Capital Safe Harbor?

12 Members Answered

What happens to the tax benefits of an Opportunity Zone fund if its original owner dies?

9 Members Answered

How do the new Opportunity Zone regulations treat substantial improvements?

6 Members Answered

What is the waiting period on actual gain from this year?

14 Members Answered

How is the Custody Rule important when it comes to Opportunity Zone investments?

3 Members Answered

How do I create an Opportunity Zone fund?

11 Members Answered

What is defined as “unrelated party” when it comes to selling or acquiring OZ property?

8 Members Answered

Can you GP equity gain with Opportunity Zone funding?

4 Members Answered

How can California residents enjoy the full tax advantages of Opportunity Zone investments?

10 Members Answered

Could new Opportunity Zones be created in response to help communities after natural disasters?

8 Members Answered

Is the growing education technology market suitable for the OZ industry?

7 Members Answered

How strict are the rules on a property having been vacant for the purposes of defining it as an "Original Use Property”?

10 Members Answered

How can I document that I originally planned to make land improvements?

9 Members Answered

How does the proptech sector work with Opportunity Zones?

2 Members Answered

How likely is it that the OZ regulation will get extended instead of sunsetting on Dec. 31, 2047?

13 Members Answered

How can a QOF make investments in multiple Opportunity Zones?

5 Members Answered

What can I include to satisfy the substantial improvement test?

3 Members Answered

Why can most QOF only accept deferred gain prior to Jan. 1, 2027?

12 Members Answered

How are penalties calculated if a QOF fails to meet the 90% Substantially All test?

11 Members Answered

Could a QOZ have its status revoked in the future?

15 Members Answered

Can I transfer ownership of my OZ investment to a relative?

11 Members Answered

How much of a rush should I be in to invest in an OZ?

17 Members Answered

How can I combine OZ investments with EB-5 benefits?

8 Members Answered

Could Opportunity Zones get additional reporting requirements in the future?

14 Members Answered

Are there any benefits to delaying the date at which I establish a QOF? 

12 Members Answered

What happens if an S corporation that owns a share of a QOF changes ownership? 

8 Members Answered

Are Qualified Opportunity Funds considered a security that is regulated by the SEC?

8 Members Answered

How can a Section 1231 gain be reinvested at the entity level rather than at the equity holder level?

7 Members Answered

Since the working capital safe harbor applies to QOZ businesses, why can’t a fund also be a trade or business?

16 Members Answered

How can I get my country club to qualify for the OZ incentive?

11 Members Answered

What happens if an operating business I’ve invested in gets bought out?

9 Members Answered

What happens with the OZ benefits if an investor of a QOF die and the assets are passed down to the investor’s children?

12 Members Answered

How can I get an extension to the 31-month period for my working capital plan for my QOF?

10 Members Answered

Why are certain businesses excluded from taking advantage of the OZ program?

10 Members Answered

How does IRS treat a group of sellers in a related party sale?

5 Members Answered

How can existing owners of property in OZs take advantage of the tax benefits without selling?

8 Members Answered

What happens with my investments when the Opportunity Zone program expires on Dec. 31, 2047?

10 Members Answered

How can my business qualify as a QOZ business?

9 Members Answered

If a QOF buys a building that is 95% completed by the seller, is that still considered to be construction in progress?

8 Members Answered

What are the different roles between a CPA and a tax attorney in the OZ industry?

4 Members Answered

How can QOFs prove that they meet the 90 % Substantially All test?

10 Members Answered

Since QOFs can self-certify, how can investors check that they are complying with the regulations?

10 Members Answered

What happens if only parts of my real estate property is inside the OZ?

9 Members Answered

How can a building under construction acquired by QOZB satisfy the original use requirement?

8 Members Answered

How can a vacant building satisfy the original use requirement?

6 Members Answered

Why do I need to provide an organizational chart of the seller of the property, which includes all direct and indirect owners, when reviewing the 70% requirement?

7 Members Answered

Can I borrow from my QOF to keep my QOZB afloat during the coronavirus hardship times?

5 Members Answered

How can I get around the blackout period when the eligible gain occurs early in a taxable year?

4 Members Answered

When can an equity interest in a QOZB be considered OZP?

2 Members Answered

What factors do law firms base their opinion letters on in an OZ deal?

7 Members Answered

Has there been a shift in where OZ investors chose to invest their funds?

9 Members Answered

How can foreign investors take advantage of the OZ tax incentive?

5 Members Answered

Is it expected that the authorities will make changes to the OZ tax program to help with the coronavirus recovery efforts?

5 Members Answered

How do partnership tax rules apply if a QOF is structured as a partnership for federal tax purposes?

5 Members Answered

What happens with the gain recognized on the sale of a capital asset in states not conforming with the OZ rules?

7 Members Answered

What happens if I don’t get my money invested in actual OZ projects by Dec. 31 this year?

13 Members Answered

How can my corporation become certified as a Qualified Opportunity Fund?

4 Members Answered

When are the taxes on the deferred gains invested into an Opportunity Zone due?

5 Members Answered

Does a fund need to file with the SEC for my investments to qualify for the OZ tax incentive?

5 Members Answered

What happens if a partner dies that invests in an QOF and passes their share to an heir?

3 Members Answered

Which OZ locations are thriving and which should I stay away from?

2 Members Answered

How can a QOF invest in multiple Opportunity Zones?

3 Members Answered

Which states conform to the OZ tax incentive now?

2 Members Answered

How and when is it most financially sound to move my business into an OZ?

3 Members Answered

Are cannabis businesses in OZs still subject to tax code 280E?

2 Members Answered

What is a passthrough QOF and how can it be used?

3 Members Answered

What requirements must qualified opportunity zone property fulfill?

4 Members Answered

How will IRS conduct tests to ensure that investments maintain at least 90% of their assets in an OZ?

3 Members Answered

How is it determined if an activity involving land use can be considered a trade or business?

4 Members Answered

How do I start my own QOZB?

3 Members Answered

What are the rules for triple net leasing when it comes to OZ investments?

5 Members Answered

If I sold property this year as a shareholder of an S corp, how do I best take advantage of the OZ program?

6 Members Answered

When does the 180-day QOF investment period start for pass-through entities owners?

7 Members Answered

In response to the recent earthquake in Puerto Rico, are there new projects or funds we can invest in to help rebuild the island?

3 Members Answered

What changed in the final regulations to make OZs more beneficial for the hospitality industry?

5 Members Answered

How can members in a partnership apply different trigger dates for an OZ’s 180-day investment window for the same gain if that gain is divided?

6 Members Answered

How is an QOF investment treated if the investor dies?

3 Members Answered

How can I create my own QOF? Does it need to carry a minimum investment to be qualified?

8 Members Answered

Under what circumstances can Section 1231 gains be invested in QOFs?

5 Members Answered

What represents a “reasonable period” for a QOF to reinvest proceeds from a sale of qualifying assets?

4 Members Answered

How long can I continue to hold an OZF beyond 10 years to continue to benefit from the tax-free growth of the investment?

5 Members Answered

How can I find out which QOFs and OZs generate the most jobs?

3 Members Answered

Will the approved QOZs be reevaluated after a number of years?

4 Members Answered

How can a QOF reinvest proceeds from the sale of property and defer the taxable gain?

3 Members Answered

Are dividends from an S-Corp or a C-Corp eligible for rollover?

3 Members Answered

What are some other benefits than deferral of the gain when investing in OZs?

6 Members Answered

What kind of businesses will qualify to be included in a QOF?

4 Members Answered

What are my risks with investing in a QOF?

5 Members Answered

How do I ensure that a QOF is complying with the regulations so that I get the tax benefits?

6 Members Answered

Can a Qualified Opportunity Fund make investments in multiple Opportunity Zones?

7 Members Answered

How can I get my corporation certified as a Qualified Opportunity Fund?

3 Members Answered

How do I get my property to be treated as an OZ business property?

2 Members Answered

How can my QOF hold land for investment purposes and receive OZ benefits?

4 Members Answered

What happens if reinvestment of the proceeds from a sale of property by a QOF is delayed?

3 Members Answered

How can investors receive OZ benefits when a QOF sells its underlying assets?

4 Members Answered

How can tangible property previously not used in an OZ qualify as original use?

5 Members Answered

What are the criteria to be an OZ priority project in Puerto Rico?

2 Members Answered

How can opportunity zones benefit investors who have gains in cryptocurrency?

3 Members Answered

What would happen if the Opportunity Zone incentive got extended until the end of 2028 under proposed legislation?

2 Members Answered

How can my C corporation get certified as a QOF?

4 Members Answered

How would it impact the Opportunity Zone market if Biden’s proposal to abolish the 1031 exchange for properties over $500,000 passes?

3 Members Answered

How can my partnership get certified as a Qualified Opportunity Fund?

3 Members Answered

If my sales proceeds will be paid out in installments, how can I reinvest my capital gains in a QOF?

5 Members Answered

What happens if a Qualified Opportunity Fund invests into a Qualified Opportunity Zone Business that fails to qualify as a QOZB at the end of the year?

3 Members Answered

Why is there a difference of “bad assets” between a QOZB and a QOF?

5 Members Answered

How can I find a single-family residence in a Colorado or California Opportunity Zone and take advantage of the tax benefits while living in the house with my family?

2 Members Answered

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