The annual two-day Forensic and Valuation Conference hosted by the Virginia State Society of CPAs is one event we never miss. This year, we were happy to see some younger practitioners joining the veteran and well-known speakers in presenting the sessions. Conference chair Harold Martin (Keiter) acted as host and thanked a task force in putting the event together, which was also livestreamed to state CPA societies in New Jersey and Connecticut. Here are a few key points from all of the sessions. There will be a full recap in the November issue of Business Valuation Update.

• A mild recession is still expected in the U.S. for 2024;
• Valuations for estate and gift tax purposes may no longer be low risk due to fallout from an IRS crackdown on easement appraisers;
• Estimating personal goodwill is all about jurisdiction—and having a documented framework of thinking that backs up your opinion;
• Make sure you analyze CPT codes when valuing medical specialty practices—they drive several important aspects of a valuation;
• The stakes can be high for estimating reasonable compensation—is the average appraiser really qualified?
• On the witness stand, “redirect is your friend,” so don’t struggle to say all you need to say during cross-examination;
• Rules of thumb should “absolutely” always be used—but only as a sanity check and because clients will always ask about them; and
• When Monte Carlo is used to analyze financial projections, consider reducing the DCF discount rate due to shifting of risk analysis.