New York-based Friedman LLP (FY17 net revenue of $101.5 million) has announced a new offering: Qualified Opportunity Zone (QOZ) consulting services.
The QOZ program, created under the 2017 Tax Cuts and Jobs Act, is a tax-incentivized investment initiative meant to spur economic growth in low-income communities while providing investors with additional capital to expand existing businesses, form new businesses or fund real estate developments, the firm reports.
Leading the new practice group will be partner Steven Bokiess, who brings more than 20 years of experience advising prominent real estate organizations involved in a wide range of properties. He has provided tax consulting and compliance services to a variety of real estate and asset management clients, including REITs, real estate partnerships, private equity funds, hedge funds, investment advisors, broker/dealers and mutual funds.
“With QOZs currently spanning 12% of the land area of the nation, there is a tremendous opportunity for individual, trust or corporate investors to reap significant tax advantages,” says Robert Charron, partner and tax practice leader at Friedman. “The expansion of our service offerings to include this new practice group further demonstrates our commitment to staying on the pulse of industry and policy changes to deliver excellent client services.”