Business
IRS takes aim at environmental write-offs in tax evasion crackdown on November 17, 2023 at 9:20 pm Business News | The Hill
![](https://bolanlemedia.com/wp-content/litespeed/avatar/02aec09dea6d4e18c458ed3c1d1b61a1.jpg?ver=1725651749)
Published
10 months agoon
By
![](https://bolanlemedia.com/wp-content/uploads/2023/11/64fb6cc408c6a3.78689634-tIu6bY.jpeg)
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 the agency reports that some 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 practice 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 regulations issued today will stem the tide of certain syndicated conservation easements that are nothing more than retail tax shelters, while protecting the integrity of legitimate conservation easements and helping law-abiding taxpayers more easily meet their obligations,” the IRS said Friday.
The IRS says it has observed tax scheme promoters take outsized deductions on these easements.
“We have seen taxpayers, often encouraged by promoters and armed with questionable appraisals, take inappropriately large deductions for easements,” the agency said in a recent statement.
The new IRS guidance pertains to a rule in a major piece of retirement legislation passed last year known as SECURE 2.0, which nixes the tax deductibility of “charitable contributions” worth more than two-and-a-half times what an investment in the property actually amounts to in totality.
The rule pertains to companies classified as partnerships and S-corporations, which are now under the IRS’s microscope as engaging disproportionately in abusive tax avoidance.
“The IRS issued the conservation regulations to implement Congress’s 2022 limits on deductions for syndicated easements. [It’s] a good, bi-partisan initiative to offset some of the revenue loss to expand retirement benefits in SECURE 2.0,” tax expert Steve Rosenthal with the Urban-Brookings Tax Policy Center, a Washington think tank, told The Hill.
Despite the offset, critics complained that SECURE 2.0 contained major perks for wealthy taxpayers that will add to the deficit outside of the 10-year budget window, in which the impact of laws on the national budget are required to be neutral. As such, tax experts have said the legislation includes an “accounting trick.”
One of those perks for wealthier taxpayers was an increase in the age at which the government can start taxing retirement accounts. It was pushed back from 72 to 75, providing high-income earners an extra three years to defer tax payments and enjoy tax-free growth.
Most Americans living off their retirement savings begin to do so well before the age of 75.
“[This law] allows people to keep money in tax-preferred IRAs for longer. It allows you to wait to withdraw until you’re 75, and the people for whom that’s an benefit are the people who can afford to live on their non-retirement savings until they’re 75 to get more years of tax-free growth,” tax expert and New York University law professor Daniel Hemel told The Hill in an interview about the legislation in 2022.
The law also increased the maximum yearly amount allowed to be put into a retirement account to $71,000 from $67,500.
“That’s not a huge increase, but if you’re saving $67,500 in your 401(k), you’ve got to be pretty rich,” he said.
Administration, Business, News, Policy, conservation easements, IRS, Retirement, scams, tax evasion 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 the agency reports…
![](https://bolanlemedia.com/wp-content/litespeed/avatar/d96005745543b3790886be76cd33017c.jpg?ver=1725651749)
![](https://bolanlemedia.com/wp-content/uploads/2023/07/Logo14WhiteBG.png)
You may like
Business
The Republic of Liberia and Fulton County Georgia Officials Meet to Strengthen Ties
![](https://bolanlemedia.com/wp-content/litespeed/avatar/88e1a406ea6fddc49adf909fd455b64d.jpg?ver=1725218451&d=https://bolanlemedia.com/wp-content/plugins/userswp/assets/images/no_profile.png)
Published
2 days agoon
September 6, 2024![](https://bolanlemedia.com/wp-content/uploads/2024/09/24F2F929-5F1B-43A1-957E-EB69F1CA92F0.jpeg)
In a significant move to revitalize a nearly two-century-old connection, President of Liberia, Joseph Nyumah Boakai, and his cabinet members met with key Fulton County officials on Wednesday, August 21st. This historic meeting was made possible due to the efforts of Aaron Faulkner, film director, and Dr. Clarice Ford-Kulah, President of Providence Preservation Foundation Inc., who played a crucial role in facilitating the discussion. Dr. Ford-Kulah and her team were instrumental in bringing everyone together, and she will be orchestrating the return visit in December of the Fulton County delegation. The meeting, which took place in Atlanta, Georgia, focused on potential partnerships aimed at addressing Liberia’s current challenges and marked a significant step towards strengthening the historic ties between Liberia and Fulton County.
![](https://bolanlemedia.com/wp-content/uploads/2024/09/CF616DA0-52BE-40C3-A093-3E8ADD174CB8.jpeg)
President Joseph Nyumah Boakai met privately with Fulton County officials to discuss strengthening historic ties and exploring new collaborations between Liberia and Fulton County, Georgia.
The relationship between Liberia and Fulton County dates back to the early 19th century when freed African Americans, many from Georgia, settled in Liberia. This connection has endured for nearly two centuries, creating a unique bond between the two regions.
High-profile figures, including the President of Liberia, members of his cabinet, Chief Probate Judge Kenya Johnson of Fulton County, and Fulton County Chairman Robb Pitts, attended the meeting. The discussions focused on exploring ways to strengthen economic ties, foster educational and cultural exchanges, and address healthcare challenges in Liberia.
![](https://bolanlemedia.com/wp-content/uploads/2024/09/624CCEAC-9488-4369-B51D-2CD9ABDD92BD.jpeg)
President Joseph Nyumah Boakai met privately with Fulton County officials to discuss strengthening historic ties and exploring new collaborations between Liberia and Fulton County, Georgia.
Potential areas of collaboration include trade partnerships, investment opportunities in Liberian infrastructure, technology transfer programs, scholarship programs for Liberian students, cultural exhibitions, medical training programs, and telemedicine partnerships.
Chief Probate Judge Kenya Johnson provided insight into the historical ties between Fulton County and Liberia, referencing documents from the Fulton County Probate Court that shed light on the complex history of slavery and emancipation in the region.
Chairman Robb Pitts emphasized the potential for mutual benefit in this partnership, stating, “By leveraging our shared history and combining our resources, we can create meaningful change and opportunities for both Liberia and Fulton County.”
![](https://bolanlemedia.com/wp-content/uploads/2024/09/4F9FA6CE-CBA9-4201-8283-B26CD0D66980.jpeg)
President Joseph Nyumah Boakai standing next to Her Royal Majesty Shanta Lana Hereford, Warrior Queen of The Cherut Nation.
The meeting concluded with a commitment to continue dialogue and develop concrete action plans for collaboration. Both parties expressed optimism about the potential for this partnership to address pressing issues in Liberia while strengthening the bonds between the two regions.
This historic meeting marks a significant step towards revitalizing the connection between Liberia and Fulton County, with the potential to create meaningful change and opportunities for both regions.
- Follow us on social media for the latest news and updates on this partnership
- Sign up for our newsletter to receive exclusive insights and information on how to get involved
- Contact us to learn more about how you can contribute to this historic partnership
- Share your ideas and suggestions on how to strengthen the ties between Liberia and Fulton County
![Bolanle Media Staff](https://bolanlemedia.com/wp-content/litespeed/avatar/415292e13ca73fe3f28733018bb4b049.jpg?ver=1725218050&d=https://bolanlemedia.com/wp-content/plugins/userswp/assets/images/no_profile.png)
Author: Bolanle Media Staff
Business
A New Nation Rises, Elevating the Global Black Community
![](https://bolanlemedia.com/wp-content/litespeed/avatar/88e1a406ea6fddc49adf909fd455b64d.jpg?ver=1725218451&d=https://bolanlemedia.com/wp-content/plugins/userswp/assets/images/no_profile.png)
Published
5 days agoon
September 3, 2024![](https://bolanlemedia.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-at-10.14.18 PM.png)
A series of events took place to mark the establishment of a new nation, Cherut. These events brought together various individuals and groups, including leaders, advocates, and cultural figures, who share a common goal of self-determination and empowerment.
![](https://bolanlemedia.com/wp-content/uploads/2024/08/9f15e8b9-15ea-4427-aeb3-13b9c8ef56ed.jpg)
Her Majesty Shanta Lana Hereford of The Ishola Empire, Princess, Empress Myishola Matthews of the Inosa Nation
Sunday Evening: A Gathering at the Hilton Hotel
On Sunday evening, an exclusive gathering took place at the Hilton Atlanta Hotel, attended by royal members of The Ishola Empire and the newly formed Nation of Cherut that included other notable figures, including:
- Dr. Peter W. Sherill: A renowned political scientist and advocate for electoral reform. Dr. Sherill has dedicated his career to promoting fair representation and equal political access.
- Dr. Cheryldene Cook,
- Mr. Harold James, owner of Vocal Leaf Tea and event sponsor.
Monday to Thursday: Workshops at INOSA
A series of workshops were held from Monday to Thursday at the Kemet Club in East Point, Georgia, to draft the charter for the Indigenous Nations of Sovereignty Alliance (INOSA). Participants engaged in collaborative discussions to form an organization that advocates for Indigenous nations, tribes, and kingdoms across the global Black diaspora.
Wednesday: A Bus Tour and Press Conference
On Wednesday, Empress Myishola Matthews, The Oba Binrin of The Ishola Empire, a visionary leader and cultural icon, joined the 124th National Black Business Conference for a bus tour of Tuskegee and a press conference, celebrating the legacy of Black excellence. Meanwhile, the newly appointed Queen Her Majesty Shanta Lana Hereford, a rising leader and advocate for political engagement, sat in to witness a private and historical meeting arranged by Aaron Faulkner and Dr. Clarice Ford Kulah between the President of the Republic of Liberia, his cabinet, Chief Probate Judge Kenya Johnson, and Fulton County Chairman Robb Pitts to discuss the long history and relationship between Liberia and Fulton County and how they can work together to help Liberia with some of its pressing issues through partnership and investment.
![](https://bolanlemedia.com/wp-content/uploads/2024/08/a3b4fee7-5a85-4ddb-a46f-b1fdfbe37a53.jpg)
Her Majesty Shanta Lana Hereford of The Ishola Empire and Founder of Center of Truth and Healing with a fellow community member.
Thursday Evening: A Reception and Fashion Show
On Thursday evening, a grand reception was held at The Hilton Atlanta Hotel for the 124th National Black Business Conference, while simultaneously the Birth of a New Nation Diaspora by Design Fashion Show at the Atrium Performing Arts Center in Stone Mountain GA was taking flight. The fashion show featured designs from various creators, including:
- Vanessa Henderson from Van Miller International: A celebrated fashion designer known for her innovative and culturally inspired styles.
- Sequoia: A rising star in the fashion world, celebrated for designs that honor African heritage and ethnic diversity.
- Emmy Wu: A talented young designer making a name for herself in the fashion industry.
The evening was further electrified by performances from celebrated artists, including:
- Sara LeRose: A gifted singer and songwriter known for her powerful voice and uplifting lyrics.
- Desmond Champion: A renowned musician and composer celebrated for his contributions to the music industry.
- Hustle Jamez: A dynamic performer and entertainer who brought energy and excitement to the stage.
- Somalia
![Bolanle Media Staff](https://bolanlemedia.com/wp-content/litespeed/avatar/415292e13ca73fe3f28733018bb4b049.jpg?ver=1725218050&d=https://bolanlemedia.com/wp-content/plugins/userswp/assets/images/no_profile.png)
Author: Bolanle Media Staff
![](https://bolanlemedia.com/wp-content/uploads/2024/08/hal-gatewood-Nzb4LBsctyQ-unsplash.jpg)
![Bolanle Media Staff](https://bolanlemedia.com/wp-content/litespeed/avatar/415292e13ca73fe3f28733018bb4b049.jpg?ver=1725218050&d=https://bolanlemedia.com/wp-content/plugins/userswp/assets/images/no_profile.png)
Author: Bolanle Media Staff
![](https://bolanlemedia.com/wp-content/uploads/2024/09/PHOTO-2024-09-06-11-51-51-3-80x80.jpg)
“She Wants My Life”: A Shannon Washington Psychological Thriller
![](https://bolanlemedia.com/wp-content/uploads/2024/08/Screenshot-2024-08-17-at-2.58.25 PM-80x80.png)
“Another Night at Beaver’s”: A Wild Fiery Story of an Apocalypse
![](https://bolanlemedia.com/wp-content/uploads/2024/09/24F2F929-5F1B-43A1-957E-EB69F1CA92F0-80x80.jpeg)
The Republic of Liberia and Fulton County Georgia Officials Meet to Strengthen Ties
Trending
- Entertainment3 weeks ago
“Her Corpse”: A Darkly Hilarious Take on True Crime
- Entertainment2 days ago
“Another Night at Beaver’s”: A Wild Fiery Story of an Apocalypse
- Entertainment1 week ago
“Summer’s Holes”: Teenage Turmoil
- Entertainment2 weeks ago
“MIC CHECK; KARAOKE LOVE”: A Story of Music, Love & Cultural Connection
- Entertainment2 weeks ago
Tom Renville’s Breakout Moment: ‘Ramp Rats’ Takes Flight
- Entertainment4 weeks ago
Bolanle Media Film Industry Networking Event
- Business4 weeks ago
Councilman Austin Thompson to Speak at Global Peace Summit
- Entertainment2 weeks ago
“Mutt”: A Story of Identity, Belonging, and Laughter