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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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On April 17, 2019, the IRS released a second round of guidance (Round Two Guidance) with respect to Qualified Opportunity Zones (QOZs) through an additional 169 pages of proposed regulations and an update to its FAQ list, along with a request for information on data collection and tracking for QOZs. The new guidance goes a long way toward clarifying and revising many aspects of this topic in an effort to spur investments, but there are many sections where the IRS requested additional comments that might be further helpful at some future point.

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The following link [<a href="https://admin.thompsonhine.com/wp-content/uploads/1345/doc/Opportunity_Zone_IRS_Guidance_Round_Two_Summary.pdf" target="_blank" rel="noopener">read here</a>] is an explanation of the Round Two Guidance. It is not an exhaustive review but highlights topics that have been discussed in connection with structuring and implementation of QOZ investments. A shorter outline of the points of the Round Two Guidance can be accessed [<a href="https://admin.thompsonhine.com/wp-content/uploads/1345/doc/Qualified_Opportunity_Zone_Alert_-_Opportunity_Zone_IRS_Guidance_-_Round_Two_Outline.pdf" target="_blank" rel="noopener">read here</a>] and might be easier for a quick snapshot of the guidance. In addition to the future release of the two sets of proposed guidance in final form, a third set of guidance is also expected to be issued later this year to address Qualified Opportunity Fund (QOF) reporting and revisions to IRS Form 8996 filed with the election of QOF status and annual filings thereafter.

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The following does not repeat points listed in the first set of IRS guidance and discussed in our summary dated October 21, 2018 [<a href="https://admin.thompsonhine.com/wp-content/uploads/1135/doc/Opportunity_Zones_IRS_Guidance_4849-0791-7433_v.10.pdf" target="_blank" rel="noopener">read here</a>]. Where used, the first set of proposed guidance is referenced as the 2018 proposed regulations.

https://admin.thompsonhine.com/wp-content/uploads/2022/04/Qualified_Opportunity_Zone_Alert_-_Opportunity_Zone_IRS_Guidance_-_Round_Two_Outline.pdf

Opportunity Zone IRS Guidance: Round Two Summary

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