Opportunity Zone Benefits | TaxConnections

27 Jul 2023

Tax Intelligence Report: Leading Tax Partner Blake Christian

This article is the first in a series of tax professional profiles written and distributed under The Tax Intelligence Report. This is version 2.0 of this popular tax professional profile series. The purpose of the Tax Intelligence Report is to introduce extraordinary tax professionals and their impact on business and taxpayers. Knowing the high-level of technical competence of the tax professionals profiled through this series is valuable to taxpayers who need this expertise. The tax professionals profiled in The Tax Intelligence Report have tax expertise that has been proven as extraordinary in the world of tax experts.

As an internationally known retained executive tax search professional who has identified thousands of technically gifted tax experts for organizations and taxpayers worldwide, it is my pleasure to introduce readers to Blake Christian, Tax Partner of HCVT in Park City, Utah. Blake Christian is a highly skilled tax expert known nationally as a top 10 Opportunity Zone Influencer. Blake and his team have advised hundreds of investors and professionals regarding the complexities of formation, operation, semi-annual testing and restructuring of QOFs and QOZBs. He is the expert that Partners in other public accounting firms outsource specialty expertise to structure qualified opportunity zones for their own clients. Blake and the HCVT OZ Team have been involved in advising and the formation of over 100 Qualified Opportunity Funds and over 125 Qualified Opportunity Zone Businesses.

Blakes also specializes in holistic tax planning for businesses and their equity holders, profit improvement, economic development, state enterprise zone, Federal empowerment/ renewal community/ gulf opportunity and Indian Tribal Lands Tax Credits.

Blake has years of experience providing tax consulting and compliance services to clients that include multinational, publicly traded corporations, family offices, as well as closely held owner-managed businesses. Here is our interview with Blake Christian.

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Written by Blake Christian | Posted in Opportunity Zone • Opportunity Zone Benefits • Opportunity Zone Investment

13 Dec 2022

Year End Tax Savings – Capital Gain Shelter, Four Year Tax Deferral And Tax-Free Appreciation

OZ Funds allow taxpayers to defer federal long and short-term capital gains until April 2027. In addition all appreciation accruing over a 10 year or more holding period escapes federal taxation. Depreciation is also not recaptured for long-term holders.

MITmodular has an OZ Fund with commercial real estate and unique manufacturing operations that not only allows the deferral and tax exemption, but also generates bonus depreciation, tax credits and government grants.

MITmodular is an ESG company which designs and manufactures innovative and energy-efficient modular housing primarily out of re-purposed shipping containers. Their market includes: Accessory Dwelling Units (ADU’s), homeless housing, workforce housing, affordable housing, upgraded housing for mobile home parks, emergency housing as well as special event and retail uses.

Written by Blake Christian | Posted in Opportunity Zone Benefits • Tax Credits And Government Grants

29 Nov 2022

Opportunity Zone Tax Incentives Provide Big Tax Breaks

Facts About Opportunity Zones

The Tax Cuts and Jobs Act included changes for businesses and individuals. One of these is the creation of the Opportunity Zones tax incentive, an economic development tool that allows people to invest in distressed areas. This incentive’s purpose is to spur economic development and job creation in distressed communities by providing tax benefits to investors. Low income communities and certain contiguous communities qualify as Opportunity Zones if a state, the District of Columbia or a U.S. territory nominated them for that designation and the U.S. Treasury certified that nomination. Following the nomination process, 8,764 communities in all 50 states, the District of Columbia and five U.S. territories were certified as Qualified Opportunity Zones (QOZs). Congress later designated each low-income community in Puerto Rico as a QOZ effective Dec. 22, 2017. The list of each QOZ can be found in IRS Notices 2018-48 and 2019-42. There’s also a visual map of the census tracts designated as QOZs.

Benefits Of Investing In Opportunity Zones

Written by TaxConnections Admin | Posted in Opportunity Zone Benefits

27 Jul 2022

You Are Invited To Learn The Benefits Of Opportunity Zone Investments: Reduce Your Taxes And Help The Homeless!

You are invited to attend a free and valuable webinar presentation by national expert Blake Christian on Opportunity Zones this Thursday, July 28th, 2022 at 10:00AM EST/7:00AM PST. Tax Advisors will find this presentation very valuable in helping their clients make informed tax reduction strategies.

STARTS THURSDAY: JULY 28, 2022 AT 10:00 AM EST

If you do not have time to attend, you can learn more at this link on on Tax Exempt Opportunity Zones.

The history behind Opportunity Zones genesis is very interesting. Opportunity zones were proposed by Senators Tim Scott, Cory Booker, and Representatives Ron Kind, Pat Tiberi and supported by Sean Parker’s Economic Innovation Group. Opportunity Zones created an opportunity where States may designate up to 25% of low-income census tracts as Opportunity Zones.

Written by TaxConnections Admin | Posted in Opportunity Zone Benefits