TOP 25 TAX SPECIALISTS
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DAVID SHAPIRO
SAUL EWING ARNSTEIN & LEHR LLP
David G . Shapiro , partner and chair of Saul Ewing Arnstein & Lehr ’ s Tax Practice , advises clients on international and domestic business tax planning , including fund formation , mergers , acquisitions , and financing transactions . Shapiro is also a vice chair of the firm ' s Opportunity Zones and Qualified Opportunity Funds Practice , which consists of 40 attorneys who work together to handle tax , real estate , corporate and securities issues on investments and projects in these designated areas . Shapiro focuses in particular on offering guidance on the tax implications of investing in Opportunity Zones and on structures that combine Opportunity Zone tax benefits with other financing sources .
WHAT NEW TAX CHANGES IMPACTING THE OPPORTUNITY ZONE INDUSTRY CAN WE EXPECT IN 2022 ?
I anticipate continued pressure to raise tax rates on the highest earners . If that happens , that will create more value in the tax deferral and exclusion benefits that Opportunity Zone investments provide . In addition , as OZ investments mature , I expect we will see refinements to the existing Treasury regulatory guidance to clarify some of the remaining gray areas in the law . We may start to see audits of Opportunity Funds as well , though because of the various COVID-related relief measures significantly extending investment horizons for many Qualified Opportunity Funds and Qualified Opportunity Zone Businesses , the first substantive audits might not be until 2023 or beyond .
KENNETH WEISSENBERG
EISNERAMPER
Kenneth Weissenberg is a tax partner and co-leader of the National Real Estate practice . His experience encompasses all aspects of the real estate industry , ranging from developing tax saving strategies for owning and operating property to structuring and negotiating complex sales , acquisitions , and financing transactions . Weissenberg consults with a variety of public and private REITs on tax planning and compliance issues . He has also served as a witness and arbitrator in complex litigations involving real estate issues . The national leader of the LGBT and Alternative Family Services Group , Weissenberg has been a leader in developing tax and advisory services for same-sex couples . He is a frequent writer and speaker on topics for various professional groups and news organizations .
WHAT NEW TAX CHANGES IMPACTING THE OPPORTUNITY ZONE INDUSTRY CAN WE EXPECT IN 2022 ?
In 2022 , it is likely that reporting on the investments in the Opportunity Zone may be enhanced to include the economic impact of each project or business created in the Zones . This reporting would include the number of jobs created , the quality and type of housing units added or improved , and other socially impactful attributes of each project . Given the disruption to the program caused by both the pandemic and the delay in promulgating the rules , an extension of the December 2026 sunset of the program would seem appropriate .
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