Tax Opportunity Zones (2024 Edition)

Michael Sanders
Gordon Goldie
Catherine L. Bazley
Marie O’Neill
Michael Sanders | Blank Rome LLP
Gordon Goldie | Plante Moran
Catherine L. Bazley | Cherry Bekaert
Marie O’Neill | Cherry Bekaert

Live Video-Broadcast: June 18, 2024

Tax Opportunity Zones (2024 Edition)

$245.00 2.5 hour CLE

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Program Summary

Session I - Qualified Opportunity Zones and Tax Credits: Tax planning strategies for investors – Michael Sanders and Gordon Goldie

The webinar will provide a detailed analysis of the qualified opportunity zone (“QOZ”) tax incentive mechanism provided under current tax law with a discussion of the “traps for the unwary.” The panel will also discuss the anticipated legislation and methods to ensure deferral or reduction of capital gains and outline additional tax planning strategies associated with opportunity zone funds and businesses.

Key topics to be discussed:

  • The impact of the OZ program nationally: the potential impact of Biden tax proposals on OZ structure
  • What are the key provisions included in the proposed legislation
  • What are the traps for the unwary including working capital safe-harbor issues

Session II - Investing in Tomorrow: Exploring opportunities in TOZs – Catherine Bazley and Marie O’Neill

In this webinar, Catherine Bazley and Marie O’Neill will explore investment strategies and opportunities within TOZs, analyzing real estate development, small business investment, and venture capital. Learn about potential opportunities and risks for investors in these dynamic zones.

Key topics to be discussed:

  • Understand the intricacies of real estate development within TOZs, including growth potential and profitability
  • Evaluate the viability of investing in emerging small businesses within TOZs
  • Assess the risks and rewards associated with venture capital funding for startups flourishing within TOZs

This course is co-sponsored with myLawCLE.

Date / Time: June 18, 2024

  • 11:00 am – 1:50 pm Eastern
  • 10:00 am – 12:50 pm Central
  • 9:00 am – 11:50 am Mountain
  • 8:00 am – 10:50 am Pacific

Closed-captioning available

Speakers

Michael Sanders_FedBarMichael Sanders | Blank Rome LLP

Michael Sanders is the lead partner of the firm’s Washington, D.C., office tax group. He focuses his practice in the area of taxation, offering particular knowledge in matters affecting partnerships, limited liability companies, S-corporations, real estate, tax controversy, opportunity zone funds, and estate planning, including trusts and estates. He also has a large practice in the area of exempt organizations involving healthcare and low-income housing, associations and joint ventures between for-profits and nonprofits, as well as structuring New Markets Tax Credit (“NMTC”) and Historic Tax Credit (“HTC”) transactions. He regularly serves as an expert witness in complex litigation.

Michael is the author of Joint Ventures Involving Tax-Exempt Organizations (4th Ed., 2013; 2016 Supplement) published by John Wiley & Sons, Inc. The book was recently cited by the majority opinion in the widely covered U.S. Supreme Court decision in Burwell v. Hobby Lobby Stores, Inc. He is also an adjunct professor at George Washington University Law Center and Georgetown University Law School teaching Income Taxation of Partnerships and Subchapter S Corporations and Tax Treatment of Charities and Other Non-Profit Organizations, and Joint Ventures Involving Tax Exempt Organizations (including healthcare, universities, LIHTC, new markets, HTC, and conservation organizations, respectively).

Michael is a frequent speaker on the Opportunity Zone Fund legislation, part of the 2017 Tax Cut and Jobs Act. He advises funds, investors, and real estate companies on the program requirements and provides up-to-date guidance.

Michael has been recognized by Chambers USA as a leading tax attorney, with clients noting that “he stands out for his persistence, accessibility, seasoned judgment and reasonableness, coupled with his creativity in finding solutions” and that he is “well connected in the industry, very experienced and bright.” In 2007, he was selected from a field of the nation’s leading lawyers and judges as a finalist for the Lawdragon 500 based upon his current impact on the biggest issues and deals in the law.

Prior to Blank Rome, Michael served as an attorney-adviser to the assistant secretary of tax policy at the Office of Tax Legislative Counsel and as a trial attorney at the U.S. Department of Justice (Attorney General’s Honors Program).

In 2016, Michael was honored by The George Washington University Law School for his 40 years of teaching at the law school.

 

Gordon-Goldie_Plante-Moran_myLawCLEGordon Goldie | Plante Moran

Gordon is one of the leaders of Plante Moran’s housing and community development solutions group. He spends 100 percent of his time assisting for-profit and not-for-profit clients with real estate development projects involving tax incentives such as opportunity zones, historic tax credits, and New Markets Tax Credits (NMTCs). He assists clients nationwide in identifying available tax incentives and structuring transactions to optimize the net benefit of these incentives while ensuring compliance with all applicable tax law requirements.

Gordon is known nationally as a technical expert within the accounting industry on tax credits and incentives such as opportunity zones, historic tax credits, and NMTCs. As one of the founding members of the housing and community development solutions group, he has helped lead the group in closing 270+ transactions involving more than $2 billion of New Markets Tax Credits, historic tax credits, and state tax credits.

Gordon frequently lectures on opportunity zones, historic tax credits and New Markets Tax Credits for organizations such as OZ Expo, Opportunity db, Michigan Historic Preservation Network, Heritage Ohio, IPED, and NH&RA.

 

Catherine L. Bazley_FedBarCatherine L. Bazley | Cherry Bekaert

As a Tax Partner with Cherry Bekaert’s Real Estate & Construction industry group, Catherine has specialized expertise in the areas of taxation for real estate, partnerships, LLCs, S-corporations, and DSTs. Catherine is an enthusiastic and creative planner for structuring real estate projects and tax planning strategies to optimize tax efficiency. This includes carried interest issues, debt versus equity, capital stack challenges, and dealer versus investor. Her guidance extends to structuring tax-deferred transactions, partnership mergers and acquisitions, compensatory partnership interest issues, complex partnership allocation calculations, and inbound/outbound foreign investments.

Based in the Atlanta practice, Catherine is a member of the Firm’s Real Estate & Construction Executive Team and Opportunity Zone Task Force Leader. Catherine focuses on guiding commercial real estate clients. Starting her accounting career in 1995, she is experienced in tax planning and preparation for real estate owners, developers, investors, and high net-worth individuals. Catherine also has familiarity working with multinational real estate investors and multistate partnerships, providing both tax minimization and optimization strategies. Catherine was a real estate tax director at a local CPA practice before joining Cherry Bekaert. She also served as a senior tax manager with an Atlanta-based CPA firm.

 

Marie O’Neill_FedBarMarie O’Neill | Cherry Bekaert

Marie is a Director in Tax Services at Cherry Bekaert. Throughout her 18 years of experience, she has established herself as an expert in tax services for Real Estate and High-Net-Worth Individuals (HNWIs).

Marie specializes in state tax credits, state tax incentives and Opportunity Zones. Her extensive knowledge and experience in these areas allow her to provide clients with thorough tax solutions that are tailored to their specific needs.

Prior to joining Cherry Bekaert, Marie was a Tax Director at one of the nation’s top providers of advisory services, where she offered financial solutions to HNWIs and Real Estate professionals. She began her career at a nationally recognized professional services firm, where she was a Tax Senior Manager in the Real Estate, Partnerships, HNW & Family Office.

Agenda

Session I – Qualified Opportunity Zones and Tax Credits: Tax planning strategies for investors | 11:00am – 12:40pm

  • The impact of the OZ program nationally: the potential impact of Biden tax proposals on OZ structure | 11:00am – 11:30am
  • What are the key provisions included in the proposed legislation | 11:30am – 12:00pm

Break | 12:00pm – 12:10pm

  • What are the traps for the unwary including working capital safe-harbor issues | 12:10pm – 12:40pm

Session II – Investing in Tomorrow: Exploring opportunities in TOZs | 12:40pm – 1:50pm

  • Understand the intricacies of real estate development within TOZs, including growth potential and profitability | 12:40pm – 12:55pm
  • Evaluate the viability of investing in emerging small businesses within TOZs | 12:55pm – 1:10pm

Break | 1:10pm – 1:20pm

  • Assess the risks and rewards associated with venture capital funding for startups flourishing within TOZs | 1:20pm – 1:50pm