After about two years of the program, we’re starting to get into the practical aspects of opportunity zones, which means everyone has to understand the requirements and issues of what makes an Qualified Opportunity Zone Fund (QOF) actually eligible to accept investor money that qualifies for the capital gains tax benefits that make this program so attractive in the first place. Listen to this podcast as Blake Christain, a partner at the accounting firm of HCVT, goes over many of these issues and explains why investing in a reputable QOF is so important – and why the IRS may be having a field day in the very short future of auditing those who are not complying with these requirements (whether they know it or not!)
Listen to “Is Your Opportunity Zone Fund REALLY an Opportunity Zone Fund?” on Spreaker.
Over the lifetime of the Opportunity Zones industry, there’s probably going to be tens of thousands of Qualified Opportunity Zone Funds created. How can an investor possibly determine what funds have been set up correctly or even what fund managers have the experience and know-how to follow through on a profitable investment opportunity? While
Mr. Christain mostly deals with Family Office situations, where a family member would set up their own QOF without seeking outside investment, heed his warning of knowing who you are dealing with and make sure those creating the Fund are complying with time and IRS approved requirements regarding investment into this area. This could be the single most important issue facing the entire Opportunity Zones marketplace – and is the biggest factor that has given rise to the Opportunity Zones Authority, an organization created to certify these funds to provide another layer of investor confidence.
He also dispels some myths where if you believe them, you’re sure to be poised for disaster, so listen to this podcast now and learn from one of the brightest minds in the industry what you need to do (and what to stay away from!)
Questions? Comments? Need more info? Mr. Christain can be reached directly at 562-305-8050 and more information can be found at his website at www.hcvt.com, where you can also find info on the state of Opportunity Zone investing
ABOUT OUR GUEST: Blake Christain
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.
IMPORTANT!
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.
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