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Course Details

Overview of Topics

  • The Zones

    7 mins
  • The Funds

    12 mins
  • Sin Business Limitation

    22 mins
  • Fund’s Original Use

    24 mins
  • Investor

    34 mins
  • CPA Responsibility

    40 mins
  • The Future

    44 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 Update for Enrolled Agents ( IRS Approved : GEHNZ )
  • 1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)
  • 1 CE credit of Federal Tax for Oregon Tax Preparers
  • 1 CE credit of Federal Tax for Maryland Tax Preparers
  • 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

Don Deans, CPA, PFS

Accounting Manager,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.
  • 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

4.4
(370)
56%
31%
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.
JT
Joseph Tomczyk , CFP, EA, EA, CFP
LOVE IT!
MC
Mike Cameron , CPA, CPA
good
TC
Thelma Curtis
The experience was very in lighten. It is an opportunity I would like to learn more about

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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.

On-Demand Webinars

IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
GOVERNMENT CONTRACT ACCOUNTING - FUNDAMENTALS, INDIRECT RATES, COST & PRICE PROPOSAL, CAS (UPDATED 2020)
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
FUNDAMENTALS OF INCOME TAXATION OF TRUSTS & FORM 1041 PLANNING: WHAT EVERY ADVISORS NEEDS TO KNOW
Wednesday, October 21, 2020 View Details/Register
ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
  • 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
  • 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

IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
GOVERNMENT CONTRACT ACCOUNTING - FUNDAMENTALS, INDIRECT RATES, COST & PRICE PROPOSAL, CAS (UPDATED 2020)
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
FUNDAMENTALS OF INCOME TAXATION OF TRUSTS & FORM 1041 PLANNING: WHAT EVERY ADVISORS NEEDS TO KNOW
Wednesday, October 21, 2020 View Details/Register
ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register