EisnerAmper, an accounting and business advisory services firm, announced it has launched a Qualified Opportunity Funds team.
As part of the 2017 Tax Cuts and Jobs Act, the QOF team will provide tax and economic benefits for investors in targeted communities in an effort to encourage local economic development, EisnerAmper said.
The tax benefits include:
- Temporary deferral of tax on capital gains;
- Elimination of up to 15 percent of the tax on the deferred capital gain;
- Potential exclusion from tax on capital gain generated from the appreciation of QOF investments.
Stephanie Hines, partner, will be leading the team in New York. She has more than 15 years of experience in tax compliance and consulting.
“This can be a great vehicle for investors, but it’s prudent to have an experienced business advisor who can help you navigate the complexities,” Hines said. “For example, QOFs must meet certain requirements with respect to investment structure, qualifying property, and business activities. Furthermore, failure to meet the required asset tests can result in significant penalties. Therefore, engaging a skilled advisor is critical.”