What does the IRS looks for in a business valuation report? Join Mike Gregory with fresh insights from his latest book, Business Valuations and the IRS, Five Books in One (2018) as he addresses the most common errors in business valuation reports, what you can do to avoid these types of errors, should your report be audited, and how to work with the IRS to resolve issues. Links will be provided to the IRS Job Aids for each of the three most common areas of adjustment: (1) valuing no-controlling interests in S-corps; (2) discount for lack of marketability (DLOMs); and (3) reasonable compensation. Attendees will receive insights on how IRS classification works for estate and gift tax returns, how to write a report for the IRS, and understanding the different types of reviews by the IRS business valuers including key points that participants can apply immediately in their reports.
Program Agenda
Understanding the IRS and Issue Resolution
Estate and Gift Tax Classification
Writing a Business Valuation Report
Valuation Issues
Sub S Valuations and Tax Affecting
Reasonable Compensation
Common Errors Investigated at the IRS
IRS Review with an Opinion of Value
Take Away Key Points
Learning Objectives
Describe the overall organization of the IRS, who controls the case, and who the ultimate decision maker is on the case
List the most common errors found by the IRS and what you can do to avoid them
Differentiate between an informal consultation, consultation, limited scope examination and full examination by the IRS
Summarize how to work to resolve issues with the IRS
List 20 golden suggestions regarding business valuations on audits by the IRS
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