The IRS is urging taxpayers involved in tax-advantaged land deals known as syndicated conservation easements to consult advisers after a recent U.S. Tax Court decision went in favor of the agency.
The agency will pursue not just civil penalties but also criminal options “when appropriate,” IRS Commissioner Charles Rettig said in a Dec. 20 news release.
“If you engaged in any questionable syndicated conservation easement transaction, you should immediately consult an independent, competent tax advisor to consider your best available options,” he said in a statement.
Syndicated conservation easements are transactions that involve charitable deduction ...