On January 19, 2021, the IRS released Notice 2021-10, which expands and extends previous relief granted in response to the ongoing COVID-19 pandemic. While the pandemic has disrupted aspects of Qualified Opportunity Zone (QOZ) planning and development, Qualified Opportunity Funds (QOFs) and potential QOF investors were able to rely on much-needed relief for the 2020 tax year based on Notice 2020-39, issued in June 2020. The new notice amplifies the earlier guidance
Andrew Lau and Orla O’Connor, of KPMG, have authored a brief update that focuses on the relief provided in Notice 2021-10 and how QOFs and QOF investors may want to maximize the potential flexibility provided by this guidance.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.