IRS Examination Over!!!

[2BNTV]

Today's DS front page article, the CDD wins the long running dispute with the IRS.

1. IRS charge the CCD overpaid the developer for recreation amenities north of 466.

Ruling was the CDD actually underpaid for the facilities with the developer getting less than market value.

2.The CDD lacked jurisdiction as a Florida subdivision to issue tax exempt bonds.

Ruling was CDD solidified it's authority, under state law.

3. IRS claimed the manner in which the recreational facilities were operated made them taxable. The IRS issued an offer to settle the remaining question for 1.5 million dollars. The Village Center supervisors unanimously refused that settlement at a November, 2015 meeting. Supervisor Gary Moyer stated at the time, "The IRS still fails to understand some of the most basic facts of how our community works.

The IRS is closing the examination with no penalty.

I for one was never worried this IRS examination would severely impact the decision to buy here. I am sure that some people felt this was a large dark cloud hanging over TV.

I wonder if Lauren Richie will report this objectively now that the IRS has lost. I am also sure someone will complain that a lot of our money was spent fighting this issue.

As the kids say, "it is, what it is".

[Sandtrap328]

It is too bad that Gary Morse did not live to see this happy day!

You can bet that Lauren Richie will put her 2 cents in and it will be all about how Villagers' money got misappropriated for the defense of "The Developer".

[2BNTV]

It is too bad that Gary Morse did not live to see this happy day!

You can bet that Lauren Richie will put her 2 cents in and it will be all about how Villagers' money got misappropriated for the defense of "The Developer".

That would have been nice. :smiley:

A brilliant businessman who built this wonderful community along with his family.

[Gpsma]

Sometimes it is a good thing to have IRS oversight and audits. It keeps business on their toes and makes sure they follow the law. No one, even the esteemed and beloved developer, should be exempt.

[justjim]

Sometimes it is a good thing to have IRS oversight and audits. It keeps business on their toes and makes sure they follow the law. No one, even the esteemed and beloved developer, should be exempt.

I would just rather let a sleeping dog lie. It is rare that an IRS audit is good.

[ColdNoMore]

Sometimes it is a good thing to have IRS oversight and audits. It keeps business on their toes and makes sure they follow the law. No one, even the esteemed and beloved developer, should be exempt.

Yep, checks and balances are always good things.

[Fredster]

Sometimes it is a good thing to have IRS oversight and audits. It keeps business on their toes and makes sure they follow the law. No one, even the esteemed and beloved developer, should be exempt.

I'd agree with you, but only if we had better oversight of the IRS!

[Challenger]

Today's DS front page article, the CDD wins the long running dispute with the IRS.

1. IRS charge the CCD overpaid the developer for recreation amenities north of 466.

Ruling was the CDD actually underpaid for the facilities with the developer getting less than market value.

2.The CDD lacked jurisdiction as a Florida subdivision to issue tax exempt bonds.

Ruling was CDD solidified it's authority, under state law.

3. IRS claimed the manner in which the recreational facilities were operated made them taxable. The IRS issued an offer to settle the remaining question for 1.5 million dollars. The Village Center supervisors unanimously refused that settlement at a November, 2015 meeting. Supervisor Gary Moyer stated at the time, "The IRS still fails to understand some of the most basic facts of how our community works.

The IRS is closing the examination with no penalty.

I for one was never worried this IRS examination would severely impact the decision to buy here. I am sure that some people felt this was a large dark cloud hanging over TV.

I wonder if Lauren Richie will report this objectively now that the IRS has lost. I am also sure someone will complain that a lot of our money was spent fighting this issue.

As the kids say, "it is, what it is".

The silence from the conspiracy theorists will be ---silence. Audits are a valuable tool for legitimate purposes, but they can be used to persecute! IMHO this was one of times.

[dewilson58]

Is the fat lady really singing???

[Gpsma]

As George Bush was President when this audit began no one can say this was some political vendetta against a Republican businessman. This simply was the IRS seeing smoke and investigating.

Everyone should be thankful for their diligence.

[ColdNoMore]

Is the fat lady really singing???

\\\\

[graciegirl]

Well, all's well that ends well.

[manaboutown]

Happy and relieved to hear the result. Please do not forget to thank the LAWYERS who represented the district. They did a great job!

[JP]

It would be interesting to know how much The Villages AND the government spent on investigating and defending this IRS investigation. I bet it is in the $millions. Sick.

[tommy steam]

I think we are all glad this finished. My question is, now can we write off the bond on our income tax now that he IRS found no wrong doing? I never claimed them on my taxes before, as I understood you could not, has it changed?

[biker1]

In the case of the Government, the cost has to be measured in how much revenue they could have recovered by successfully going after someone else. The salaries were paid regardless of who they were investigating. In the case of The Villages, presumably outside council was retained and that would be real money that could have been spent on something else.

It would be interesting to know how much The Villages AND the government spent on investigating and defending this IRS investigation. I bet it is in the $millions. Sick.

[Sandtrap328]

I think we are all glad this finished. My question is, now can we write off the bond on our income tax now that he IRS found no wrong doing? I never claimed them on my taxes before, as I understood you could not, has it changed?

No, you cannot.

[tommy steam]

Ok ,I was just hoping, lol . Thanks

[Bonny]

Never a doubt! :thumbup:

[dewilson58]

I think we are all glad this finished. My question is, now can we write off the bond on our income tax now that he IRS found no wrong doing? I never claimed them on my taxes before, as I understood you could not, has it changed?

:popcorn: