Some taxpayers that participated in syndicated conservation easements (SCEs) and are currently under IRS audit may have a chance to settle. The IRS has sent letters with offers that include settlement details and timelines. The offers require income tax and penalty concessions. If letter recipients refuse the offers, they’ll continue to be audited by the IRS’s Large Business and International, and Small Business and Self-Employed divisions. Such audits could result in the IRS disallowing deductions associated with the SCEs and additional penalties. Taxpayers that don’t receive letters aren’t eligible for the settlement. If you receive one of these letters, contact us before responding.
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