blake christian | TaxConnections

08 Nov 2022

A Bipartisan Housing Solution: Utah Company Launches Innovative Solution To The Homeless Crisis

(Special Note From TaxConnections CEO Kat Jennings: We are very proud what TaxConnections Member, Blake Christian, Tax Partner HCVT, along with his business partner Roi Maufas have built for the Homeless. Please read and request a private invitation to their open house in Provo, Utah on November 18th, 2022. It is a great opportunity to experience and invest in these homes or an Opportunity Zone Fund. Beautifully developed by men of extraordinary drive and integrity.)

Utah Company Launches Innovative Solution to the Homeless Crisis

Provo, Utah (November 7th, 2022) Applying innovation, efficient design, and strategic partnerships, MIT Modular (Modal Innovations Technologies) founders, Blake Christian, and Roi Maufas, are taking aim at housing affordability. Their strategy—taking single-use shipping containers and developing them into power-positive, sustainable housing models.

“Affordable housing is a bipartisan issue and something we can all agree needs to be addressed,” Maufas said. “We are getting right to work finding exciting solutions to create and preserve high-quality, sustainable, and affordable housing that can be delivered anywhere in the US.”

Written by Kat Jennings | Posted in MIT MODULAR OPENING

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

14 Jul 2022

What Is A Capital Gains Tax? Learn How You Can You Still Shelter 2021 Capital Gains!

The government tax revenue authorities demand a piece of your income; and they expect their tax cut when you realize a profit. This cut is known as a Capital Gains tax on your investments.

For tax purposes, you must understand the difference between an unrealized gain and a realized gain. A realized gain becomes realized when you sell the asset or investment at a profit. For example, you realize a gain on the sale of a home if you purchase it for $1M and sell it for $1.5M and your gain is $500,000. The tax on the capital gains only happens when the asset or investment is sold or realized.

For tax purposes, an unrealized gain is a potential profit that exists on paper only. An unrealized gain is a potential profit that exists on paper – an increase in the value of asset or investment you own but have not sold or realized a profit yet. For example, you purchase bitcoin and a year later the bitcoin is worth 20% more than you paid for it. Although your investment has increased in value by 20%, your gain is unrealized since you still own it.

Written by TaxConnections Admin | Posted in Opportunity Zone Investment • Tax Exemption

05 Jul 2022

Greatest Tax Advantages Of Opportunity Zones

An Opportunity Zone is a designation and investment program created by the Tax Cuts and Jobs Act of 2017 allowing for certain investments in lower income areas to have tax advantages. The purpose of this program is to put capital to work that would otherwise be locked up due to the asset holder’s unwillingness to trigger a capital gains tax. MIT Modular is one of the leading authorities on Opportunity Zones.

The long-term benefits of the OZ program have not changed for investors, municipalities, and disadvantaged communities alike. We encourage you to recommend OZ investing for clients who have substantial gains from the sale of appreciated tech stocks, family businesses, real estate, stock portfolios, and even cryptocurrency and collectibles.

Written by Blake Christian | Posted in Opportunity Zone Tax Advantages

28 Jun 2022

Cryptocurrency Investors Turn To Opportunity Zones For Tax Relief

Reposted Valuable Article From 2021 On Crypto Currency

Whether you consider cryptocurrency an investment, a commodity, an alternative banking system or a form of legalized gambling, the rapid adoption and stunning recent volatility of cryptocurrencies has led to frenetic trading by investors. As a result of COVID-19 disruption, economic uncertainty and the entry of PayPal into the crypto-consumer market (allowing more than 300 million users to buy cryptocurrencies easily), the crypto market has seen a dramatic runup in the values of Bitcoin and many other cryptocurrencies.

Speculative crypto trading (as well as day trading of stocks) has made many crypto investors wealthy on paper. Their trading generated a substantial amount of short-term capital gains. The IRS has made it clear that Bitcoin and other cryptocurrencies should be treated as assets or intangible property — and not currency — since it is not issued by a central bank. This results in taxability virtually every time crypto is transferred or liquidated.

Written by Blake Christian | Posted in Opportunity Zone Program

18 Feb 2022

Top 25 Opportunity Zone Tax Specialists

BLAKE CHRISTIAN - Named Top Opportunity Zone Tax Expert

TaxConnections congratulates our member Blake Christian for recognition in Top 25 Opportunity Zone Tax Specialists.

Blake Christian is a tax partner in HCVT, a Top 30 National CPA firm headquartered in Los Angeles. He is also the managing member of MIT Modular – a Provo, Utah-based ESG OZ Fund focused on converting shipping containers into housing, retail and special purpose uses. Christian brings over 40 years of experience providing tax consulting and compliance services to clients. A thought leader, he is a frequent speaker and national media source. He has published over 200 tax and financial articles, and co-authored the book “How to OZ.”

What new tax changes impacting the Opportunity Zone industry can we expect in 2022?

Thankfully, the OZ program continues to be supported by both sides of the aisle. Both President Biden and Vice President Harris support the program and recognize its power for both real estate projects and operating businesses. I anticipate that we will see enhanced QOF and QOZB reporting with respect to the projects being undertaken by OZ Funds, the employee headcount and anticipated economic impact on the community. I also expect that we will see President Biden’s requested incentive for OZ Funds to partner with local charitable organizations to pass – along with public-private partnerships as part of the Build Back Better legislation. Finally, I am hopeful that one of the tax bills extending the five and/or seven-year basis increases will pass.

Have a question on Opportunity Zones? Contact Blake Christian.

Written by TaxConnections Admin | Posted in Blake Christian - Tax Partner • Top Opportunity Zone Tax Expert

26 Jan 2022

Top 10 Things You Need To Know About The Federal Opportunity Zone Program

Blake Christian - 10 Things To Know About Opportunity Zones

1. Overview — The federal Opportunity Zone (QOZ) program was introduced effective January 1, 2018, as part of the 2017 Tax Cuts and Jobs Act (2017 Act). The QOZ program is a highly flexible tax deferral and permanent savings program available to individuals and business entities that are holding appreciated assets. It offers taxpayers a unique opportunity to divest out of concentrated appreciated asset positions and allow taxpayers to tax efficiently
move the associated Deferred Tax Gain into one or more asset classes.

2. Which Gains are Eligible — The Deferred Tax Gain can be related to a wide variety of capital assets sold by the investor, ranging from: the sale or disposition of land, developed real estate, stock or bond portfolios, artwork, collectibles, Bitcoin or other cryptocurrencies, as well as other tangible and intangible assets. The Deferred Tax Gain must be reinvested into a Qualified Opportunity Zone Fund (QOF) within 180 days of recognizing the tax gain on sale (note there are beneficial timing rules for gains reportable from a partnership). Timely reinvestment will generally allow deferred gain reporting
until the earlier of December 31, 2026, or the date the QOF is sold.

Written by Blake Christian | Posted in 10 Things To Know About Opportunity Zones

22 Dec 2021

Tax Professionals Who Kept On Giving… All Year Long. Meet Tax Bloggers Who Made Mighty Contributions During 2021!

Although this is the first year we have ever done this, I want to personally thank the tax professionals who have been giving, giving, and giving through their research and writing of their blogs all year long. We know tax bloggers put considerable time and effort into their blog posts as we have distributed blogs millions of time to our readers over the years. Our loyal site visitors arrive from all over the world; they follow our bloggers and this is how trust is built between our tax professional bloggers and the taxpayers who retain them for their expertise.

Here is a list of our members who have submitted great information in their blogs this year! Top Tax Bloggers are valuable because they take extra time to educate taxpayers around the world. There is a link to their tax blogs you can find by scrolling to the bottom of the right side column on the tax blog page where you can type in the bloggers name in the Blogger List Text Box. In the meantime, we encourage you to reach out, introduce yourself and thank the tax professional bloggers for giving, giving and giving throughout 2021.

We encourage all our readers to read their blogs posted this year!

TaxConnections Thanks Tax Professionals And Bloggers

(If you would like to post your blogs on www.taxconnections.com, please contact kat@taxconnections.com)

Join As A Tax Professional Member To Receive Blog Distribution

Written by Kat Jennings | Posted in Top Tax Bloggers • Top Tax Writers

11 Nov 2021

Learn How To Reinvest And Defer Capital Gains Through Opportunity Zones At Virtual Tax Summit (Session #7)

Do you have or do you have a client with a large capital gains issue?
Learn how to realize large capital gains with Opportunity Zones.

Long term and short term capital gains from stocks, collectibles, real estate, businesses, cryptos, etc. are eligible for OZ Reinvestment. Higher tax rates make knowledge and investment of OZ Program beneficial to tax advisors and their client investors.

Here is your complimentary ticket to TaxConnections Virtual Tax Summit and learn how to defer taxes through an OZ reinvestment in Session #7. Learn from leading expert on Opportunity Zones in the United States Blake Christian who is a highly sought after expert. Blake advises tax services firms and individuals who are experiencing large capital gains tax situations.

Attend this session to learn how this leading tax advisory expert on Opportunity Zones is helping tax advisors who have a client with a botched 1031 or other investments to reinvest into OZ assets or uncertain on replacement strategy. If you want to be certain that your tax clients receive the best investment expertise available in the land of OZ, you will greatly benefit from this session on Opportunity Zones with Blake Christian.

REQUEST COMPLIMENTARY VIP TICKET TO VIRTUAL TAX SUMMIT

Written by TaxConnections Admin | Posted in TaxConnections Virtual Tax Summit

09 Nov 2021

Attention Tax Professionals: Free Virtual Tax Summit Ticket As Opportunity Zones Realize Large Capital Gains For Tax Clients

Register Today For Complimentary VIP Ticket – Be Informed https://www.taxconnections.com/virtual-tax-summit

Attend this session to learn how this leading expert on Opportunity Zones is helping tax advisors who have a client with a botched 1031 or other investments to reinvest into OZ assets or uncertain on replacement strategy. The majority of Blakes clients are tax advisors and firms who outsource this expertise to him. If you want to be certain that your tax clients receive the best investment expertise available in the land of OZ, you will greatly benefit from this session. Session #7 With Speaker Blake Christian, Tax Partner.

Date: This Friday, November 12, 2021 Virtually
Place: https://www.taxconnections.com/virtual-tax-summit
Time: 8:00AM to 8:30AM PST California Time Check In

All Business Owners Welcome To Attend For Great Tax Advice
It’s All Free To Help Small And Medium Size Business Owners

Written by TaxConnections Admin | Posted in TaxConnections • Virtual Tax Summit Free Ticket

20 Oct 2021

Complimentary Ticket To TaxConnections Virtual Tax Summit

On Friday, November 12, 2021 TaxConnections and Sponsors including Siemens Global Business Services, DuCharme, McMillen & Associates, Capstan Tax Strategies, HCVT/Blake Christian will participate in TaxConnections Virtual Tax Summit. What is unique about this one day event is the we are engaging leading tax experts with tax colleagues and small, medium, enterprise business owners and executives. Our focus is educating tax professionals and helping entrepreneurs thrive and grow in the current business environment.

Big companies grew from small to medium to large business enterprises. How did they scale and grow? How do you stay compliant when you have revenue authorities in multiple tax jurisdictions wanting tax revenue from you? How do you access tax initiatives that help you; how do you protect yourself on audits; how do you take advantage of opportunities that improve your cash flow? How do you get advice from leading tax experts for free for a day? Register to come to TaxConnections Virtual Tax Summit on Friday, November 12, 2021.

Written by TaxConnections Admin | Posted in Virtual Tax Summit Free Ticket

24 Aug 2021

Saavy Taxpayers Transforming Business Gains Into Gold: Turning Net 1231 Gains Into Gross 1231 Gains (and Losses)

SAVVY TAXPAYERS ARE TRANSFORMING BUSINESS GAIN TAXATION LEAD INTO GOLD. THEIR APPROACH IS FAR FROM “ORDINARY”.

Key Takeaways

Treasury and IRS initially struggled regarding how to deal with IRC Section 1231 gains and losses in the context of the OZ program; however, the final OZ Regulations ended up being extremely taxpayer-friendly.
Understanding how and why Treasury arrived at its decision unlocks a remarkable, yet brief, planning opportunity for taxpayers and their advisors.
With the right planning, taxpayers can isolate gross 1231 gains for OZ reinvestment eligibility but still claim gross 1231 losses in the same year at ordinary income rates – resulting in permanent tax savings.
Taxpayers who already reported net 1231 gains in tax years 2019 and 2020 can still likely make tax-advantaged QOF investments for those years—but the window is closing fast – especially for 2019 1231 gains.
This ability to defer 1231 gain and recognize 1231 losses can further benefit certain taxpayers who would have otherwise been forced to pay ordinary rates on net 1231 gains in a given year as a result of the five-year “look-back” period under 1231(c).