The IRS has announced a time-limited offer to settle certain syndicated conservation easement cases pending in the U.S. Tax Court. Eligible taxpayers will be notified by letter about settlement terms. They include that: 1) The deduction for the contributed easement is disallowed in full; 2) All partners must agree to settle, and the partnership must pay the full amount of tax, penalties and interest before settlement; 3) “Investor” partners can deduct their cost of acquiring their partnership interests and pay a reduced penalty of 10% to 20%; and 4) Partners providing services for a syndicated conservation easement transaction must pay the maximum penalty asserted by IRS, typically 40%. Call or visit our website for more information! www.mjscpa.com/
