IRS Discloses Plans for Activities on Easements

By Caitlin Jones & A. J. Johnson
July 25, 2008 2 min read

THE IRS’ OFFICE of Exempt Organizations (OEO) has issued “implementing guidelines” outlining its plans for action in various issue areas in the fiscal year (FY 2008) ending 9/30/08. One area is conservation easements, which include easements on historic properties that generate federal tax deductions for the holders of such easements. (For background on historic easements, see Tax Credit Advisor, March 2007, p. 21.)
         OEO said it will continue to examine a sample of tax-exempt organizations that receive conservation or facade easements, and develop a conservation easements determination guide sheet. These guide sheets will provide direction to IRS “determination specialists” in what to look for in reviewing applications from certain entities.
         OEO said it will also design a compliance check project to evaluate a cross section of the conservation easement population, to be implemented in FY 2009.
         OEO said that it began in FY 2007 to examine organizations possibly promoting overvaluations of conservation and facade easements. “Our goal is to ensure that these exempt organizations do not act as accommodation parties to improper charitable contribution deductions and that they properly monitor the easements they receive,” the OEO guidelines state.
         (http://www.irs.gov/pub/irs-tege/fy08_implementing_guide lines.pdf )

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