Skip to content

Category: Uncategorized

  1. Home
  2. Uncategorized

Crow Shields Bailey TCJA Update: Opportunity Zones Offer Investors Significant Tax Benefits

The 2017 Tax Cuts and Jobs Act provides a significant opportunity to defer the tax on gain from the sale or exchange of stock and other assets.

If you invest the gain from the sale in a “qualified opportunity fund” within 180 days after the sale, tax on the gain is not due until December 31, 2026 or, if earlier, the date you sell your investment in the fund. In addition, if you don’t sell your investment for ten years, any appreciation in the value of the investment is not taxed at all.

A qualified opportunity fund is an investment vehicle that is organized as a partnership or a corporation to operate a business in designated low-income areas referred to as “opportunity zones.” Several hundred such zones have been designated by the IRS. You don’t need to live in the zone.

You may invest as a passive partner or shareholder in a fund that is organized and run by a third party. Depending on your situation, you may want to form your own fund and manage the fund’s business. Investments received by a fund must generally be used to purchase new property or substantially improve existing property.

Please call our office to discuss how these changes may affect you.

Crow Shields Bailey names Ryan Damrich Shareholder

Ryan Damrich has been admitted as the newest Crow Shields Bailey Shareholder. In the five years Ryan has been with CSB, he has played a vital role in our firm. Ryan has presented innovative ideas and built trusting relationships with clients, and his leadership and dedication help us to continue to reach beyond the numbers every day. Ryan has extensive experience in multi-state corporate, partnership and individual taxation, tax planning for businesses and high net-worth individuals, consulting for small businesses, and international taxation. Cheers, and welcome to CSB’s Leadership Team, Ryan!

 

 

Crow Shields Bailey promotes three team members

Congratulations to Crow Shields Bailey team members, Hope Hickman, Andrew Bailey and Kirsten Sokom, who received promotions. Learn more about their new positions and areas of expertise below.

Hope Hickman has been promoted to manager. As a part of our audit team, her areas of expertise include QuickBooks, employee benefit plans, construction contractors, retail, wholesale, and condominium associations.

 

 

Andrew Bailey has been promoted to supervisor. As a part of our tax team, his areas of expertise include high net-worth individuals; closely-held businesses and family limited partnerships; estate, trust, and gift taxation and planning; and business valuations.

 

 

Kirsten Sokom has also been promoted to supervisor. As a part of our audit team, her areas of expertise include auditing of employee benefit plans; contractors; municipalities; not-for-profits; multi-state distributors; professional employer organizations; accounting for condominium and homeowner associations; and individual, partnership, and corporate taxation.

 

Crow Shields Bailey participates in Light of the Village Christmas party

Crow Shields Bailey had the privilege of participating in the annual Light of the Village (LOV) Christmas party, an event our team looks forward to every year. LOV’s mission is to share Christ’s message of faith, hope and love with the inner city, one person at a time. Members of our team had the opportunity to pair up with a child, get to know and play with them, and watch their excitement as they open their gifts.

CSB is proud to support LOV and the work they do for the inner city, including free after school care for children in high-crime, low-income areas. Learn more at www.lightofthevillage.org.

Crow Shields Bailey participates in Cornhole Tournament supporting Spanish Fort Public Library

Crow Shields Bailey participated in the Young Professionals – Eastern Shore Chamber of Commerce‘s 2nd annual Cornhole Tournament supporting Spanish Fort Public Library‘s summer reading program. Although we did not win the tournament, we were proud to contribute to this cause and network with other local professionals. Thank you to Frank Shepard of the Young Professionals for organizing this great event.

 

Crow Shields Bailey Hosts Blood Drive for Las Vegas Shooting Victims

On October 12, Crow Shields Bailey hosted a blood drive at our Mobile office in honor of the Las Vegas shooting victims. Members of our Mobile team, their families, our friends from Russell Thompson Butler & Houston, LLP, and neighbors from Victory Health Partners took time out of their days to contribute to the drive. We are grateful for everyone’s participation, and for LifeSouth Community Blood Centers for making it possible.

 

Kristi Daughtery Honored by Daphne/Spanish Fort Rotary Club

The Daphne / Spanish Fort Rotary Club honored our Kristi Daughtery with a Paul Harris Fellow recognition award for an outstanding year leading the Club as President.

Kristi will continue to serve on the board for the upcoming 2017-2018 year.