Manatt’s Neil Faden, a partner in the financial services group, spoke to Financial Advisor IQ about how financial advisors, lawyers, asset managers and investors have asked the IRS and U.S. Treasury officials to require them to report more data on Opportunity Zone investments.
Legal practitioners believe that these investors would like to have more requirements so that they can complete certain economic reporting and ensure that the legislative intent of the program is met.
Faden said that investors have better odds of persuading Congress to renew the Opportunity Zone program if they arm themselves with anecdotes and data.
“I’m concerned that this program will be good for communities and yet we may not be able to prove that to anybody,” said Faden about the prospect of the IRS failing to boost existing minimal reporting requirements.
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