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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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| Executive order’s hiring freeze causes IRS to cancel some job offers | ||
| 1/24/2025 5:01 PM | ||
| The IRS said President Donald Trump’s executive order calling for a hiring freeze caused it to rescind all jobs offered with a start date after Feb. 8...Read More | ||
| FinCEN says BOI reporting remains on hold | ||
| 1/24/2025 10:35 AM | ||
| The Financial Crimes Enforcement Network (FinCEN) said Friday that while the U.S. Supreme Court did stay one nationwide injunction, one issued by a different judge in a separate case remains in effect...Read More | ||
| AICPA: Executive order shouldn’t affect IRS tax season hiring | ||
| 1/21/2025 7:50 PM | ||
| The AICPA’s vice president–Tax Policy & Advocacy said President Donald Trump’s executive order to freeze hiring at the IRS should not affect seasonal employees, who likely are already hired and trained...Read More | ||
| Werfel to resign Monday as IRS commissioner | ||
| 1/17/2025 2:56 PM | ||
| Danny Werfel, who had two years remaining on his term, said he made the decision after “significant introspection and consultation.” An AICPA statement praised Werfel for “moving the IRS in the right direction to improve taxpayer services and start instituting modern technologies....Read More | ||
| Final regs address taxes on gifts to taxpayers from ex-U.S. citizens, residents | ||
| 1/17/2025 2:15 PM | ||
| The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago...Read More | ||
| Final regs. address resolution of federal tax controversies by Appeals | ||
| 1/17/2025 10:11 AM | ||
| The final regulations, which include 24 exceptions to consideration of federal tax controversies by the Independent Office of Appeals, generally follow the proposed regulations issued in October 2022...Read More | ||
| IRS testing changes to alternative dispute resolution programs | ||
| 1/16/2025 12:24 PM | ||
| New pilot programs involve fast-track settlements and post-appeals mediation...Read More | ||
| Prop. regs. address expanded annual compensation deduction limitation | ||
| 1/15/2025 3:35 PM | ||
| The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C)...Read More | ||
| Prop. regs. issued for spinoff transactions and their reporting | ||
| 1/15/2025 1:36 PM | ||
| The IRS said it used feedback from tax advisers to write the proposed regulations, which include new multiyear tax reporting requirements...Read More | ||
| Regs. identify microcaptive transactions as reportable transactions | ||
| 1/14/2025 1:59 PM | ||
| The final regulations, posted by the IRS on Tuesday in the Federal Register, identify certain microcaptive transactions as reportable listed transactions or transactions of interest...Read More | ||