The Tax Cuts and Jobs Act of 2017 (TCJA) has provided investors that have recognized capital gains during the year with the opportunity to reinvest the proceeds of such gains into low income communities in an effort to promote long-term economic growth. In return for such investment and subject to certain requirements, investors may be eligible for significant tax savings on their previously recognized gains as well as any gain eventually realized on the investment itself. This new Qualified Opportunity Zone program provides attractive tax based incentives for those investments that qualify but there are time limits imposed which make investing before December 31, 2019 an important deadline for investors wishing to maximize the benefits. The summary below provides further details on this new government subsidized program and members of the Duggan Bertsch team are available to advise you if interested in pursuing an Opportunity Zone investment.
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Mr. Kenning is an experienced tax attorney and accountant with over 35 years of tax, accounting and business experience in the banking, investment and financial services industry where he served as an advisor to institutions and clients operating throughout the U.S. and overseas. His professional experience has included service at some of the largest banks, financial institutions and accounting firms including ABN Amro Bank, Royal Bank of Scotland, Heller Financial and Ernst & Young. In addition to his practice of tax law, Kevin has previously served as Chief Financial Officer for a start-up financial services firm.
Kevin has worked with and advised clients in many areas of taxation including federal, state & local, and international tax principles with a focus on capital markets, investment funds, project finance, securitizations, private equity and renewable energy investments in addition to retail and manufacturing businesses. In addition to his experience in cross-border activities, Mr. Kenning has also assisted clients with domestic tax matters relating to partnerships, S Corporations, C Corporations, trusts, estates, mergers & acquisitions, and the sale & purchase of businesses among other matters.
In his present role at the firm, Kevin advises clients on a wide spectrum of tax planning, structuring and optimization strategies involving domestic and cross border activities as well as acquisitions and divestitures and tax controversy matters.
Mr. Kenning graduated with a Bachelor of Science in Accounting from Valparaiso University and received his Juris Doctorate from The John Marshall Law School. He is licensed to practice law in the State of Illinois and throughout his career, Kevin has spoken at tax conferences and seminars for the Chicago Tax Club, Illinois CPA Society, Lease Accounting Conference and the Structured Finance Institute on a variety of U.S. and international tax topics.
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