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How can I take advantage of IRS’ tax relief for OZ funds and investors due to the coronavirus pandemic?

I heard certain deadlines were moved to help investors and funds in the OZ industry.


Answers
  • Matthew Rappaport
    November 13, 2020

    You can look to Notice 2020-32 for the deadline extensions. Even for certain 2019 capital gains, you have time until the end of the year to make a valid deferral into a QOF. There are also extensions for ongoing projects. The relief is automatic and you need not make any affirmative move to apply for the extensions.

  • Valerie Grunduski
    November 16, 2020

    Many of these provisions apply automatically. That said, it would be prudent for your tax preparer to include annotations in your return addressing usage of the federal declared disaster or Covid-19 relief.

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