Overview
Bloomberg Tax quoted Lisa Zarlenga in an October 31 article titled "IRS Opportunity Zone Form Doesn't Quell Transparency Concerns." The article discusses how a new draft tax form for investors taking advantage of opportunity zone incentives affirms the need for Congress to bolster reporting requirements for the perks.
Zarlenga says there may be concerns of taxpayer privacy and identity theft when it comes to employer identification numbers. Even publicizing the number of funds investing in a particular census tract could lead to privacy problems if there are only one or two in that area. "It's a hard thing to balance. I don't envy the lawmakers trying to figure this out."
The full article can be read at Bloomberg Tax.
