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Office Closure: Beginning July 2, the Delap office will close for an interior remodel. The remodel project has been in the works for months and will include an updated reception area as well as new and improved conference rooms. The project is scheduled to last a few months, with the office anticipated to reopen sometime around the holidays. We will continue to assist our clients with their accounting and advisory needs during the remodel, and we appreciate your patience and understanding during this renovation process.
At this point, you may have heard about investing in Opportunity Zones (OZ). We're excited to share some highlights about new information recently released. On October 19, the Department of Treasury published proposed regulations answering many of the questions we had when OZ's were first introduced in the Tax Cuts and Jobs Act. The points below are an overview.
An Opportunity Zone is a geographic zone that is economically depressed and qualified as such by the state's governor and IRS. Taxpayers can defer the taxes they would ordinarily pay on capital gains by reinvesting those gains in a Qualified Opportunity Zone Fund (QOF). The longer the investment remains in an Opportunity Zone, the greater the benefit received.
The IRS has said more proposed regulations are in the works and will be published later in the year. Additionally, a public hearing is scheduled for January 10, 2019. We will keep you updated as soon as we learn more. If you have questions for Delap, please do not hesitate to give us a call at (503) 697-4118 or contact us online. Our experts would be more than happy to talk to you.