In a letter to the IRS, the National Association of Certified Valuation Analysts (NACVA) asks the agency to include its Certified Valuation Analyst (CVA) credential as an approved qualified appraiser designation in Section 170 of the tax law. Section 170 requires any charitable contribution of property valued in excess of $5,000 to be substantiated on the tax return with a qualified appraisal. In proposed rules, the IRS did not explicitly state what designations would meet the definition. NACVA CEO Parnell Black, Rebekah Smith, executive advisory board chair, and Mark Hanson, standards board chair, signed the letter.
This past November, the CFA Institute, the American Society of Appraisers (ASA), and the National Association of Independent Fee Appraisers (NAIFA) asked the IRS to consider recognizing the designations they offer, such as the Accredited Senior Appraiser (ASA), Chartered Financial Analyst (CFA), the Independent Fee Appraiser (IFA), and others.
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