Forbes has published an article, “CPAs Should Steer Clear Of Syndicated Conservation Easements,” which discusses the Department of Justice’s response to the syndicated conservation easement (SCE) industry. The article begins as follows:
DOJ is sending a message to tax professionals – particularly CPAs – who are involved in the syndicated conservation easement (SCE) industry. The message is “Be afraid. Be very afraid.” That is my reading of a recent press release about Georgia CPA Herbert E. Lewis indicted for SCE schemes involving fraudulent charitable contributions.
DOJ releases like to lay it on thick noting that Lewis is indicted on one count of conspiring to defraud the United States, 24 counts of wire fraud, 32 counts of aiding and assisting in the preparation of false federal tax returns and 5 counts of filing false federal tax returns. They go on to add that he faces five years on the conspiracy charge, twenty years on each wire fraud count, three years on each aiding and assisting count and three years on each false filing count. You can do the math if you want. It runs into centuries
Click here to see full article: “CPAs Should Steer Clear Of Syndicated Conservation Easements.”
Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.