IRS Increases Enforcement of Syndicated Conservation Easements

Press Release
FOR IMMEDIATE RELEASE

 

IRS Increases Enforcement Action on Syndicated Conservation Easements

NEWPORT BEACH November 18, 2019 -- While speaking at the American Institute of CPAs (AICPA) 2019 National Tax Conference in Washington, D.C., IRS Commissioner, Rettig, and IRS Chief Counsel, Desmond, both separately underscored the IRS’s increased enforcement efforts toward abuses of certain tax-advantaged land transactions under Code Sec. 170(h)..

Rettig stated that the IRS appreciates the value of conservation easements, but it does not appreciate the activities that have gone on with respect to the syndicated conservation easements -- there are some artificial appraisals there… some fatal flaws.

Rettig, reiterating the IRS’s tough stance on the matter, as noted in IRS press release dated November 12, said that the IRS is not going to "stand down." The information issued in the November 12 news release was "fair warning," Rettig said. Likewise, IRS Chief Counsel, Desmond, stressed that the challenges surrounding syndicated conservation easements are an "institutional concern" for the IRS... "one that we will be responding to," Desmond emphasized.

The related increase in audits and investigations cover billions of dollars of potentially inflated deductions as well as hundreds of partnerships and thousands of investors, according to the IRS. "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," Rettig said.

Wilson Tax Law Group, APLC is an Orange County law firm specializing in Federal and State tax audits, internal compliance, FBAR, offshore bank account disclosures, and criminal tax, including appeals, trials, and collections. The Los Angeles and San Francisco Daily Journals have named Wilson Tax Law Group, APLC as one of the “Top 20 Boutique Firms in California”.

Newport Beach Main Office
1401 Dove Street Suite 630
Newport Beach, CA 92660
949.397.2292

Yorba Linda Branch Office
18281 Lemon Drive
Yorba Linda, CA 92886
714.463.4430

https://wilsontaxlaw.com

Fareedeh Wilson
Press Relations
Wilson Tax Law Group, APLC
Newport Beach, California
949-397-2292

IRS updates guidance for deductible business, charitable, medical and moving expenses

IR-2019-183, November 14, 2019

WASHINGTON — The Internal Revenue Service today issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA).

Revenue Procedure 2019-46 (PDF), posted today on IRS.gov, updates the rules for using the optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.

The guidance also provides rules to substantiate the amount of an employee's ordinary and necessary travel expenses reimbursed by an employer using the optional standard mileage rates. Taxpayers are not required to use a method described in this revenue procedure and may instead substantiate actual allowable expenses provided they maintain adequate records.

The TCJA suspended the miscellaneous itemized deduction for most employees with unreimbursed business expenses, including the costs of operating an automobile for business purposes. However, self-employed individuals and certain employees, such as Armed Forces reservists, qualifying state or local government officials, educators and performing artists, may continue to deduct unreimbursed business expenses during the suspension.

The TCJA also suspended the deduction for moving expenses. However, this suspension does not apply to a member of the Armed Forces on active duty who moves pursuant to a military order and incident to a permanent change of station.

For more information contact Joseph P. Wilson at 949-397-2292 or wilson@wilsontaxlaw.com. Mr. Wilson represents clients throughout California and the Globe, involving local, state, federal and international civil tax disputes, IRS audits and appeals, tax litigation and criminal tax defense. Mr. Wilson is the Managing Shareholder at Wilson Tax Law Group, APLC, former Member of the Executive Committee of the Taxation Section, California Lawyers’ Association, a former IRS Attorney, a former Assistant United States Attorney, and a former Tax Attorney in the Legal Division of the California Franchise Tax Board.

Steps to take now for 2020 filing Season

With 2019 almost over there are steps to take now for the 2020 filing season.

Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for working people with low to moderate incomes who meet certain eligibility requirements. Because it's a refundable credit, those who qualify and claim EITC pay less federal tax, pay no tax or may even get a tax refund. EITC can mean a credit of up to $6,557 for working families with three or more qualifying children. Workers without a qualifying child may be eligible for a credit up to $529.

In addition to other requirements, to get the credit, people must have earned income and file a federal tax return — even if they don't owe any tax or aren't otherwise required to file.

Taxpayers should seek the advice of a tax professional to determine if they are eligible for EITC, determine if their child or children meet the tests for a qualifying child and estimate the amount of their credit.

Child Tax Credit
Taxpayers can claim the Child Tax Credit if they have a qualifying child under the age of 17 and meet other qualifications. The maximum amount per qualifying child is $2,000. Up to $1,400 of that amount can be refundable for each qualifying child. So, like the EITC, the Child Tax Credit can give a taxpayer a refund even if they owe no tax.

The qualifying child must have a valid Social Security number issued before the due date of the tax return, including extensions. For tax year 2019, this means April 15, 2020, or if a taxpayer gets a tax-filing extension, Oct. 15, 2020.

The amount of the Child Tax Credit begins to reduce or phase out at $200,000 of modified adjusted gross income, or $400,000 for married couples filing jointly.

Credit for Other Dependents
This credit is available to taxpayers with dependents for whom they cannot claim the Child Tax Credit. These include dependent children who are age 17 or older at the end of 2019 or parents or other qualifying individuals supported by the taxpayer.

IRS Publication 972, Child Tax Credit, available now on IRS.gov, has further details and will soon be updated for tax year 2019.

Education Credits
Two credits can help taxpayers paying higher education costs for themselves, a spouse or dependent. The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) are claimed on IRS Form 8863, Education Credits. The AOTC is partly refundable.

Among other requirements, to get either credit, the taxpayer or student usually must receive Form 1098-T, Tuition Statement, from the school attended. Some exceptions apply. See the instructions to IRS Form 8863 for details.

Interactive Tax Assistant
The IRS has an Interactive Tax Assistant (ITA) to help people determine if they can claim any of these credits. The ITA also provides answers to general questions on filing status, claiming dependents, filing requirements and other topics. While useful it doesn't guarantee the IRS will allow someone to claim the credit if they believe it should be disallowed. Thus, its best to seek the advice of a tax professional if you have any questions about these tax items.

Filing electronically is easy, safe and the most accurate way to file your tax return. There are a variety of free electronic filing options for most taxpayers including using IRS Free File for taxpayers with income below $66,000, or Fillable Forms for taxpayers who earn more. Taxpayers who generally earn $56,000 or less can have their return prepared at a Volunteer Income Tax Assistance site. Tax Counseling for the Elderly sites offer free tax help for all taxpayers, particularly those who are 60 years of age and older.

Contact Joseph P. Wilson at 949-397-2292 or wilson@wilsontaxlaw.com. Mr. Wilson represents clients throughout California and the Globe, involving local, state, federal and international civil tax disputes, tax litigation and criminal tax defense. Mr. Wilson is the Managing Shareholder at Wilson Tax Law Group, APLC, former Member of the Executive Committee of the Taxation Section, California Lawyers’ Association, a former IRS Attorney, a former Assistant United States Attorney, and a former Tax Attorney in the Legal Division of the California Franchise Tax Board.

Tax Attorney Joseph P. Wilson Selected to the 2020 Southern California Super Lawyers List

Press Release

NEWPORT BEACH & YORBA LINDA, Calif. – September 27, 2019

Joseph P. Wilson, Managing Shareholder at Wilson Tax Law, has been selected to the 2020 Southern California Super Lawyers list. No more than five percent of the lawyers in the state are selected by Super Lawyers.

Super Lawyers, part of Thomson Reuters, is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. The result is a credible, comprehensive and diverse listing of exceptional attorneys.

The Super Lawyers lists are published nationwide in Super Lawyers Magazines and in leading city and regional magazines and newspapers across the country. Super Lawyers Magazines also feature editorial profiles of attorneys who embody excellence in their practice of law. For more information about Mr. Wilson’s Section to Super Lawyers, go to https://WilsonTaxLaw.com.

Wilson Tax Law Group, APLC is an Orange County law firm specializing in Federal and State tax audits, internal compliance, FBAR, offshore bank account disclosures, and criminal tax, including appeals, trials, and collections. The Los Angeles and San Francisco Daily Journals have named Wilson Tax Law Group as one of the “Top 20 Boutique Firms in California”. Firm founder Joseph P. Wilson is a former IRS Attorney, Federal Tax Prosecutor, and California Franchise Tax Board Attorney.

Newport Beach Main Office
1401 Dove Street Suite 630
Newport Beach, CA 92660
949.397.2292

Yorba Linda Branch Office
18281 Lemon Drive
Yorba Linda, CA 92886
714.463.4430

View source version on wilsontaxlaw.com:
https://wilsontaxlaw.com

Contact:

Wilson Tax Law Group, APLC
Fareedeh Wilson
fwilson@wilsontaxlaw.com
949.397.2292
https://wilsontaxlaw.com

Former Federal Tax Prosecutor Richard G. Stack Joins Wilson Tax Law Group

Tax Litigation, Civil and Criminal Tax Defense

Richard G. Stack is the newest member of Wilson Tax Law Group.

Richard G. Stack is senior trial counsel with Wilson Tax Law Group.  He represents clients in civil and criminal tax cases, including civil audits and appeals, tax collection matters, criminal investigations, administrative hearings and in civil and criminal trials and appeals in federal and state courts.

Prior to joining private practice, Mr. Stack served for approximately 23 years at the government as an Assistant U.S. Attorney for the Tax Division of the US Attorney's Office in Los Angeles, and before that, as an trial attorney for the IRS, Office of Chief Counsel, where he represented the United States in a broad array of matters, such as captive insurance companies, tax shelters, tax evasion, unreported income, partnership tax, trust fund recovery penalty, collection matters, and various penalties such as the civil fraud penalty.

He is the recipient of the Special Achievement for Sustained Superior Performance of Duty Award from the US Department of Justice and the Outstanding Support and Invaluable Assistance Award from the IRS, Criminal Division.

Mr. Stack has litigated over 1000 tax cases in federal courts.  His unique combination of criminal and substantive tax experience allows him to level the playing field for his clients.

Please join us in welcoming Mr. Stack to the Wilson Tax Law Group family.

Newport Beach Main Office
1401 Dove Street Suite 630
Newport Beach, CA 92660

Yorba Linda Branch Office
18281 Lemon Drive
Yorba Linda, CA 92886

By Appointment Only
949.397.2292 (Newport Beach Office Phone)
714.436.4430 (Yorba Linda Office Phone)

Website: https://wilsontaxlaw.com

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Wilson Tax Law Receives Golden Globe Awards 2019 - Federal Tax Law Firm of the Year - USA

Wilson Tax Law is pleased to announce our firm has been selected as Federal Tax Law Firm of the Year - USA by the Worldwide Financial Advisor Awards Magazine Golden Globe Awards 2019.

The Worldwide Financial Advisor Awards Magazine Golden Globe Awards recognize a select number of leading professional firms, across the globe, for their individual areas of specialization, within their geographical location.