The qualified opportunity zone (QOZ) program allows investors who recognize capital gains to reinvest those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in QOZs throughout the United States. The Treasury Inspector General for Tax Administration (TIGTA) has issued a report that, among other things, assesses IRS processes to ensure that taxpayers that establish QOFs meet program reporting requirements. TIGTA found that, while the IRS has taken several positive action steps to implement QOZ tax provisions, it hasn’t established processes to identify all inaccuracies in the information reported by QOFs and investors. Read TIGTA’s report: https://bit.ly/3uU5n9Z
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