IRS takes aim at environmental write-offs in tax evasion crackdown ...Middle East

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The IRS put out new guidance on Friday to stymie a well-worn tax evasion scheme that allows write-offs for land left undeveloped in order to promote environmental conservation. Landowners can claim a credit for what they would have earned on their properties had they put them to industrial or commercial use, and such would-be developers have been claiming unjustified sums on these what-if scenarios. Known as “syndicated conservation easements,” the scheme has been on the IRS’s ‘Dirty Dozen’ list of tax scams for years. The abuse is so established, in fact, that it’s been shopped around by lawyers and accounting firms as a kind of business product in its own right. “The regulat

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Last updated : 18 Nov 2023 clock 12:40 AM

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IRS takes aim at environmental write-offs in tax evasion crackdown ...Middle East

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