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Latest revision as of 14:24, 15 October 2024

Through the proposed DTC / GST legislations, the government has acknowledged the need for new revenue system nevertheless the proposed new laws apparently appear to be even more complicated then this current one.

Structured Entity Tax Credit - The internal revenue service is attacking an inventive scheme involving state conservation tax breaks. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually expended and a K-1 is issued to the partners who then take the credits for their personal pay back. The IRS is arguing that there isn't a legitimate business purpose for the partnership, it's the strategy fraudulent.

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