The IRS is preparing taxpayers who may need to act regarding additional qualified opportunity funds (QOFs) for letters this month.
Taxpayers who attached Form 8996, Qualified Opportunity Fund, to their tax return may receive a letter stating the information they provided is missing, invalid or does not add up.
If the taxpayer intends to maintain his or her QOF certification, they may need to take additional action to meet the annual self-certification of the investment standard requirement. Learn more.