What kinds of actions are the IRS taking against appraisers
There are none against business appraisers as this date, under the vague and far reaching terms of Circular 230. ”Most are against real property people, doing conversation easements,” said Karen Hawkins, head of the IRS’ Office of Professional Responsibility. “We have appraisers doing creative things with hunting trophies and things like that.” Hawkins says that [...]
Live from NACVA: Appraisal review can improve work product…and create new business opportunities
“The first time one of my reports went through review, I called the office and said ‘stop the presses’ on other reports going through,” laughed Aaron Caya (Director of Doreen Mayhew’s Litigation Support & Forensic Services Group, caya@doreen.com). “You can always improve the quality of your own work product. “ But, learning to provide review [...]
FLP experts take at in-depth look at complicated ownership arrangements
Discounts for lack of marketability and adjustments for minority interests are tough enough, but when the when limited partnership structures get complicated, with multiple ownership “tiers,” these adjustments can take on a life of their own. On May 27, William Frazier (Howard Frazier Barker Elliot) and John Porter (Baker Botts) will address these valuation challenges [...]
Estate and gift tax valuations: insights from inside the IRS
In the past three years, we’ve seen an average of 5 to 7 new family limited partnership (FLP) cases per year, primarily in the estate tax context but also the gift tax and even the state tax and divorce arena. We’ve also seen increased IRS oversight of appraisers in particular and tax preparers in general—for [...]
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