Part of the mission for Ketel Thorstenson, LLP (KTLLP) is offering continuing education on all aspects of the accounting industry for the community at large. The popular Lunch and Learn series closes out its season with a session on Opportunity Zones on October 2 from noon to 1 p.m.
Opportunity Zones are a new tax incentive coming from the Tax Cuts and Jobs Act (TCJA). These zones were created with the intent to connect private investment capital to economically distressed communities. Over 8,700 opportunity zones have been designated and spread across all 50 states, with some opportunity zones residing in downtown Rapid City.
Opportunity Zones are a mechanism through which investors with capital gain tax liabilities can invest in Qualified Opportunity Funds (QO Fund) to receive preferential tax treatment. These funds can be used to make real estate investments and to purchase equity in businesses. Investors have the possibility to defer all gains from the sale of any property, possible reduce the amount of gain recognized and in many instances to permanently exclude the appreciable gain in a QO Fund from taxation.
“The primary attraction for investing in Opportunity Zones is deferring and lowering federal taxes on capital gains. Opportunity zones in Western South Dakota give local individuals with capital gains an outlet to defer and reduce those gains,” said Jess Weaver, CPA, Senior Manager with KTLLP.
The presenters will be Nina Braun, CPA, CFE, Partner, and Jess Weaver. The session will be held at the KTLLP Rapid City office at 810 Quincy Street from noon-1 p.m. There is a $5 fee, which includes lunch. Seating is limited. Please RSVP by Sept. 26 to RSVP@ktllp.com or call 605-716-3284.
Ketel Thorstenson, LLP is a full-service firm with 16 partners, over 60 Certified Public Accountants, and offices in Rapid City, Custer, and Spearfish, SD. KTLLP has a rich history, serving clients since 1936 and a depth of knowledge and experience that clients rely on and trust. The firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks support, Xero support, bookkeeping, payroll, business valuation, business consulting and estate planning.