Ask A Question

What are examples of reasonable causes for waiving the penalties for failing the 90% qualified asset testing at the QOF level?

What are examples of reasonable causes for waiving the penalties for failing the 90% qualified asset testing at the QOF level?


Answers
  • Matthew Rappaport
    April 02, 2020

    Reasonable cause is typically granted after a good faith effort to comply and demonstrate that non-compliance was due to circumstances outside the taxpayer's control. That's a wide universe of reasons, but it's tough to justify reasonable cause in the event the taxpayer could have made a better effort to comply and did not.

  • DISCLAIMER: 

    the information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal and financial experts prior to participating in any aspect relating to Opportunity Zones. Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public; do not include confidential information in your question.