Prepare For Greater IRS Scrutiny On Conservation Easements
Law360 (December 4, 2019, 5:50 PM EST) -- While the Internal Revenue Service has been focused on syndicated conservation easements for over 10 years, earlier this year IRS Commissioner Chuck Rettig announced several campaign issues on which the IRS would heighten its focus. These campaigns included compliance in the areas of cryptocurrency, syndicated conservation easements, captive insurance companies, offshore filings and more.
Following through on this promise, on Nov. 12 the IRS announced a significant increase in enforcement action for syndicated conservation easements. The Small Business and Self-Employed, Large Business and International, and Tax Exempt and Government Entities IRS divisions announced coordinated examinations between them. Separately, investigations have been initiated...
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