Syndicated Conservation Easements captive insurance and cryptocurrency IRS audits, get help ASAP

How Does the IRS Feel About Syndicated Conservation Easements? Spoiler alert: It doesn’t seem to like them. The history is a long one. But let’s look at what’s happened in recent years. In late 2016, the IRS issued a public notice expressing its determination that syndicated conservation easement transactions would be characterized as “listed” transactions, exposing participations to reporting requirements and potential increased penalties. On January 31, 2020, the IRS issued a news release that warns taxpayers that it has created 12 new examination teams to audit abusive micro-captive insurance transactions. Starting this year, the U.S. Internal Revenue Service (IRS) is increasing priority on cryptocurrency taxation. The personal federal income tax form 1040 will now include a mandatory “Yes/No” question related to taxpayers’ use of virtual currencies. Lance Wallach 516-236-8440 receives hundreds of calls to fight the IRS and sue the salesmen who sold the scams. Google Lance Wallach and your advisor, keep going, who do YOU trust. wallachinc@gmail.com