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, …