Withers’ partner Edward Renn was significantly featured in a timely article, “Opportunity Zones Face Bleak End of Year Deadline” which was recently published by GlobeSt.
The article discusses the fast-approaching deadline for a favorable tax benefit and advises the tax-conscious to act now before December 31st, 2021 before current tax advantages for Qualified Opportunity Zones (QOZs) disappear on January 1, 2022. Ed Renn offered that “Given the confusion in the fall regarding what the tax rate on capital gains would be, many clients did not want to defer a capital gain they could pay 23.8% tax on in 2021 when that same capital gain could be taxed at 28.8% or higher in 2026. Similarly, high-net-worth individuals do not want to defer a capital gain in 2021 when they could be hit with a 5% or 8% surcharge on that same amount when the tax deferral provided by a QOZ investment comes to an end.”
To read the full article, published on December 17, 2021, please click here.