IRS AUDITS CRYPTOCURRENCY AND SYNDICATED CONSERVATION EASEMENTS

WARNING! IRS Has Obtained Records of Bitcoin Buyers and Sellers to Determine if Taxpayers Failed To Report Gains on Their Tax. With only several hundred people reporting their crypto gains each year since bitcoin’s launch, the IRS suspects that many crypto users have been evading taxes by not reporting crypto transactions on their tax returns. And now that like-exchange treatment is prohibited on transactions that occur after 2017, now is the ideal time to be proactive and come forward with voluntary disclosure to lock in your deferred gains through 2017, eliminate your risk for criminal prosecution, and minimize your civil penalties. Don’t delay because once the IRS has targeted you for investigation – even it’s is a routine random audit – it will be too late voluntarily come forward. SYNDICATED CONSERVATION EASEMENT OWNERS, BEWARE In recent months, the IRS has continued its attack on syndicated conservation easement transactions. Many syndicated partnerships are now under IRS audit or have cases pending before the US Tax Court. Moreover, the IRS has had a string of recent victories in cases where the US Tax Court, on technical grounds, disallowed the entire charitable contribution deduction that was claimed by the partnership. The IRS is also conducting civil and criminal investigations of promoters, appraisers, tax return preparers and other advisors involved in these transactions. Investors often face unique issues during the course of these proceedings and investigations. In some instances, IRS Agents and IRS Criminal Investigation Special Agents have contacted syndicated conservation easement investors to request documentation and other information relating to the investor’s participation in the transaction. Some investors are also being required to participate in interviews with the IRS. The IRS has indicated that it would utilize its summons authority to compel investors to comply with these requests. 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