Has the IRS forgotten us?
 

What now?

No. It may be hard to believe, but they have other cases as well. And since the VCDD filed a response, it will take some time to evaluate it.

Curious, what's this about?

Didn't you guys hear? The IRS delay is because their computers crashed and they can't recreate any of their e-mails.......:D

IRS has a long memory and they never sleep.....

Yeah. I don't want to **** them off. They are gonna come after you if they don't like your views on things.
As the little boy in the commercial says...DIS-GUSTING.

The IRS inquiry began in January 2008. Readers can do the math.

:agree: It will be many years before this issue comes to a resolution.

Gary Morse has the money and lawyers to fight this issue, tooth and nail.

I will revisit this issue in 25 years. :D

According to the CDD's website, the developer will not turn over the amenities south of CR466 until the IRS inquiry is over. It is doubtful he will wait 25 years to collect his money, which could amount to millions of dollars.

The district has already spent close to one million dollars on Attorney Israel, according to Janet Tutt. This expense is supposed to be reported to the districts monthly.

Could someone explain this in lay mans terms? I don't speak "lawyereese". Jan mentioned amenity fees from south of 466a, I live there and don't know what this IRS dispute is about. Thanks so much. :)

The bond rating agencies are where the IRS and SEC ought to be investigating. Bond sales are supposed to be federally regulated, are they not?

Here's an example of their "A" rating assigned to CDD District 5 built in 2002:

Fitch Rates Village CDD No. 5 (FL) Special Assessment Bonds 'A'; Outlook Stable | Business Wire

"CDD No. 5 is an independent municipal entity with a representative board elected by residents. Fitch believes the district's independent governance structure insulates it from a recent tentative IRS finding that the commercial Village Center Community Development District (VCCDD) is not a 'political subdivision' of the state."

See post #9.
Or do a search on IRS.

Google search, IRS rules against The Villages

Slight problem here. Our amenity fees are being used to fight this, not Gary Morse.

Yes, unfortunately.

The IRS does not forget. They just let the interest on your case build up and then contact you a year later with the new interest charge.

Alt least that is what happened to me.

Z

As long as the district boards are dominated by agents of the developer, they will vote to cover the legal fees. The district boards will not be turned over to the homeowners (south of 466) until the irs issue is settled.

Slight problem here also. The central districts will never be turned over to the residents.

The district boards had a discussion on Wednesday before deciding to refinance bonds as early as September 8, and they discussed the situation with the IRS.