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Government Shutdown Causes Cancellation of IRS Public Hearing

Government Shutdown Causes Cancellation of IRS Public Hearing

The partial federal government shutdown is in its nineteenth day, and it seems some federal services will be unavailable for the foreseeable future. While the IRS Commissioner recently assured taxpayers that the shutdown would not impact the issuance of refunds, other federal processes have not been spared, like the public hearing for Qualified Opportunity Fund regulations.

The hearing was scheduled to occur tomorrow morning (January 10, 2019), but the new date for public testimony will not be determined until after the government reopens. That said, information about Qualified Opportunity Funds and Opportunity Zones can be found at an IRS.gov FAQ.  

According to the FAQ, Qualified Opportunity Funds are “an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in a Qualified Opportunity Zone.” These “Opportunity Zones” were created by the Tax Cuts and Jobs Act, which provided that investments in specifically designated “economically-distressed” communities could “be eligible for preferential tax treatment.” The now-cancelled public hearing was an opportunity for submitting testimony regarding regulations that would affect those investments.

Source: REG-115420-18; IRS.gov FAQ

Ryan Norton

Whether designing superheroes, penciling caricatures, or just doodling, I always knew I was going to earn some sort of art degree while in college. That was my goal before I decided to trade Edgar Degas for Edgar Allan Poe during a Freshman English class. The BA in English soon morphed into a double-major in English and Philosophy, eventually becoming an MA in English. It only makes sense that I learned of a writing opportunity for a local marketing firm while teaching a first-year college English course. Before I knew it, I was writing and editing tax-related articles for Taxing Subjects, and this has been my home since 2014.