Overview
Bloomberg Tax quoted Lisa Zarlenga in an April 22 article titled "Opportunity Zone Rules Leave Out Data Reporting, Penalty Details." The article discusses how proposed rules on opportunity zones lefts some holes, such as the breadth of data the government has the authority to collect on the funds and how the Internal Revenue Service will handle penalties.
Zarlenga, former tax legislative counsel at Treasury, says she expects a third round of regulations to address this issue, although there are other ways to go about mandating disclosure of information. "They could probably do this in forms—they could expand the self-certification form to include this information," she adds.
Read the full article on Bloomberg Tax.
