KPMG report: Treasury examines QOZ investments for reporting deficiencies

Important information about actions likely to be taken by IRS to audit qualified opportunity funds (QOFs) and their investors

Information about actions likely to be taken by IRS to audit QOFs and their investors

The Treasury Inspector General for Tax Administration (TIGTA) on February 7, 2022, issued a final report assessing IRS implementation of the qualified opportunity zone (QOZ) program.

Read the TIGTA report [PDF 1.8 MB] Additional Actions Are Needed to Address Qualified Opportunity Zone Fund and Investor Noncompliance, Report No. 2022-40-018.

Although many of TIGTA’s findings are redacted, the combined report and IRS response provide important information about the actions likely to be taken by the IRS to audit qualified opportunity funds (QOFs) and their investors. 

Read a February 2022 report [PDF 221 KB] prepared by KPMG LLP that summarizes key unredacted findings from the report and that highlights that QOFs and investors in QOFs may be scrutinized by the IRS.

 

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