The Villages IRS Problem

You may or may not have heard that the IRS recently has asked The Villages to pay back about $355 million in loans it has received through the use of tax free bonds (a.k.a CDD’s…if you own my book you know what I’m talking about…there is a whole chapter devoted to this topic) to pay for the development and construction of just about everything in The Villages.

Golf courses, town centers, recreation facilities, and more were all built using this money. About the only thing the money wasn’t used for is to build the homes that are in The Villages. In addition the IRS wants nearly $3 million in back taxes.

While this type of arrangement is perfectly legal under Florida’s Special Districts laws (there are more than 500 other special districts in Florida), the IRS is challenging the legality of how closely the special districts are controlled.

While it’s still too early to tell how this will all play out and what will happen, you can follow the latest developments right here by following the links to various articles and forum threads about this topic.

NOTE: When you order my book and register your copy you will be sent updates automatically as important developments occur with this issue.

Recent articles about this topic:

“Villages CDDs Get Proposed IRS Settlement – TopRetirements.com June 2, 2009

http://www.topretirements.com/blog/active-adult-communities/villages-cdds-get-proposed-irs-settlement.html/

“What Ifs” for The Villages in IRS Fight – Orlando Sentinel Commentary May 31, 2009

http://www.orlandosentinel.com/news/local/lake/orl-lklauren-ritchie-villages-bond053109may31,0,4067907.column

Pay off $355 million, IRS tells The Villages – Orlando Sentinel May 30, 2009

http://www.orlandosentinel.com/news/local/lake/orl-villages-tax-problems-053009,0,6055966.story

What’s worse for The Villages – the IRS or the media? – Orlando Sentinel Commentary May 30, 2009

http://blogs.orlandosentinel.com/lauren_ritchie_lakecounty/2009/05/whats-worse-for-the-villages-the-irs-or-the-media.html

The Villages Under IRS Investigation – Leisureville USA September 11, 2008

http://andrewblechman.blogspot.com/2008/09/villages-under-irs-investigation.html