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How will the proposed new Form 8996 help IRS to collect data about the OZ industry?

What information will be collected and what will it allow the authorities to monitor?


Answers
  • Maria De Los Angeles Rivera
    November 17, 2019

    The revised form, which is still in draft status, will require information as to the property and investment in stock or partnership’s participation, census tracts location and investment value, the value of purchased and leased tangible property and EIN numbers.

  • Donny Lucaj
    November 01, 2019

    The new draft form 8996 requires a QOF to report the following: the EIN of each business in which the QOF has an ownership interest; the census tract location of the tangible property of the business; the value of the QOFs investment; the value and location of the census tract of the qualified business property directly owned or leased.

  • Matthew Rappaport
    November 01, 2019

    It only collects financial information, not impact information. Congress is mulling whether to pass new rules that will force reporting on community impact, but nothing has passed as of yet.

  • Brad Cohen
    October 31, 2019

    Not clear yet. There's no reporting required. Recent announcements suggest they wait to monitor.

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