IRS Updates?
 

I recently checked the Village Community Development Website to check for updates to the ongoing IRS audit. It looks as though nothing has been updated since January. Has anyone heard anything more about a possible IRS ruling on the matter?

What's up with the audit??

There have been no new updates on the IRS situation in several months, that i am aware of, but it is definitely ....................."The Elephant In The Room"

:confused:

This is one reason I do not like our government. There is no way it should take this long to figure out. The people of TV have a right to have this resolved IN THEIR FAVOR as soon as possible. Sometimes I wonder does the government just keep things going to make them more expensive and therefore citizens settle.

I look for new info daily and the latest I have seen was dated January. Remember the IRS problem is about the VCCDD selling tax free bonds to buy things like the Savannah Center from the developer.

Go to,

http://www.poa4us.org/bulletins_file...etin201007.pdf

And read “Use if the Savannah Center” it starts on page 1.

It should never have happened. Who ever sold the bonds should have obtained a private letter ruling and determination BEFORE the bonds were sold. That being said, the people of TV had nothing to do with this. The government should drop all claims before now and issue a ruling on future bonds.. PERIOD! Come on.. be fair!!

Will this cost residents Money, and how?

If you do a search on "irs issues" or "vcdd bonds" you will get enough information and opinions to keep you busy all day just reading the posts. And most of your questions will be answered.

Totally agree, who sells bonds without first knowing the tax ramifications??The people of TV had nothing to do with this,BUT in the end, they will pay the cost of any IRS decision, it certainly won't be the developers. Also.................. I don't believe the word "Fair" is part of the IRS vocabulary.

If the Govs can drop the voter intimidation investigation for "lack of evidence", they can surely drop this IRS harassment of the people of TV for lack of "fairness".

Please JimJoe,...... no more applications of using common sense, we are dealing with the U.S.Gov't here.How are they going to pay for the 16,500 additional IRS auditors they are planning to hire at a taxpayer cost of $10,000,000,000?????!!!!!!!:police::confused:

KB, by reason of your posts in this thread and elsewhere, it appears to me that you need to be "enlightened" about the ownership and governance of property in TV.

First and foremost allow me to respectfully point you to the sample Covenants and Restrictions for the Villages of Lake Sumter which is posted in the nuts and bolts section of this forum.

Section 4.1 of that document clearly states that the purchase price is solely for the purpose of the homesite and not any of the amenities. Furthermore it states that those amenities are owned by the developer and anyone he chooses to assign or sell them to in the future. But by contractual agreement each homeowner is entitled to use those amenities and is required to pay for the services needed to maintain them. However, that fee is contractually limited annually to no more than the consumer price index.

That the developer set up two special CDD's (one north of 466 and the other south of it) and placed all of the amenities that he owned under those two jurisdictions should be of no concern to any current or prospective TV homeowner. And the fact that he decided to sell some of those amenities to the CDD for a hefty profit instead of leasing them to those CDD's as he had been doing in the past is his business too. But the IRS has decided to make it their business simply because the money raised to pay the developer for those amenities (golf courses) was raised with federal tax free bonds issued by those two CDDs and that is the basis of their objection.

In the end, regardless of the settlement with the IRS, no TV homeowner will be ‘paying for it’ as you and others have suggested. Those two CDD’s have no taxation power over TV homeowners and any Amenity Fee increase is contractually limited to the consumer price index.

As for governance of the rest of TV, as far as I know, the 4 homeowner CDDs north of 466 are now fully controlled by the homeowners in those CDDs. They elect members to serve on the board of trustees who then establish the budgets to maintain the common grounds (landscaping, groundwater control, etc.) which then sets the annual CDD maintenance fee charged to the homeowners in those CDDs. And the IRS has had no problems with the bonds issued for those CDDs and the way they have evolved as well they shouldn’t.

You are entitled to your opinion, but if you decide to voice it here, it would be more courteous to point out facts to support it.

EdVinMass
Pretty good explanation coming from a resident of Stonecrest.

Who will Pay the IRS?
 

EdVinMass,
If no TV residents will be paying the IRS and if the IRS rules against the CCDs who will pay the taxes owed? It seems the CCDs primary source of income is the amenity fees and if it can not raise the amenity fees (contractually) how will the IRS get paid? Will the CCDs sell assets (golf courses, rec centers etc..) to pay the amount due?

Sounds to me like it would be the entity that made the profit on the sale. Developer??