I am not sure what you mean here. Is it the tax forms that need to be filed related to the QOF status? If so, then the answer is yes.
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How common is it that funds follow the Opportunity Zones reporting framework?
Even though they are voluntary guidelines now, how likely is it that these best practices will be included in future legislation?
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I expect that there will be some reporting obligations eventually, but given the level of discord in Washington it is hard to know what, if anything, will pass in Congress.
A new form as been released in draft form for comments for the investors to report the status of their investments (Form 8997). A similar form for the QOF may follow, but for now the funds need to file Form 8996. This is, of course, in addition to any documentation agreed to be supplied to the investors by the fund.
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