Opportunity Zone ‘Cleanup’ Forthcoming, IRS Official Says

The IRS is still working on accounting guidance related to the 2017 tax act, and the agency has work to do on the law’s contentious opportunity zone tax breaks, according to an official.

“There’s some cleanup to be done” in the opportunity zone area, John Moriarty, an IRS associate chief counsel, said during a virtual conference hosted by the American Bar Association’s tax section. “There is still work to be done in that area.”

• Opportunity zones, intended to drive money to historically overlooked communities, offer capital gains tax perks for investments in thousands of designated census tracts around the ...