Is the Dispute with the IRS Finally Over?
 

According to today's Daily Sun The VCCDD scores a major victory over the IRS. This dispute, if you have been following it, has been going on for almost eight years. There are several Threads on this if you use the TOTV search engine.

As a former government employee, I can say, the Government has got all the time in the world. When you get rid of one "over ambitious" bureaucrat another takes their place.

The article in the Daily Sun ends with a quote---"the IRS examination has yet to be concluded". Perhaps someday the dispute will be over.

I got an alert a little after 9:18am. The key part for me was that the IRS said it will not seek retroactive monies and that means we do not have to worry about being assessed to pay off what was owed to the IRS. They also mentioned that the new definition of a Political subdivision or whatever it is called, encompasses The Villages so it looks good for us. The article also states that this ruling will alleviate the concern of existing and new home buyers.

I never thought that the IRS would pursue this to the end. It would not look good to make a decision that impacts a heck of a lot of retired people. We could always do like the Scientologist did when the IRS tried to pull their tax free status. They had all 30,0000 members file a lawsuit against the IRS which forced the IRS to relent rather than spend the time and money to fight all 30,000 cases. Imagine what we could do if we adopted that strategy. :)

Are the new bonds being issued still tax exempt?

Is it over? I doubt it; but it does look more favorable for residents.

Most of the information in the Daily Sun article comes from Janet Tutt.

I'm retired now and have a little more time to do things than I had in my previous working life. This sounds fun.

No, they've been offered as "taxable."

No, the new bonds are being issued as taxable ones.

No problem for the developer either way (new bonds). The new home buyers are on the hook for interest and principal, so what does the developer care if the interest is a point or two higher? It is the buyer who carries the load!

Didn't they just issue new taxable bonds replacing some of the old tax exempt bonds saving us mucho dinero?

IRS after another conservative group. Government gone wild

It certainly didn't help that the developer supported W and then Romney and now Jeb

and it certainly wasn't right that our amenities fees financed this dispute when it is the worse kept secret that the only one who controlled the exchange of facilities for money was the developer and yet the developer reigns supreme to this day. i mean there are pages and pages on the district paying for the illegal cutting of trees yet this dispute cost and is costing us substantially more?

I for one hope that it is finally over and we can put it in the past

Let's stay on topic and keep politics out of the discussion or the thread will be closed.

Moderator

The letter from Janet Tutt to VCCDD Board of Supervisors explaining it, dated 6/22/15 is here....

http://www.districtgov.org/images/IR...%206-23-15.pdf

And all updates on the IRS matter are here:

Village Community Development Districts

It's not the first time the IRS has gone on the attack, and you know, they could be wrong at times.

Thanks for the links