NACVA’s Masten also testifies
“We acknowledge…that the Statute does not define ‘more likely than not’ and that forthcoming regulations will provide further guidance on this standard,” said Lari Masten, current chair of NACVA’s Executive Advisory Board, who testified before the same IRS panel. NACVA suggests the IRS develop, with the aid and input of all four credentialing organizations, a [...]
ASA asks IRS to eliminate Letter 4477 and establish due process for appraiser penalties
Last fall, we reported on the “dangerous” implications of Letter 4477, the IRS internal memorandum that would permit IRS agents and examiners—even those lacking BV accreditation or appraisal experience—to issue a penalty citation without consulting the appraiser or a Field Specialist Engineer (see BVWire™# 85-3). The American Society of Appraisers requested a formal meeting with [...]
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