Small Businesses Hit by COVID-19 Get O-Zone Treatment?
Under a newly proposed bipartisan bill called COVID-19-Impacted Small Business Opportunity Zone Act (H.R. 6529), investments in businesses hit by the pandemic would be classified as Opportunity Zone businesses. This would encourage private investment in these businesses because investors would get tax deferral and potentially tax-free income. Chances of enactment?
New blog post today! Mother's Day 2020: Unlike Any Other
Alert: Follow coronavirus-related federal tax changes for your business through the IRS.