The Internal Revenue Service has made a time-limited offer to taxpayers who participated in Syndicated Conservation Easements and similar transactions.
In a letter to these recipients, the IRS required substantial concession of the income tax benefits and the application of penalties.
Those do not accept the offer continue to face IRS enforcement actions, including potential full disallowance of charitable contributions involving the easement and penalties.
Those who use the easements and do not receive letters are not eligible for the program, nor are those with cases pending in the United States Tax Court.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind