They wanted to make the program user-friendly and didn’t want the IRS to have too much info. In terms of what are the chances about changes, ask me on Nov. 4, 2020. The election could change things.
Ask A Question
Why were reporting requirements to evaluate the OZ program removed in the second round of regulations?
It seems as if the new regulations don’t impose specific reporting requirements that would allow authorities (or the public) to determine the taxpayer’s compliance with the new regulations. Why not? Is that expected in the next round?
Answers
Honestly, I have no idea. I have suspicions that nobody really wants the data.
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.