Bloomberg Law Quotes Carolyn Schenck on IRS’s Newly Formed Office of Conservation Easements

The IRS is easing its approach on abusive conservation easements in its latest attempt to stamp out the tax arrangement that’s vexed the agency for almost a decade.

The IRS Wednesday said it was ending a settlement offer announced earlier this year, which intended to reduce the amount of syndicated conservation easement cases clogging the US Tax Court. The agency is instead creating an Office of Conservation Easements to coordinate policy, enforcement, and resolution of these cases.

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The new office will work with conservation and historic preservation groups, tax practitioners, taxpayers, and other stakeholders to coordinate conservation easement policy and enforcement. The IRS said it will work with the Treasury Department to evaluate possible administrative and legislative solutions.

“A different settlement tone doesn’t mean it might be better,” said Carolyn Schenck, a Member at Caplin & Drysdale and former IRS counsel. “It just might be different.”

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