As a result of the continuing COVID-19 impact on businesses and individuals, the IRS recently released a second update (Notice 2021-10) to provide additional short-term relief and tax guidance to Opportunity Zone investors. In this podcast, Blake Christian from the CPA firm of HCVT breaks it all down and explains the nuances and timeframes every Opportunity Zone investor and Opportunity Zone fund manager must understand to make the best of the program and stay compliant so all the benefits of Qualified Opportunity Zone investing can be realized.
There is no question that a certain amount of confusion exists within the Opportunity Zones space. Rules are always changing and everyone needs to keep up with the latest guidelines and IRS notices to insure compliance with all the regulations. That’s why if you play in this space, you need to align yourself with industry professionals and be aware of everything Mr. Christian covers on this podcast, including the additional time to roll capital gains into a Qualified Opportunity Zone Fund, the additional time to make “substantial improvements” to the property, as well as additional time to acquire Qualified Opportunity Zone Business Property.
But that’s not all. You have to know about the “180-day investment period”, the “30-month substantial improvement period”, the “90-percent investment standard”, the “Working Capital Safe Harbor guidelines”, the “12-month reinvestment period”, and so much more. And let’s not forget about cryptocurrency and the blockchain either – Opportunity Zones may well be the next frontier for crypto investors and others generating short-term gains in the crypto market, and the ultimate tax tool for maximizing the after-tax economic return on those 2020 cryptocurrency gains. As you would expect, there are rules for that too!
Listening to this podcast is like having your own personal tax professional giving you this detailed and indispensable information! But there’s a lot he covered so you’re almost certain to have questions and comments, so please contact Blake directly at 562-305-8050 to answer any questions you may have about Notice 2021-10 and the implications it may have on your upcoming tax planning. More information can be found at his website at www.hcvt.com.
ABOUT OUR GUEST: Blake Christian
Blake brings over 35 years of experience providing tax consulting and compliance services to clients that include multinational, publicly traded corporations, as well as closely held owner-managed businesses. Throughout his entire career, Blake has specialized in federal, state and local tax incentive programs. Blake is leading the firm’s efforts in providing tax consulting services for Qualified Opportunity Zones. A thought leader, Blake has been recently interviewed by US News and World Reports and other national publications providing insights into this powerful, yet complex, tax incentive program and has authored several articles and HCVT Tax Alerts about Qualified Opportunity Zones (OZ) and Qualified Opportunity Funds. Blake has developed unique insights into OZ strategies for real estate developers and investors, as well as for operating business start-ups and expansions. In addition to tax incentive consulting, Blake provides partnership and individual tax planning and compliance services. His industry experience is broad and includes manufacturing and distribution, service companies, restaurant, shipping and transportation, energy and healthcare.
Blake joined HCVT to open the firm’s Long Beach office over 26 years ago and opened the firm’s Park City, Utah office in 2014. Blake has served, in leadership positions on numerous community boards including the Long Beach Community Foundation as Vice Chair, Cal State Long Beach Ukleja Center for Ethical Leadership Governing Council, and the Long Beach Rotary where he served as president. Blake is also an active member of the Long Beach Area Chamber of Commerce and served as chairperson and is a regular member of the Park City Rotary Club, The Egyptian Theater and the Park City Chamber of Commerce. Blake was named as one of the Top 10 California Accounting Professionals in 2015 and 2014. The Long Beach Chamber of Commerce awarded Blake the 2016 Community Spirit Award for his economic development work and leadership in the California Enterprise Zone program.
Blake is a frequent contributor to leading industry related publications. TaxConnections.com named Blake as one of the Top 50 Tax Bloggers in the US. Blake has been a contributing columnist for the AICPA CPA Insider, a past columnist for the AICPA Corporate Tax Insider Newsletter, and is a regular contributor to the Long Beach Business Journal as well as numerous other publications. He has lectured at a number of universities, including University of Southern California (MBT Program) and California State University Long Beach (Annual Tax Conference), BYU and University of Utah, as well as various business and tax forums throughout the country. Blake has also been a technical resource for many news organizations, including USA Today, Los Angeles Times, Press-Telegram, KTLA News, Park City TV, KNX NewsRadio, and KFI Radio KPCW.
Blake began his career at KPMG LLP and was admitted to its partnership. Blake holds a master’s of taxation from the University of Southern California and a bachelor’s degree in accounting and a minor in finance from California State University, Long Beach. Active in both the Long Beach and Park City communities. Blake supports the fundraising efforts of LB and PC Rotary, the LB and PC Community Foundations, Plant LB, The Egyptian Theater/ Save Our Stage and the National Ability Center.
All information provided is for informational purposes only. Mapable USA is not a registered broker-dealer, funding portal, or investment advisor. This information presented on this website/podcast is not intended as legal or investment advice for anyone to make an investment in any particular company and is not intended for any companies to rely on this information to form an opinion to go public or not to go public or to do any type of offering of securities. Any information presented is not an offer or solicitation to purchase or sell any securities or financial products. None of the information on the Mapable USA podcast or website takes into account any individual person’s personal objectives, financial situation, needs, or particular circumstances. You must check with a securities attorney to find out if an offering is for you, or if you are going to be in the business of selling any type of securities, you need to make sure you are following your state and federal legislative law so you do not get into any troubles. Do not use the opinions as stated on this show as any way to form an opinion as what is wrong or right or what could be done for your business or as an investor. Mapable, LLC recommends you obtain your own financial, legal, and taxation advice before making any financial investment decision.