Don t Panic If Taxes Department Raids You: Difference between revisions
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Revision as of 10:20, 22 October 2024
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Structured Entity Tax Credit - The internal revenue service is attacking an inventive scheme involving state conservation tax credit. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually burnt up and a K-1 is issued to the partners who then consider the credits on your personal pay back. The IRS is arguing that you cannot find any legitimate business purpose for that partnership, so that the strategy fraudulent.
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