A report from the Internal Revenue Service Advisory Council (IRSAC) recommends that the IRS evaluate whether it should follow the principles of the Uniform Standards of Professional Appraisal Practice (USPAP) “in broad valuation contexts by taxpayers and the IRS alike.” It also recommends that the IRS consider whether compliance with USPAP would be helpful in evaluating the competency of expert witnesses and outside valuation experts. The relevant section in the report, which is long, is titled “Issue Three: Generally Accepted Appraisal Standards in IRS Valuations” and starts on page 118.
The 2018-19 version of USPAP is now available from The Appraisal Foundation and has enhanced features available in both print and electronic versions.
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