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The new tax law has created a method of tax savings by providing tax benefits to taxpayers who reinvest capital gains into vehicles called Qualified Opportunity Funds.  These funds hold at least 90% of their assets in Qualified Opportunity Zone Property, which is property in low-income communities.  If taxpayers take advantage of this opportunity by investing in these funds by 2021 and holding them for at least five years, the law allows them to increase their basis in the initial … Continued

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If signed by the Governor, individuals who contact the Oklahoma Tax Commission after September 1, 2017 and before November 30, 2017 can make arrangements with the O.T.C. to pay the principal portion of taxes owed and a small user fee in exchange for a automatic waiver of penalties and interest. The program, as written, will cover income taxes, sales taxes, use taxes, withholding, mixed beverage, gasoline, diesel, gross production taxes, and petroleum excise taxes. Enrollment in this program is highly … Continued