Rochester, N.Y., October 7, 2019 – Joe Wutz, CPA, Tax Principal and The Bonadio Group’s leader in the area of Qualified Opportunity Zones, will serve as a panelist at the Opportunity Zone Expo in Houston on October 10. Wutz will participate in a panel discussion on how fund managers and developers should approach impact investing in opportunity zones.
The Opportunity Zone community development program, offered through the Tax Cuts and Jobs Act of 2017, encourages private investment in low-income urban and rural communities. Under this program, capital gains can be re-invested into Qualified Opportunity Funds in exchange for deferring the tax due on those capital gains until 2026, as well as basis increases for qualified investments if held for 5, 7, and 10+ years. Now is an important time for businesses and individuals alike who are interested in Opportunity Zones investments, as the deadline to make a qualified Opportunity Zone investment and receive the maximum tax benefit possible is December 31, 2019.
Following the event in Houston, Wutz will join Bonadio Group colleagues and outside experts for a seminar on Opportunity Zones on December 5 in Buffalo. The event will provide an update on the program, including how different types of businesses can participate.
“Many people are primarily thinking of Opportunity Zone projects as being real estate-related, but there are also many opportunities for operating businesses, such as manufacturers and tech businesses, and their stakeholders to benefit from the program as well,” said Wutz. “These events provide an important venue for helping interested companies and individuals alike understand the breadth of the Opportunity Zone program and what they need to know to optimize their participation.”
The Opportunity Zone Expo is the country’s leading education, networking and marketing platform for key players in the industry, including fund managers, attorneys, real estate developers, tax specialists, investment banks, institutional investors and government officials. The 2019 Opportunity Zone Expo in Houston is part of a national conference series for Opportunity Zone stakeholders.
About The Bonadio Group:
Founded in 1978, The Bonadio Group is a nationally ranked Top 50 CPA firm offering accounting, tax, and consulting services to clients of all sizes. The Firm’s professionals deliver practical, proactive, and innovative solutions to help clients reach their financial, compliance, management, and personal goals. The Bonadio Group is the largest independent provider of accounting, tax, and consulting services in upstate New York—with offices in Albany, Batavia, Buffalo, East Aurora, Rochester, Syracuse, and Utica. The Bonadio Group also has offices in New York City, Rutland, Vt., and Dallas. For more information, visit www.bonadio.com.