The IRS has set many tax deductions and benefits in place for individuals. Unfortunately, some taxpayers who bring home a top level of income can see these benefits phased out as their income climbs.



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Structured Entity Tax Credit - The government is attacking an inventive scheme involving state conservation tax breaks. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually expended and a K-1 is disseminated to the partners who then consider the credits on the personal revisit. The IRS is arguing that there isn't legitimate business purpose for the partnership, so that the strategy fraudulent.

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B) Interest earned, instead of paid, throughout a bond year, must be accrued at the conclusion of the bond year and reported as taxable income for the calendar year in that this bond year ends.

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