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Letter to the Editor: Commentary on Recent Statements by the IRS Regarding the Change to Appraisal Reviews

Former IRS manager Michael Gregory comments on recent statements from the IRS and ASA concerning a key issue with appraisal reviews prior to imposing a civil money penalty for valuation misstatements under IRC Section 6695A.

IRS addresses fears over change in appraisal reviews

Earlier this year, the IRS issued a memorandum that described changes to the way the IRS reviews appraisals prior to imposing a civil money penalty for valuation misstatements under IRC Section 6695A.

Control Discounts and Premiums - What is Old and What is New

Where do they come from? Do they even exist? Should I fear using them? No, this October event doesn’t delve into the supernatural but rather attempts to demystify the methods and resources available to quantify control discounts and/or premiums. Join Jim Ewart and Jim Alerding to learn what is new, what is old, and what matters. Learn the sources, context, and usefulness of control premiums and discounts, and the best practices for determining what they ...

How COVID-19 Is Impacting the IRS and Valuation Audits

Still reeling from the effects of the government shutdown and budget cutbacks, the pandemic has dealt another blow to the IRS that has affected how the agency selects and reviews tax returns that include valuations. A former IRS manager who dealt with valuations at the agency gives some interesting insights.

Masterclass in Normalizing Compensation

Three nationally known experts will explain how to determine reasonable compensation amounts. The principal author of the Job Aid, Mike Gregory, will explain the “IRS Job Aid on Reasonable Compensation” and share case studies with many tips and traps. One of the foremost national experts on reasonable compensation, Stephen Kirkland, will share insights and sources to help determine reasonable compensation for your clients. Paul Hamann will show how easy it is to use RCReports to ...

IRS deals with triple whammy as it reviews valuations

The government shutdown, budget cutbacks—and now the pandemic—have impacted the IRS and how it selects and reviews tax returns that include valuations.

Valuation of Inventory: Taking Stock of the Guidance

Given divergences in both practice and guidance, inventory valuation can seem challenging. In this webinar, Anthony Pumphrey will illustrate simple, straightforward modifications to the valuation of inventory that you can incorporate into your valuation process. Review what comprises the book value of inventory and valuation guidance from the FASB, the IRS, and the AICPA. Next, walk through an example valuation of raw materials, work-in-progress, and finished goods in accordance with this guidance. The example provided ...

BVU News and Trends July 2020

A monthly roundup of key developments of interest to business valuation experts.

BVLaw Case Update

Join Jim Alerding, a veteran valuator, and Sylvia Golden, BVR’s legal editor, for a discussion of some of the most consequential recent valuation decisions. This selection of state and federal cases includes two key state court rulings on the use of discounts in valuing minority interests in buyback situations, a state court decision on the admissibility of calculations of value in divorce proceedings, an expansive statutory appraisal ruling involving a public company from a North ...

BVU News and Trends June 2020

A monthly roundup of key developments of interest to business valuation experts.

IRS change to appraisal review sparks concern from ASA and others

The American Society of Appraisers (ASA) and 10 other appraisal organizations have sent a joint letter to the Internal Revenue Service and the Treasury Department expressing concern over a recent change to the way the IRS reviews appraisals prior to imposing a civil money penalty for valuation misstatements under IRC Section 6695A.

BVU News and Trends May 2020

A monthly roundup of key developments of interest to business valuation experts.

IRS adds locations to job postings for BV experts

A few weeks ago, we alerted you that the IRS was looking to fill six open positions for experienced business appraisers.

BVU News and Trends April 2020

A monthly roundup of key developments of interest to business valuation experts.

IRS update on how to file carryback refund applications

In a recent ABA webinar including IRS representatives, new practical information related to the carryback provisions in the recently passed CARES Act emerged.

IRS discusses tax implications of COVID-19 legislation

In an excellent ABA webinar that summarized and analyzed the COVID-19-related legislation Congress passed to alleviate the economic harm on businesses and persons, IRS Chief Counsel Michael Desmond spoke to some of the efforts the agency is making to achieve implementation.

The IRS to BVers: We want you!

No, not for an audit—the IRS is looking for experienced business appraisers to fill six open positions across the U.S.

Tales From the Trenches: How Recent Challenges with the IRS Impact Your Valuation

With a special focus on the recent Aaron U. Jones (USTC TCM 2019-101) case regarding tax affecting an S corp and a partnership, this workshop is the best way to get IRS insights short of going into litigation. Get real insights on how to avoid and what to do if working with the IRS on business valuation issues at all levels. Join Mike Gregory as he dives into conflict resolution (with assistance from the Collaboration ...

Landmark Jones case featured in upcoming workshop

“Read the Jones case,” an IRS official said when asked about the position the IRS is taking on tax affecting pass-through entities.

IRS ruling on subsequent events and valuation

In a private letter ruling, the IRS says that a pending merger is to be considered in valuing a company’s stock for gift tax purposes.

BVU News and Trends May 2019

A monthly roundup of key developments of interest to business valuation experts.

How IRS turmoil from the shutdown affects BV

The IRS is doing its best to recover from the government shutdown, but business valuation experts need to be aware of certain issues, according to Michael Gregory (Michael Gregory Consulting LLC), who gave an IRS update during a recent BVR webinar.

BVU News and Trends November 2018

A monthly roundup of key developments of interest to business valuation experts.

Testing the S Corp Value Premium for Realism and Reasonableness

Not long ago, we attended the author’s session at a NACVA conference where she presented on this topic. We asked her for this article, which has some key takeaways from that session as well as from a longer paper she wrote.

BVU News and Trends October 2018

A monthly roundup of key developments of interest to business valuation experts.

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