The DMJ Digest

Insights and musings from the desks of DMJ professionals.

The DMJ Digest

Insights and musings from the desks of DMJ professionals.

IRS Issues Regulations on Qualified Opportunity Zones

The IRS has issued proposed regulations and a related revenue ruling regarding the designation of certain low-income community population census tracts as Qualified Opportunity Zones (“QO Zones”), eligible for favorable tax treatment as created by the Tax Cuts and Jobs Act (“TCJA”). Since passage of the TCJA in 2017, many taxpayers have eagerly awaited guidance as to how to defer their capital gains into QO Zone property. The gain deferral incentive is aimed at encouraging economic growth and investment in businesses within the QO Zones.

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Cryptocurrency Tax Reporting

The IRS reports that less than 1,000 taxpayers reported sales of virtual currency on their tax returns between 2013 and 2015. This is just a fraction of the virtual currency transactions, even though the IRS announced in Notice 2014-21 that virtual currency is property (not like foreign currency), so the sale of a Bitcoin (for example) is essentially the same as a sale of a share of stock.

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DMJ Partner Art Winstead Honored with Distinguished Service Award by the NCACPA

DMJ & Co., PLLC, a North Carolina CPA and accounting firm, is pleased to announce that Arthur M. Winstead, Jr., CPA, Partner, has been selected for the North Carolina Association of CPAs’ (NCACPA) Distinguished Service Award. Recipients of the award are recognized for their substantial service contributions to charitable, community, civic, and/or other public service activities. Art has consistently and actively participated in community, charitable, or other civic activities on the local, state, and national level, throughout his career. He was recognized and received the award at the NCACPA’s 2018 Recognition Dinner held at the Raleigh Marriott Center City in Raleigh, NC on July 31.

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