OZ MAGAZINE 2022 Top 25 Influencers issue 2.2 | Page 76

76 OPPORTUNITY ZONE MAGAZINE | ISSUE 2 • VOLUME 2 TOP 25 TAX SPECIALISTS

JENNIFER WESSELMAN

BARNES DENNIG

Jennifer Wesselman has over 20 years of comprehensive tax experience , including Opportunity Zones , real estate , construction , and investment funds . She specializes in tax compliance , planning , and consulting for businesses and individuals . Her work with Opportunity Zones includes consulting on the setup and compliance for Qualified Opportunity Zone Funds and Qualified Opportunity Zone Businesses . She has been named a Top 25 influencer in the tax specialist category by Opportunity Zone Magazine . Wesselman earned a BBA degree in accounting from the University of Cincinnati . She is also a member of the American Institute of Certified Public Accountants .

WHAT NEW TAX CHANGES IMPACTING THE OPPORTUNITY ZONE INDUSTRY CAN WE EXPECT IN 2022 ?
We hope to see an extension of the 2026 deadline to recognize the invested deferred gain so investors who made their initial contributions in years after 2019 can benefit from the 5 and 7-year gain discounts . In addition , the legislation out there to extend the 2026 deadline also contains provisions to increase the number of Opportunity Zones . Finally , I think the OZ industry would benefit from additional testing windows and disclosures . The more people know about the impact OZ investments have on the community , the better .

LIBIN ZHANG

FRIED , FRANK , HARRIS , SHRIVER & JACOBSON LLP

Libin Zhang has been involved with Qualified Opportunity Zones for over four years and has worked on several billion dollars of actual invested capital for numerous Qualified Opportunity Funds and Businesses . His mid-2018 article " Qualified Opportunity Zones : Hot Tubs and Other Hot Topics " was one of the first articles to discuss the program and has been cited in at least two official Senate reports . His other Opportunity Zone commentaries have appeared in various publications . Zhang received his J . D ., magna cum laude , from Harvard Law School , his LL . M . in taxation from New York University , and his B . S ./ M . S . joint degree from the California Institute of Technology .

WHAT NEW TAX CHANGES IMPACTING THE OPPORTUNITY ZONE INDUSTRY CAN WE EXPECT IN 2022 ?
I expect to see greater scrutiny , especially at the state and local levels , as to whether the tax subsidies are worthwhile . Places like New York and California have already decoupled from the federal tax benefits and more states may follow suit . But Opportunity Zones are here for the long haul and we should not focus too much on the changes in any single year . Members of the young and diverse Opportunity Zone community can expect to be busy with the program for many decades to come , until they can rest easy and relax after the tax benefits expire at the end of 2047 .
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