Cherry Bekaert Associates Attend IRS’ Opportunity Zone Hearing
Cherry Bekaert’s Rick Schneider, CPA , and Polly Hoxha, CPA, attended Thursday’s hearing on proposed regulations concerning investments in qualified opportunity funds. With standing room only, the hearing allowed the Internal Revenue Service (“IRS”) to review feedback on creating the regulations. During the five-hour meeting, over two dozen stakeholders expressed their concerns and offered suggestions for how to improve the rules of the program. Here’s a video of Polly during a break at the hearing. If you’re seeking guidance on the Opportunity Zone program and want a recap of the IRS hearing, we invite you to attend one of our upcoming Opportunity Zone seminars .
Tax Reform’s Impact on Colleges and Universities
One year after the passing of the Tax Cuts and Jobs Act, colleges and universities are still reeling from tax reform. Higher education leaders have sought guidance from the Internal Revenue Service and Treasury Department concerning key issues like the excise tax and Opportunity Zones. Institutions are uncertain of the long-term impact the new tax laws will have on donors. While a drop in major donations could be a problem for some institutions, some experts are skeptical that wealthier donors will close their wallets because of tax reform. More on tax reform’s impact on colleges and universities is available on the Inside Higher Ed website.