The California Franchise Tax Board has issued a notice that provides taxpayers with the opportunity to resolve potentially problematic syndicated conservation easement tax issues with reduced penalties. FTB Notice 2023-2 provides a closing agreement such taxpayers can use to take advantage of this opportunity, but they must do so by November 17, 2023. It is a helpful reminder that conservation easements may be a state tax issue for many taxpayers as well as a federal tax issue.
Hat tip: EO Tax JournalTax Notes.
Lloyd Mayer
