Reminder: Comments due February 24 on proposed IRS Circular 230 regs

BVWireIssue #269-1
February 5, 2025

tax valuations
estate and gift tax, estate valuation, estate & gift, federal taxation, internal revenue service (IRS), featured article

The IRS is continuing to accept public comments on proposing changes to its Circular 230 that will strengthen its ability to disqualify appraisers who do tax-related valuations. The changes are in proposed regulations that were published Dec. 26, 2024, in the Federal Register that update the rules for certain tax professionals (click here to access—see Paragraph L for the appraiser provisions).

Among other changes, under the proposed regulations, “all appraisals submitted in an administrative proceeding should conform to the substance and principles of the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Standards Board of the Appraisal Foundation or the International Valuation Standards (IVS) promulgated by the International Valuation Standards Council.”

February 24 is the deadline for comments (electronic or written), and that is also the deadline for requests to speak at a public hearing, which is scheduled for March 6. Details on submitting comments and requests to speak are in the Federal Register document, which is available if you click here.

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