LEARN ABOUT OPPORTUNITY ZONE AND RECENT IRS UPDATES:QUALIFIED OPPORTUNITY ZONES
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Course Details

Overview of Topics

  • The Zones7 mins
  • The Funds12 mins
  • Sin Business Limitation22 mins
  • Fund’s Original Use24 mins
  • Investor34 mins
  • CPA Responsibility40 mins
  • The Future44 mins

Course Description

The Opportunity Zone program is the first new national community investment program in over 15 years and has the potential to be the largest economic development program in the United States. Intended to spur job creation, economic development and tax incentives to drive long-term investment to rural and low-income urban communities throughout the nation in distressed communities, the U.S. government has added Opportunity Zones to the tax code under the Tax Cuts and Jobs Act. Taxpayers may defer tax on eligible capital gains by making an appropriate investment in a Qualified Opportunity Fund and meeting other requirements.

Many investors are curios, or at the least tempted, to sow for the harvest of new Qualified Opportunity Zone (QOZ) tax breaks. Beyond the economic risk of investing in property in distressed areas, the problem is the QOZ statutes and regs don’t provide enough certainty to give would-be investors the comfort to give it a go. On April 17, 2019, Treasury dropped into our laps the second batch of long awaited QOZ proposed regulations. This is very good news. But, the bad news is we did not get all the news we needed. Either way, investors need answers today.

In this new webinar, you’ll learn:

  • The backstory: QOZ statutory scheme and first round of proposed regs (Act 1)
  • All-new round 2 of proposed regs (Act 2)
  • What Treasury and IRS have yet to tell us (Act 3)

Highlights of the webinar:

  • Recent Updates and Developments
  • IRS Regulations and O-Zones
  • Qualified Opportunity Funds (QOF)
  • Challenges Encountered
  • Strategies to Maximize Benefits

Recommended for CPAs, EAs, tax preparers and other tax professionals with responsibility for assisting clients with tax-planning strategies.

Webinar Qualifies for

  • 1 CPE credit of Taxes for all CPAs
  • 1 CE credit of Federal Tax for Maryland Tax Preparers
  • 1 CE credit of Federal Tax for Oregon Tax Preparers
  • 1 CE credit of Federal Tax Law Update for CRTPs (CTEC Approved-6273)
  • 1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )
  • 1 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • To recognize a Qualified Opportunity Zone Business Property
  • To recognize the various tax benefits for investors that are available under the Qualified Opportunity Zone program
  • To identify the requirements for creating and maintaining a Qualified Opportunity Zone Business
  • To identify the program requirements, including the length of time investors have to reinvest sale proceeds into qualifying investments
  • Learn Qualified Opportunity Zone regulations and their impacts on taxpayers

About Presenter

Donald M. Deans, CPA, PFS

Managing Director,Deans Consulting

ddeans@deansconsulting.net

Don has supported individual and corporate clients as a CPA for more than 40 years and as a registered representative for 18 years. Don has his BSIR and MBA from the University of North Carolina in Chapel Hill.

He began his career at Haskins & Sells in 1974 and was a partner at Deloitte Haskins & Sells from 1985-1990. Don is a nationally recognized speaker, published author, and thought leader in the accounting and finance communities. His guidance has been sought out by the Journal of Accountancy, Hartford Business Journal, and statewide CPA magazines in Connecticut, Georgia and North Carolina. Don is a member of the American Institute of Certified Public Accountants (AICPA), NC Association of CPAs (NCACPA), New York Society of CPAS (NYSSCPA), and the Georgia Society of CPAs (GSCPA). You can find his articles published by the Georgia Society of CPAs at www.gscpa.org.

Don resides in Charlotte, NC with his wife Kim and their three children, Will, James and Lauren. He also has three adult daughters, Mary Kathryn, Elizabeth, and Rebekah, as well as five grandchildren. Whether pursuing a thorough due diligence review before recommending a new product for a specific tax obligation, or dancing the night away at a Hornets game, Don Deans goes beyond what is comfortable to get the job done – all while enjoying life and the people he meets.

Deans Consulting is dedicated to helping businesses, professionals, and individuals navigate the complex world of tax strategies. We educate our clients through speaking, publishing, and consulting, and strive to provide creative solutions tailored to each client.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  1. What are the tax benefits of investing in an Opportunity Zone?
  2. Who created the opportunity zones?
  3. How long do opportunity last?
  1. Which form is there for Qualified Opportunity Fund?
  2. How many percent a QOF must be invest in order to receive preferential tax treatment?
  3. What is the responsibility of CPA for Opportunity Zone?
  4. Who finalize the certification of Opportunity Zones?
  5. Within How many days capital gains can be rolled into an Opportunity Fund by Investor?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.3
(248)
54%
32%
10%
2%
1%
  • JK
    Jasman Khosa
    Jun 24th 2020
    Don's style of presenting keeps the listener engaged. He also uses real examples to explain concepts for easier understanding.
JCC
Janet Choi Couto , CPA
So much valuable information from Mr. Deans that will, I believe will benefit the various communities as well as the taxpayers who take advantage of the Qualified Opportunity Funds.
DE
David Engel , EA, AFSP
Very knowledgable speaker on the subject matter. Real-life client experience in Opportunity Zones, providing examples of how the tax law applies in real-life situations.
MG
Mario Guglielmi , EA
I find these to be very informative and helpful in my practice.
BD
Brian Duffy , EA
5 star
MD
Merry Dimitri , CPA
Good review of the basics

NASBA Approved

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

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MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

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GUIDE TO DEPRECIATION UNDER THE TCJA
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Forecasting in a Time of Uncertainty (COVID-19)
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UBIT Under The TCJA
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Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
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CECL Overview
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Accounting for Business Combinations Overview
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Accounting Principle Changes
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CIRCULAR 230
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UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
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BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
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  • Cost FREE
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00140-20-S
  • CTEC Course ID 6273-CE-0152
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date July 14 ,2020
  • Published Date July 14 ,2020
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant CFO/Controller CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Outsourced CFO Tax Accountant (Industry) Tax Director (Industry) Accounting Practice Owners Senior Accountant CEO Cloud Firms Tax Managers Risk Managers Tax Preparer
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register