IR-2024-174, June 26, 2024 — The Internal Revenue Service today announced the mailing of a time-limited settlement offer for certain taxpayers who participated in Syndicated Conservation Easements...
One of the major IRS campaigns of the last decade may be entering its windup phase. The campaign is against syndicated conservation easements, which I refer to as the industry based on nonsense. Judge Lauber laid out what has been going on in the recent Excelsior Aggregates decision which I covered. Promoters acquired land for $9.5 million, raised $36 million from investors and then allocated $187 million in charitable deductions to the investors as the land was donated in a sort of two step turkey trot to the National Wild Turkey Federation. E ...
A proposed settlement would allow FTX, formerly one of the largest crypto trading exchanges in the world, to whittle down its tax claim with the IRS to just $885 million.
Story Highlights ; The bankrupt crypto exchange FTX reached a tentative agreement with the IRS to resolve a $24 billion tax claim. ; This reduces litigation risks and offers a clearer path for creditors and customers to recover funds. ; FTX's reorganization plan proposes full repayment for creditors with claims under $50,000.
IR-2019-157, September 16, 2019 — The Internal Revenue Service announced today the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-cap...
The tax treatment of litigation damages is varied and complex. Even worse, in some cases, legal fees can't be deducted. That can mean paying tax on 100%, even if 40% off the top goes to your lawyer, unless you qualify for one of the ways to deduct legal fees under new tax law. The rule for compensatory damages for personal physical injuries, like a serious auto accident, is supposed to be easy. There, the compensatory damages should be tax free under Section 104 of the tax code. In employment ca...
IR-2020-130, June 25, 2020 — The Internal Revenue Service Office of Chief Counsel announced today a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involvin...
Tax settlement firms claim they can reduce or even eliminate the amount you owe to the IRS. Find out the facts behind this alluring fiction.
Over the past five years conservation easement deductions have been in the spotlight due to Congress restricting syndicated conservation easement deductions. After some recent government losses, the Department of Justice decided to fold in the recent case revolving the Zaxby's founder. Conservation easements serve as a pivotal tool in the protection and preservation of lands deemed valuable for their natural, scenic, or historical qualities. A property owner makes an agreement with a conservatio...
OIC settlement: Doubt as to liability — debtor can show reason to doubt that the assessed... After the IRS receives the offer, the IRS has two years to make a decision. If the decision is...