4
Date: Tuesday, August 4, 2015
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring  (click image for more information)

Michael Gregory
ASA, CVA
Michael Gregory Consulting

About This Program

The IRS internal white paper “Reasonable Compensation Job Aid for IRS Valuation Professionals” dated October 29, 2014 is reviewed and available. This recently obtained IRS document, which was written to help IRS professionals who are reviewing reasonable compensation issues, presents background on the is topic area from the IRS perspective. In this insightful webinars, former IRS employee Michael Gregory provides insights to help business valuation professionals respond to this commentary. Major elements of this document are presented and Gregory offers his insights as to what this might mean for business valuers reviewing reasonable compensation issues while providing valuations for federal tax purposes.

Agenda

  • Summary of the Job Aid
  • Background and history of the Job Aid
    • Purpose, Background and Case Coordination
      • Suggested readings: James Hitchner, Melanie McCoskey, Shannon Pratt, Ron Seigneur and Kevin Yeanoplos, BNA Portfolio
      • Cautions
  •  Identifying a reasonable compensation issue
    • Sources – paid for by IRS
    • Free sources
  • Developing reasonable compensation issues
    • Factual development - five information document requests
    • Financial analysis – example in Appendix D
    • Market – example in Appendix E
    • Income – example in Appendix F
  • Cost approach
  • Reconciliation
  • Taxpayer Arguments for Reasonable Compensation Issues
    • Prior years’ under compensation
    • Multiple jobs
    • Independent investor test
    • Employee personally guarantees debt
    • Key person
  • Consideration of penalties
  • Focusing specifically on not-for-profits
    • Note in Appendix I nine-step process
    • Discussion on loans for not-for-profit and for-profit entities
    • Key fringe benefits identified
    • Compensation and benefits issue practice group (IPG) subject matter experts (SME)

    Learning Objectives

    • Learn the most current thinking by the IRS when the IRS reviews reasonable compensation
    • Learn what the IRS deems the most appropriate data sources and their limitations regarding reasonable compensation
    • Understand how the IRS thinks the issue of reasonable compensation should be approached
    • Understand what the IRS thinks of various court cases associated with different aspects of the issue
    • Gain insight from the presenter on how you may want to respond going forward

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Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must provide a $50 processing fee assessed at the completion of the online CE survey for this course.

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CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Specialized Knowledge & Applications)


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