Article Library
Scarinci Hollenbeck regularly publishes articles pertaining to legal updates affecting individuals and institutions in New York and New Jersey, and the world at large. Here you can find coverage for when we welcome new attorneys, significant wins we’ve secured on behalf of our clients, and general announcements.
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Extended Deadlines for Opportunity Zone Program Ease Impact of Pandemic
Author: Donald M. PepeDate: August 10, 2020
New York and New Jersey businesses participating in the Opportunity Zone Program have some breathing room when it comes to satisfying key deadlines. In response to the COVID-19 pandemic, the Internal Revenue Service (IRS) is providing relief to both investors and Qualified Opportunity Funds.
As discussed in greater detail in prior articles, the Opportunity Zone tax initiative was established under the 2017 Tax Cuts & Jobs Act, which was signed into law on December 22, 2017. The program aims to encourage investors to direct capital into new projects in certain low-income rural and urban communities in exchange for federal capital gains tax advantages. In New Jersey, 75 municipalities have been awarded the “opportunity zone” designation
Potential Criminal and Civil Penalties for Offshore Tax Avoidance
While it may seem crazy to notify the Internal Revenue Service (IRS) that you have potentially broken the law, it...
IRS to Ramp Up Criminal Prosecution to Combat Offshore Tax Avoidance
The Internal Revenue Service (IRS) announced that the Offshore Voluntary Disclosure Program (OVDP) will be closing on September 28, 2018....
Requirements of the IRS Offshore Voluntary Disclosure Program
The IRS Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program for taxpayers with exposure to potential criminal liability...
IRS Ending Offshore Voluntary Disclosure Program
The IRS Recently Announced it is Ending its Offshore Voluntary Disclosure Program (OVDP) The Internal Revenue Service (IRS) recently announced...
