“For those of you who practice in the tax arena, the IRS has announced some proposed changes to Circular 230,” says Linda Trugman, chair of the ASA’s BV committee, in her most recent e-update to members. Review of the proposed amendments suggests “that the IRS does not consider appraisers to be practitioners after all, which may mean that we do not need PTINs (Preparer Tax Identification Numbers),” Trugman says. “Of course these are only proposed regulations so it’s impossible to tell what the next step will be.”
ASA active in two additional legislative areas. The ASA is also still working on the “appraiser as fiduciary” issue with the Department of Labor. Although the DOL has not reintroduced its proposal to treat appraisers as fiduciaries, “we are trying to ‘cut them off at the pass’ by pushing forward a legislative alternative,” Trugman reports.
Finally, the ASA’s BV standards subcommittee is currently drafting a letter to the Appraisal Standards Board (ASB) in response to the second exposure draft of the 2014-2015 USPAP. “Once the BV committee has reviewed and approved it, it will be posted for the membership,” Trugman tells ASA members. “Just as a reminder, the more our voices are heard, the more likely we will have some influence on the process and the final version of the standards. So, please take the time to read the latest exposure draft and comment by October 5.”
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