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New IRS Appraisal Guidance

New IRS Appraisal Guidance

IRS Appraiser, Trust Appraiser, Commercial Appraiser 
 
The IRS has released guidance on appraisers and appraisals, giving direction on the reforms enacted with the Pension Reform Act, which was signed into law on 8/17/06 . The IRS will accept appraisals done before 8/17/06 if they meet the IRS rules in place before the new law passed.

View or download the guidance here.

IRS Appraiser, Trust Appraiser, Commercial Appraiser

http://www.harriscompanyrec.com/irs_guidance.pdf

http://www.harriscompanyrec.com/irsappriaserdeclaration.wpd

For returns filed after February 16, 2007, the declaration required under § 1.170A-13(c)(5)(I) must include an additional statement that the appraiser understands that a substantial or gross valuation misstatement resulting from an appraisal of the value of property that the appraiser knows, or reasonably should have known, would be used in connection with a return or claim for refund, may subject the appraiser to a civil penalty under § 6695A. See also § 1.170A-13(c)(3)(iii).

 

 

Posted by Cochise on October 11, 2008 09:06 AM |