Pub. 1 2019 Issue 2

17 nebraska society of cpas W W W . N E S C P A . O R G Current Status of the Program Prior to the issuance of the October 2018 proposed regulations, there was substantial uncertainty regarding the program and, consequently, little QOF activity. The October 2018 guidance, while not answering all questions, appears to provide sufficient clarity to allow taxpayers to confidently move forward with appropriate, carefully structured QOF projects. A hearing on the October 2018 guidance was held on February 14, 2019, and additional guidance, which should answer at least some of the unanswered questions, is expected to be issued in March or April 2019. Under the guidance issued to date, a capital gain timely reinvested in a single asset QOF formed to invest in a qualifying real Rick Totusek, VP Business Banking (402) 918-2743 I Richard.Totusek@bankofthewest.com Solutions designed for where you want to go � Acquire, buy in, expand or refinance a practice � Finance commercial real estate � Expand or improve your office � Upgrade technology � Give clients more ways to pay � Streamline payments and recordkeeping Loans are subject to credit approval. Conditions, fees and restrictions may apply. Member FDIC. Equal Housing Lender. © 2019 Bank of the West. Doing business in South Dakota as Bank of the West California. We know that personal care and attention are key to your success. Our banking team is here to meet the needs in the next step of your practice journey. For more information, contact Jeff Schaffart or Mike Keblesh at KoleyJessenatjeff.schaffart@koleyjessen.comor michael.keblesh@koleyjessen.com , respectively. Schaf- fart and Keblesh advise clients on structuring, forming, and investing in qualified opportunity funds and the po- tential tax-deferral and exclusion benefits of reinvesting capital gains into qualified opportunity funds. estate project located within a qualified opportunity zone should qualify for the QOF program’s benefits. While uncertainty remains for multi-asset QOFs and operating companies, with proper planning, taxpayers can immediately take advantage of the program’s powerful tax benefits. t