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IRS Letter Opportunity Zone Investors Missing Information


On Tuesday, April 12, the Internal Revenue Service (IRS) stated that certain taxpayers who attached Form 8996, Qualified Opportunity Fund, or Form 8997, Initial and Annual Statement of Qualified Opportunity Fund Investments (QOF), to their filed return may receive a letter requiring additional actions, alerting taxpayers that there may be missing, invalid or miscalculated information to support the annual certification of the investment standard. Taxpayers could receive any of the following:


  • Letter 6501, Qualified Opportunity Fund (QOF) Investment Standard – Taxpayers who receive this letter may need to file an amended return or an administrative adjustment request (AAR) to correct the annual certification of the investment standard. Those who receive a letter but do not take action could have their account referred for examination.

  • Letter 6502, Reporting Qualified Opportunity Fund (QOF) Investments – This letter alerts taxpayers that they may not have correctly followed instructions for Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments. To maintain a qualifying investment in a QOF, they may file an amended return or AAR with an attached and correctly completed Form 8997. As with Letter 6501, failure to take action may result in the examination of tax accounts.

  • Letter 6503, Annual Reporting of Qualified Opportunity Fund (QOF) Investments – This letter also alerts taxpayers that they may not have correctly followed instructions for Form 8997. As with Letter 6502, an amended return or AAR with a new Form 8997 should be filed to avoid potential referral for examination.

For more information, please contact your Windham Brannon advisor or reach out to Gary Gruner.