IRC § 1400Z-2, under The Tax Cuts and Jobs Act of 2017, established an investment program designed to provide preferential tax treatment for investment in developments located within certain designated economically distressed communities known as “Opportunity Zones”. All 50 states, the District of Columbia, and each of the five U.S. territories, have Opportunity Zones within …
Ohio General Assembly Extends County’s Option to Grant “Payment In Lieu Of Taxes” For Energy Projects
As the renewable energy industry continues to grow and alternative forms of clean energy (wind, solar, hydro, geothermal, biomass, etc.) proliferate nationwide, state lawmakers are more than ever discussing comprehensive approaches to energy policy. Indeed, states across the country are rapidly reconsidering the diverse array of laws that impact energy developers / public utilities, including …
IRS Beginning to Send Affordable Care Act Notices to Religious Organizations
According to statements made by the acting director of exempt organizations at the IRS, churches and other religious organizations will soon start to receive questions from the IRS about potential liabilities under the Affordable Care Act. Over the last few years, the IRS has sent letters to employers that it suspects have failed to comply …
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Protect Your Assets by Having a Will or Trust in Place
Has a client decided to leave their bank account or entire estate to one of their children, who will “do the right thing, and distribute it equally among all of my children”? Discuss with your client that this scenario creates 2 problems: 1) Child receiving the account/inheritance is not legally obligated to give any of …
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