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Estate Trust & Date of Death Real Property Appraisals Appraisals are increasingly coming under IRS scrutiny. If you need to obtain an appraisal of a decedent’s property, make sure that the person appraising the property is an expert in that field. The appraiser will, as a rule, attach to the appraisal a resume or curriculum vitae showing his or her qualifications. If it’s not attached to the official appraisal, ask for it. Should the IRS ever question the valuations you use on a Form 706, appraisals jotted down on a piece of paper may not fly, but one that documents the value of the item in question and the qualifications of the appraiser most likely will. Goosby Valuation is an expert in appraising real estate in Greater Los Angeles. Call Now: |
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| Updated FAQs provide details on phase-in timing of BOI access | ||
| 4/19/2024 2:20 PM | ||
| The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements will be able to review BOI...Read More | ||
| Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says | ||
| 4/18/2024 6:29 AM | ||
| IRS commissioner Danny Werfel told the Senate Finance Committee that a tax bill passed by the House in January would help the IRS combat fraud in employee retention credit claims...Read More | ||
| IRS grants limited waiver for underpayment of estimated corporate AMT | ||
| 4/15/2024 4:07 PM | ||
| In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration....Read More | ||
| Dirty Dozen list ends with easements, digital assets, and more | ||
| 4/12/2024 6:48 AM | ||
| The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element...Read More | ||
| Proposed regs. issued for 1% excise tax on corporate stock repurchases | ||
| 4/10/2024 1:07 PM | ||
| Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax...Read More | ||
| Two home energy rebates not includible in gross income, IRS says | ||
| 4/8/2024 4:00 PM | ||
| The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased...Read More | ||
| AICPA: BOI ruling confuses businesses; enforcement should be delayed | ||
| 4/8/2024 12:59 PM | ||
| In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled...Read More | ||
| Supreme Court to decide estate tax impact of life insurance in closely held businesses | ||
| 4/3/2024 7:44 AM | ||
| This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week...Read More | ||
| Dirty Dozen list from IRS opens with phishing, smishing scams | ||
| 3/28/2024 3:24 PM | ||
| The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer...Read More | ||
| Latest federal budget includes $20 billion rescission for IRS | ||
| 3/26/2024 4:01 PM | ||
| The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act...Read More | ||