The Qualified Opportunity Zone (QOZ) program allows investors to make long-term investments in distressed communities. More specifically, it allows investors who recognize capital gains to reinvest those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in one of nearly 9,000 designated QOZs. If you’ve made QOF investments, you may soon receive a letter from the IRS. Among other things, the letter will ask for information needed to support the required annual certification of investment standard. Taxpayers that want to maintain their QOF status will need to respond to this letter promptly to meet the certification requirement. For more information: https://bit.ly/3OetYha
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