Showing posts from April, 2019

New IRS Guidance on How to Defer Capital Gains from Stock Sales Though Investment in a Qualified Opportunity Fund

The IRS recently issued proposed regulations to address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). This is a great opportunity for clients to defer capital gains from sale of stocks and to spur investment in designated opportunity zones.

Click to open document in a browser the proposed regulation.

The proposed regulations also withdraw and replace placeholder provisions in an earlier set of proposed regulations. These concern:

The definition of "substantially all"Transactions that can trigger includible gainThe timing and amount of deferred gain that is includedThe treatment of leased property used in the qualified opportunity zone (QOZ) businessThe use of QOZ business property in the QOZThe sourcing of income to the QOZ businessThe reasonable period for a QOF to reinvest proceeds from the sale of qualifying assetsIn
addition, within a few months the IRS expects to address administrative rules
for a QOP that fails maintain the requir…

Feeling Stressed its Tax Day - No Worries - File a Return Extension

Anyone can request an automatic tax-filing extension. If fact some people get extra time without asking. The IRS estimates that more than 14.6 million taxpayers will get an automatic extension this filing season, either by filing a form or making an electronic tax payment. But some taxpayers, such as disaster victims, those serving in a combat zone and Americans living abroad, get more time, even if they don’t ask for it. Just remember the extension filing only applies to the return due not - not the payment date. The tax payment date cannot be extended and it remains April 15th. To request more details on each of these special tax-relief provisions concerning automatic extensions or the payment due date contact Wilson Tax Law Group, APLC or call us at 949-397-2292.