Conservation Easement Fraud Is Now Heavily Monitored by the IRS
FORT LAUDERDALE, FL, January 19, 2023 /24-7PressRelease/ — Often, those in higher tax brackets will look for effective ways to reduce their tax contributions through deductions and tax breaks. This is a popular form of wealth preservation. However, some avenues for tax reduction, like conservation easements, are risky and prone to fraud.
Conservation easement is the process of purchasing a property and then relinquishing that property for preservation, conservation, or charitable usage. There is nothing innately insidious in conservation easement, as often many parties benefit from it. Landowners can receive tax deductions, while charities or the public benefits from beautiful and well-kept land.
In recent years, conservation easements have been syndicated and sold by brokerage firms to retail investors. In these scenarios, often times the properties selected for inclusion in the conservation easements do not serve a valid conservation purpose, are over-valued by appraisers hired by the underwriters, or both. The purpose of these improper actions is to create a securities product capable of being marketed and sold to ordinary investors.
Conservation easement fraud allows brokers to reap significant amounts of profit. Many investors are lured into the prospect because they are not entirely aware of what they are actually investing in, but they are tempted by the tax benefits.
The IRS is aware of the fraudulent behavior exhibited in the area of conservation easement. Deductions have been illustrated to be far above what they should be, and the IRS is now actively auditing and investigating conservation easements.
The attorneys at Wolper Law Firm encourage extreme caution when approached with the opportunity to participate in conservation easement for tax purposes. Lead attorney, Matthew Wolper, explains, “The tax deductions seen in conservation easement fraud are far greater than what is allowed. The likelihood of facing an audit by the IRS is high.”
About Wolper Law Firm
Wolper Law Firm has a team of experienced conservation easement lawyers. With decades of experience in trial and securities law, the attorneys will use their knowledge to fight for their clients in any conservation easement lawsuit. Wolper Law Firm boasts a 99% success rate and is dedicated to providing excellent legal representation to its clients. The firm prides itself on transparency, trustworthiness, and honesty. Contact Wolper Law Firm at 954.406.1231 or (toll free) 800.931.8452.
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