2020 – 03/27 The IRS has provided guidance on how taxpayers can report the election to roll over gains from the sale of empowerment zone assets in 2018. The empowerment zone rules were retroactively extended through Dec. 31, 2020. Businesses and individual residents within such a zone are eligible for tax incentives. One incentive is the deferral of capital gains tax on the sale of qualified assets that are replaced with other empowerment zone assets (a “rollover of gain”). If a taxpayer is eligible to roll over gain from empowerment zone assets in 2018, he or she will need to file Form 1040-X to claim the rollover and deferral of gain. For more information:

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