The Gemini Companies (Gemini) today makes available a recording from a recent webinar, “How to Take Advantage of Opportunity Zones.” Sam Dale, head of news at HFMWeek, moderated the online event, which featured panelists: John Gahan, Partner – Real Estate, Sullivan and Worcester; Catherine Lyons, Manager of Policy and Coalitions, Economic Innovation Group; Daniel Ryan, Partner – Tax, Sullivan and Worcester; Ken Weissenberg, Head of National Real Estate Practice, Eisner; and Skyler Steinke, Senior Vice President – Business Development, Gemini.
The conversation included an explanation of opportunity zones and recent IRS announcements about tax advantages associated with investing in these areas, an overview of qualified opportunity funds (QOFs), the tax implications of these types of funds, and ways fund managers are entering the opportunity zone space.
The discussion highlighted key benefits for investors and managers/developers, including:
- Deferred tax liability
- Exclusion of income from taxation
- Social growth
- Unique opportunity for social change and investment
- High investor interest
- Social growth
“Being able to take full advantage of this program requires investors, developers, and managers to be able to navigate a complex, evolving landscape,” said Mr. Steinke. “Having experts to help legally structure their business and provide guidance on the tax/audit/operations of their investments will be crucial to maximize their returns.”
Mr. Gahan added, “After months of uncertainty and the natural hesitancy that engenders, 2019 is shaping up to be a banner year for opportunity fund investments. Fund formation and deployment in 2019 is fueled by a combination of an expectation that the Treasury will release another tranche of guidance before year end, the desire to avoid an end of year test measurement date, and the fact that gain taxpayers can wait to play.”
Listen to the recording here.
Since 1983, Gemini has been providing our partners an ever-expanding suite of services for their investment products, such as modern investor servicing tools, portfolio administration and accounting, comprehensive compliance programs, and guidance on regulations, auditing, and distribution. Gemini’s consultative approach and culture of service helps managers and investors navigate and flourish in today’s increasingly sophisticated and dynamic investment landscape.
Gemini provides a single, integrated solution that supports the launching and servicing of mutual funds, hedge funds, ETFs, private equity funds, variable annuity trusts, and state-sponsored 529 plans. We also offer customized structures designed to support the unique needs of pensions, endowments, and foundations.
Gemini is a subsidiary of NorthStar Financial Services Group, LLC, which has over 1,000 employees and over $802B in assets under management and administration as of November 30, 2018. For more information, please visit www.thegeminicompanies.com.
7884-GFS-12/12/2018 | 2180-NLD-12/12/2018