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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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| FinCEN extends BOI reports deadline for certain companies | ||
| 11/29/2023 3:11 PM | ||
| Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024...Read More | ||
| IRS surveys tax professionals to help it improve services | ||
| 11/27/2023 2:12 PM | ||
| The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission...Read More | ||
| Lower Form 1099-K threshold delayed again | ||
| 11/21/2023 4:26 PM | ||
| The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000...Read More | ||
| Prop. regs. issued on conservation easement deduction disallowance | ||
| 11/17/2023 3:38 PM | ||
| The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities...Read More | ||
| Proposed crypto regs. define ‘broker’ too broadly, industry says | ||
| 11/15/2023 3:35 PM | ||
| The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing...Read More | ||
| Werfel: IRS must move quickly to show what a well-funded agency can do | ||
| 11/14/2023 3:45 PM | ||
| While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference...Read More | ||
| IRS announces annual inflation adjustments for tax year 2024 | ||
| 11/9/2023 5:37 PM | ||
| The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025...Read More | ||
| FinCEN will allow use of identifier in beneficial ownership reporting | ||
| 11/8/2023 3:50 PM | ||
| Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule...Read More | ||
| Inflation adjustments to retirement account limits issued for 2024 | ||
| 11/2/2023 7:30 AM | ||
| The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs...Read More | ||
| AICPA, others call for a one-year extension of BOI report deadline | ||
| 10/31/2023 4:41 PM | ||
| In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule...Read More | ||