IRS wants $1.5 million from TV

[The Shadow]

IRS latest news, posted in the online DUI news.

District supervisors voted Thursday to offer $300,000 to settle the dispute, which centered on whether $426 million bonds issued by district between 1993 and 2004 were allowed to be tax-exempt. The IRS asked for $1.5 million to settle the issue. SNIP.....

http://www.**************.com/irs-wants-1-5-million-for-villages-settlement-district-offering-300000/

By the way the link never works for the online paper.

[The Shadow]

This communication does not appear on the CDD web page “IRS Updates”.

How did the online paper get this information before it was posted????????

[CWGUY]

This communication does not appear on the CDD web page “IRS Updates”.

How did the online paper get this information before it was posted????????

Front page today's "Daily Sun". What paper do you read? :boom:

[twoplanekid]

As I am not down in the Villages until the end of December to read the Daily Sun and as the online paper only say District Supervisors voted to offer $300,000, which District Supervisors proposed and then voted for this amount? Our elected officials (residential Districts Supervisors) are involved?

[gomoho]

$300k to settle a 1.5 million debt. Take it and run.

[The Shadow]

Front page today's "Daily Sun". What paper do you read? :boom:
See post #1.:boom: :boom:

[Bogie Shooter]

As I am not down in the Villages until the end of December to read the Daily Sun and as the online paper only say District Supervisors voted to offer $300,000, which District Supervisors proposed and then voted for this amount? Our elected officials (residential Districts Supervisors) are involved?

Our supervisors not involved.
It is The Viilages Center Community Development District that is dealing with this issue
Go to Village Community Development Districts (http://www.districtgov.org) , for all the history.

[Bogie Shooter]

$300k to settle a 1.5 million debt. Take it and run.

That would be up to the IRS.

[njbchbum]

$300k to settle a 1.5 million debt. Take it and run.

Do you really think the IRS will settle for $300k when they want $1.5 million - regardless of how much they might want to have this settled and out of the way?

[CWGUY]

See post #1.:boom: :boom:

Read post #2. You wrote it. You asked a question - I answered it. What is the problem? :blahblahblah::blahblahblah::blahblahblah:

[fred53]

Do you really think the IRS will settle for $300k when they want $1.5 million - regardless of how much they might want to have this settled and out of the way?

what the IRS will take for a settlement....

[mtdjed]

So in the end the IRS is admitting it is wrong if they are willing to settle for $1.5 Million. Will be interesting to see why they think that is required and for what. The offer to settle by TV at $300K. Perhaps they can offer the IRS a Villa where the IRS can hold their parties.

[manaboutown]

I found the comments quite interesting. One outlined the timeline of events and alleged that one individual or entity scooped up many of the tax free bonds at substantial discounts and then sold them back at par when they were redeemed, making a bunch of bucks.

The lawyer fees may end up amounting to more than the IRS eventually obtains in settlement but IMHO the lawyers have earned their pay.

[The Shadow]

I found the comments quite interesting. One outlined the timeline of events and alleged that one individual or entity scooped up many of the tax free bonds at substantial discounts and then sold them back at par when they were redeemed, making a bunch of bucks.

The lawyer fees may end up amounting to more than the IRS eventually obtains in settlement but IMHO the lawyers have earned their pay.
Amount of legal fees that have been expended on the IRS audit of the Village Center Community Development District Recreational Revenue and Utility Revenue Bonds.

Since March 2008 through November 12, 2015, the fees expended are as follows:
Archie Lowry $69,053.33
Lewis Stone $ 2,640.00
Bruce Serchuk $ 41,451.50
Perry Israel $387,068.75
TOTAL $500,213.58

[2BNTV]

IRS lost the original lawsuit but wants 1.5 million to settle remaining issues.

TV countered with 300K. The DS article says the CDD is still willing to fight as it thinks, it never did anything wrong. Will the IRS settle for 300K?

Stay tuned...............it's not over until the fat lady sings but she is warming up her vocal cords.

I wonder if Lauren Richie has anything to say about the IRS losing it's main case.

[Challenger]

This forum seems uncharacteristactly quiet. Where are all of the doomsday predictors amd conspiracy theorists? Where is Lauren Richards ?

Just a shame that a party must spend $500,000 to prove they were not wrong in their actions.

[rubicon]

I wonder if VLSI is contributing to this settlement amount? They should they controlled the buy/sell agreements including how VCCDD would leverage the deal

[coach]

This forum seems uncharacteristactly quiet. Where are all of the doomsday predictors amd conspiracy theorists? Where is Lauren Richards ?

Just a shame that a party must spend $500,000 to prove they were not wrong in their actions.

I agree completely. Seems like only last year there were several very vocal posters who claimed the developer was a crook, that the homeowners would be liable for millions and that anyone who suggested that we let it work itself out was guilty of putting our head in the sand. Where are you now?

[twoplanekid]

As we paid our lawyers ½ million, I would hope we would be on the winning side! We saved $300,000 from not stripping to now payoff the IRS. Good deal!

[outlaw]

You can fool some of the people all of the time...

[The Shadow]

This is the 2009 proposed IRS settlement that was rejected by TV.
WASHINGTON - The Internal Revenue Service is urging two community development districts in central Florida to settle tax law violations relating to tax-exempt bonds issued for The Villages retirement community by redeeming $355.35 million of them, paying the federal government at least $2.85 million, and agreeing to refrain from issuing any more tax-free bonds. SNIP.....

IRS Proposes CDD Bond Settlement | The Bond Buyer (http://www.bondbuyer.com/issues/118_104/-304059-1.html)

[Challenger]

Lauren---- I can't hear you (probably just as well)

[golf2140]

In the old days they would call this a shake down !!!!!!!!!!!!!!

[2BNTV]

How about the IRS admits they were wrong and gives the CDD's 2 million for wasting our time and another 2 million in punitive damages as this issue has upset many people.

Where is the article from Lauren Richie admitting her reporting was less than perfect.

As for me, I never worried this was going to be a big issue, as it would never stop me from moving to TV. :smiley:

BTW - I would take the 2 million, if offered. :D