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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Final regs. issued on qualified improvement property under FDII, GILTI
9/22/2021 2:11 PM
Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years...Read More
Transcript Delivery System down for some Form 941 transcripts
9/14/2021 3:58 PM
The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return...Read More
Ways and Means releases list of tax provisions for budget bill
9/13/2021 4:04 PM
The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code...Read More
Guidance issued on 2021 qualified sick and family leave wage reporting
9/8/2021 9:29 AM
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits...Read More
IRS updates business travel per-diem rates
9/3/2021 3:20 PM
The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before...Read More
AICPA recommends QBI improvements
8/26/2021 4:12 PM
The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A...Read More
Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief
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Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473...Read More
Automatic accounting method change procedures updated
8/12/2021 5:00 PM
The IRS updated the list of accounting method changes to which automatic change procedures apply...Read More
Certification deadline extended for work opportunity tax credit
8/11/2021 1:52 PM
Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit...Read More
New safe harbor for ERC gross receipts calculation
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Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts...Read More