The IRS could be looking to loosen recent restrictions on conservation easement tax breaks that were imposed by the Obama Administration. At the end of December 2016, the IRS issued a notice warning that certain syndicated conservation easement transactions would be considered “listed transactions,” which basically qualifies them as tax shelters. However, at the end of April 2017, the IRS issued a new notice that will allow proponents of conservation easements more time to file their disclosures for these conservation easement transactions. Proponents see this allowance as a step in the right direction for those who truly care about conserving the nation’s land, natural resources, and wildlife habitats. Perhaps the IRS understands the vital role that privately funded conservation easement donations represent in advancing such preservation efforts.
See Michael Cohn, IRS Backs Away from Conservation Easement Crackdown, Accounting Today, May 1, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
