IRS resets bond challenge.
 

Copied from The Daily Sun 5/18/2012
STAFF REPORT

The Villages- Supervisors with the Village Center Development District were advised Thursday morning that the Internal Revenue Service is resetting its challenge into whether the District was entitled to tax exempt status on bonds issued from 1993 to 2004.

District Manager Janet Tutt advised that IRS officials filed a request for new information, which essentially restarts the IRS query, and Tutt said they could request even more information later, which would force the process to be repeated again.

"It's interesting they keep requesting information, some of which is duplication," Archie Lowry, the boards attorney said to supervisors.

Tutt said one positive is that IRS agents acknowledged for the first time in four years of investigations that amenity fee revenue stream is a valid aquired asset; however, there are still disputes.

"They (IRS) continue to double-count expenditures,and single count revenues," Tutt told supervisors.

District staff will revise its previous analysis and resubmit it to the IRS.

(The above copied from Friday's Daily Sun for those off campus. GG)

Thanks for your post, Gracie!

Bill :)

An update was posted on the VCDD site on 5/17. I think new information is at the end of the posting.
http://www.districtgov.org/images/IR...%205-17-12.pdf

Irs
 

Can someone who has studied this issue break it down as to what the possible consequences are to individual homeowners pls...I am new and not Privy to this situation....

:welcome:
If you search the forum you will find 100s of posts and 100s of opinions.

After reviewing most I still bought a lot...

Couldn't find a LIKE button. Anyway LIKE.

The POA web site has some easy to understand explanations as published in their newsletter.
Property Owners, Association of Florida

impact?
 

Thanks, I read the info and still see their is NO actual stated impact of a negative ruling against vcdd..There is vague reference that "we may not be able to provide amenities.....", with nothing being very specific...Seems the crux of the issue is the developer's relationship with vcdd..? I guess this will be just another governmental way to line a lot of attorney's pockets...I know this is oversimplified...And is extremely complex in nature...

Although there have been subsequent developments, the following article, which examines the potential impact on residents, remains valid today:
http://www.poa4us.org/bulletins_file...etin200908.pdf

:posting:

Sounds like Government IRS incompetance if they keep asking for the same thing over and over, even after being provided the requested info.

Hmmmm and 16,000 more of these IRS idiots just to deal with Obamacare.

Lord help us!

Does a reset mean that the IRS is going to take a different approach to gaining discovery? It is not a good sign that they continue with this investigation

impact?
 

I don't get it..the link to the newsletter says NOTHING...It's jjust a discussion about what is going on...It seems everyone involved has failed to identify the impact..Only veiled threats..Very suspicious to me...then I don't trust any government,whether it is local or National...

It is doubtful that the IRS is going to walk away and leave hundreds of millions of dollars on the table.

Nobody trusts the government. The government is incompetent.

It is the developer that is accused of wrongdoing, not the government.

This will probably be moved to political but hey, the IRS and the government leaves money on the table every day.

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Hi rp,
I think a clear-cut answer has not been provided because one does not exist. It would be similar to asking the impacts of a proposed bill or upcoming Supreme Court ruling, before the bill or ruling is written. Answers are necessarily speculative.