The Consolidated Appropriations Act, 2021, passed in late December provided many Atlanta businesses and nonprofit organizations with much needed financial and tax relief. While helpful, the new Biden Administration believes more is needed and is proposing a new $1.9 Trillion package to broaden the scope of assistance. The continued focus on economic relief makes it clear just how devastating the pandemic has been on the economy. While Congress and the White House work out the details of another rescue package, the IRS has also been making changes to provide relief to taxpayers. On January 19th, the IRS issued Notice 2021-10 which extends several deadlines originally outlined in IRS Notice 2020-39 governing Qualified Opportunity Zone (QOZ) investments. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key points below.
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These extensions offer an additional dimension of relief for Atlanta Qualified Opportunity Funds, Qualified Opportunity Zone businesses, and investors. Given the complexity of QOZ rules and regulations, it is important to consult with a qualified advisor to determine the impact on your situation. If you have questions about the information outlined above or need assistance with a real estate tax, accounting, or audit issue, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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