April 25, 2018

The Internal Revenue Service (IRS) updated their Frequently Asked Questions (FAQs) and clarified that taxpayers self-certify to become a certified qualified opportunity fund for purposes of qualifying for the opportunity zone incentive. The IRS states it will release a self-certification form in summer 2018 that taxpayers can attach to their federal income tax returns. No approval or action by the IRS is required to certify a taxpayer. The IRS also will continue to provide further details, including additional legal guidance, on the opportunity zone incentive.