Easements require an IRS 8886 form to reduce fines

Easements require an IRS 8886 form to reduce fines: Know what an IRS 8886 form is? If you contribute a conservation easement to a qualified organization, then you’...

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Easements

Syndicated Conservation Easement Transactions For years I have been saying the the IRS is coming. The Internal Revenue Service announced today a significant increase in enforcement actions for syndicated conservation easement transactions, a priority compliance area for the agency. Coordinated examinations are being conducted across the IRS in the Small Business and Self-Employed Division, Large Business and International Division and Tax Exempt and Government Entities Division. Separately, investigations have been initiated by the IRS' Criminal Investigation division. These audits and investigations cover billions of dollars of potentially inflated deductions as well as hundreds of partnerships and thousands of investors. "We will not stop in our pursuit of everyone involved in the creation, marketing, promotion and wrongful acquisition of artificial, highly inflated deductions based on these aggressive transactions. Every available enforcement option wil

Cryptocurrency Investors Are Being Audited

Cryptocurrency Investors Are Being Audited by IRS Lance Wallach You will get a letter from the IRS if you are in a cryptocurrency. CPAS must report on you and that is part of the problem. You need to get help ASAP. Some easy steps can save you a lot of money and give you peace of mind. Lance Wallach, who speaks at legal and accounting conventions rarely meets an advisor that knows what to do. IRS 6707a talks about CPAs etc. must report on their clients or face a $100,000 fine, and that is a problem for their clients. More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings. Should they quickly file amended tax returns correcting prior omissions or mistakes and hope that’s enough to avert an audit? Should big-time dodgers come forward and acknowledge their actions -- all while risking that the IRS might audit them or charge them with criminal tax

The IRS has announced in IR 2019-157 (9/16/2019) that it is mailing a time-limited settlement offer to certain taxpayers under audit who participated IRS IS COMING AND YOU NEED HELP NOW. PLEASE DO NOT WAIT. The IRS has announced in IR 2019-157 (9/16/2019) that it is mailing a time-limited settlement offer to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. In recent days, the IRS started sending notices to up to 200 taxpayers. Transaction of Interest Broadly speaking, a micro-captive transaction is a transaction intended to reduce the aggregate taxable income of the taxpayer, related persons, or both, using contracts that the parties treat as insurance contracts and a related company that the parties treat as a captive insurance company. Each entity that the parties treat as an insured entity under the contracts claims deductions for insurance premiums. The related company that the parties treat as a capti

Conservation Easement Cases

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