Report Could Focus Scrutiny On Opportunity Zone Investors
Daniel Ryan was quoted in the article, "Report Could Focus Scrutiny on Opportunity Zone Investors," which was published by Law360 Tax Authority [sub. req.].
The article discusses a watchdog report, published by the Treasury Inspector General for Tax Administration, which documented that both qualified opportunity funds and investors often failed to provide the IRS with accurate reporting information as required. The report also found that the Internal Revenue Service lacks the wherewithal to track those errors and hold investors and funds accountable at scale.
"It should be concerning for investors that maybe did this on their own or weren't really sure what they were doing because TIGTA has passed these returns on to exam and the IRS is going to be sending out notices to some of these investors," said Dan.