The tax benefits resulting from a contribution will be illustrated and explained in detail, including the issues affecting the amount of the deduction. Potential uses of conservation easements and identifying candidates for contributions will be discussed. In addition, the well-published abuses in the...
Under a conservation easement, a property's owner gives up the right to make certain changes to that property, to preserve it for future generations. Such an easement usually limits the usefulness of the property and lowers its value. When a conservation
Use of such an erroneous measure obscures the conservation benefits of the program by focusing attention and resources on divining a largely extraneous and unhelpful number. Further, to a considerable extent, the easement program is reflexively justified and understood based on this false measure, as...
Generally, when a debt is cancelled or forgiven, the borrower who benefits is considered to have received taxable income equal to the amount of the cancelled debt. There are exceptions. For example, some student loans contain agreements that debt will be forgiven if the borrower works for a ce...
Physical real estate in addition to REIT vehicles may be used as a tax shelter. Taxpayers may receive favorable treatment due to depreciation deductions. Taxpayers may also receive benefits by performing 1031 like-kind exchanges that allow for the sale of a property and avoidance of capital gains...
Carrybacks and carryforwards Deferral of taxes Depreciation, amortization, and depletion Mark-to-market Moore v. United States (2024) Bankruptcy and insolvency Bankruptcy and insolvency Benefits and pensions Benefits and pensions Compliance Amnesties ...
At ERISA’s 50th anniversary, a legacy of IRS-practitioner collaboration The historic legislation’s enabling of growth and development of qualified retirement plans also launched a new era of public-private cooperation in tax and employee benefits. ...
cost segregation or short-term rental benefits Advanced tax planning is usually for single events or for events that do not repeat year over year. It is not typically included in any of our Business Advisory, Tax Patrol or Investor Patrol Services. Therefore, a scope of service will be determ...
A reasonable, good-faith interpretation of the rules must be applied, the IRS Chief Counsel’s Office states. January 1, 2025 Whistleblower case is not stayed by taxpayer’s bankruptcy case Pursuant to Section 362(a)(8) of the Bankruptcy Code, a taxpayer’s bankruptcy filing did not automat...
Conservation easements also are sometimes used to evade taxes. In fact, bogus arrangements are regularly included in the Internal Revenue Service’s annual Dirty Dozen list of tax scams. In addition to warning taxpayers about abusive conservation easements, the IRS also is intent on stopping, and...