IRS AUDITS CONSERVATION EASEMENTS

IRS AUDITS CONSERVATION EASEMENTS Last month, the Senate Finance Committee released a report on syndicated conservation easement transactions. In its report, the committee laid out an unflattering view of the syndicated arrangements, finding that “syndicated conservation-easement transactions appear to be highly abusive tax shelters.” This past week, the Senate Finance Committee released IRS data reflecting a “significant increase in conservation easement transactions,” and its chairman expressed concerns about what he characterized as the “serious and persistent abuse of the syndicated conservation easement program.” The Finance Committee’s report indicates that the IRS is either auditing or planning to audit more than 80 percent of partnerships identified as vehicles for syndicated conservation easement. Many of these audits will take place under the new BBA partnership audit regime. The dollars at stake are significant. Between 2010 and 2017, the IRS estimates that syndicated conservation-easement transactions led to nearly $27 billion in charitable deductions for investors. Lance Wallach receives hundreds of calls annually to help people fight the IRS and get their money back from the promoters of these scams. As an expert witness, Lance's side has never lost a lawsuit. Google Lance Wallach and your advisor, who do you trust? 516-236-8440 Wallachinc@gmail.com