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IRS, Urged by Watchdog, Does More on Opportunity Zone Compliance

Feb. 10, 2022, 8:32 PM

The IRS plans to notify 5,141 opportunity zone investors about any deferred capital gains that they might have improperly gained.

  • That action comes in response to a report released Thursday by a Treasury watchdog that found the Internal Revenue Service didn’t require an investor’s taxpayer identification number to ensure that they were complying with requirements.
  • The report, by the Treasury Inspector General of Tax Administration, was heavily redacted, including sections on what the watchdog found about how opportunity zone investors were complying with reporting requirements.
  • TIGTA made eight recommendations to the IRS to ensure investor compliance. The IRS agreed with ...