With many employees being required by law to work from home, many "qualified opportunity zone businesses" will now struggle to meet the tests for operating in a QOZ. The IRS needs to provide relief soon to avoid major problems for many Qualified Opportunity Funds.
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COVID-19 Creates Issues for QOZ Businesses
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In a Wednesday letter, the Economic Innovation Group asked for an extension of the 180-day period and the 30-month period in which the value of investment in opportunity zone properties must be doubled. The group also requested clarification that employees of businesses financed by opportunity funds who work remotely will still be considered to be doing their jobs within the zone, to help funds meet the requirement that half of their gross income stem from business activities within a zone.
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