On April 24, 2018, the IRS issued guidance on the process for obtaining Opportunity Fund certification.
To become a Qualified Opportunity Fund, an eligible taxpayer self-certifies. This means there is no approval or action by the IRS required to take advantage of this tax incentive. To self-certify, a taxpayer merely completes a form (which will be released in the summer of 2018) and attaches that form to the taxpayer’s federal income tax return for the taxable year. (The return must be filed timely, taking extensions into account.)