The IRS is tightening up enforcement action on syndicated conversion easement transactions. They involve transactions that allow multiple taxpayers to claim a deduction for a particular conservation easement. IRS Commissioner Chuck Rettig said that “putting an end to these abusive schemes is a high priority for the IRS.” According to the agency, taxpayers may avoid getting penalties related to improper contribution deductions if they fully remove the improper contribution and related tax benefits from their returns. They can accomplish this by timely filing a qualified amended return or timely administrative adjustment request. Contact us if you need assistance. Visit our website for more information! www.mjscpa.com/news/
