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

Answers

• 

  Matt Campbell

  Hall Estill

  July 28, 2020

  You will need both. Each can provide details on qualification issues but an attorney is needed to form entities and operating agreements and to prepare syndication documents when necessary. A CPA will be counted on to prepare the annual filings needed and to keep the QOF in compliance with biannual testing requirements. You are advised to have both competent in the program but will need to decide whether to prefer a CPA or attorney on your overall structuring. Depending on your contacts, either could provide this.

• 

  Guy Nicio

  Windes

  July 29, 2020

  The attorney and accountant work together to plan from the beginning, but the attorney specifically forms the legal entity or entities (as with any business), handles articles and bylaws, operating agreements, stock issuance, legal consultation, initial state business registrations, etc. As accountants, we help with initial and annual compliance filings, planning, documentation, elections, strategy, etc. Yes, you need both as they are both different and complement one another.

• 

  Matt Campbell

  Hall Estill

  July 29, 2020

  You will need both. Each can provide details on qualification issues but an attorney is needed to form entities and operating agreements and to prepare syndication documents when necessary. A CPA will be counted on to prepare the annual filings needed and to keep the QOF in compliance with biannual testing requirements. You are advised to have both competent in the program but will need to decide whether to prefer a CPA or attorney on your overall structuring. Depending on your contacts, either could provide this.

• 

  Maria De Los Angeles Rivera

  Kevane Grant Thornton

  August 20, 2020

  The answer will depend on the jurisdiction you are located, but it may certainly be yes, you will need both. CPAs usually will not perform the legal type of work like contract draftings, by-laws, members agreements, application of SEC rules, etc.

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