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What are the implications of the government shut down on the IRS’s ability to audit business valuation returns in 2019? What steps should you take if your appraisal is audited by the IRS? In this must-attend webinar, expert Michael Gregory will answer these questions and cover key areas such as the top three business valuation appraisal audit areas by the IRS. Attendees will come away with recommendations on how to work with the IRS given the ramifications of the government shut down. And, knowing the emotional impact of the government shut down, congressional expectations, and morale at the IRS, attendees will be coached on how to work with the IRS should their business valuation appraisal be audited. In addition, Gregory will also provide a best practice proactive example so that appriaisers can learn the appropriate actions.
Program Agenda
Introduction
What the IRS Intends to Do
Where to File Estate Tax Returns
Where to File a Gift Tax Return
Historical Perspective of
E&G Filings and Audits
Ramifications at the IRS on BV Audits
Estate and Gift Tax Ramifications
Small Business Self Employed General Program Assets <= $10 million
Large Business and International Assets > $10 million
IRS Shut Down Ramifications
Three Major Adjustment Areas on Business Valuation Reports
DLOM
S-Corp Cases
Reasonable Compensation
Fringe Benefits, Bonuses and Incentives
Five Common Concerns
Pay for Prior Years Under Compensation
Multiple Jobs/Many Hours by One Individual
Hypothetical Independent Investor
Employee Personally Guarantees Debt
Key Person/Superior Employee
Important Take Away Information
Consider the Critical Skills Related to Emotional Intelligence and Neuroscience
Classification of Estate and Gift Tax Returns
Who are you most likely to interact with on an
Estate/Gift Tax Audit Situation?
Role of the IRS Examiner
Role of the Valuation Specialist
Learning Objectives
Explain what the IRS is intending to do regarding business valuations in 2019
List the implications of what the IRS can do in 2019
Describe what to do should your business valuation appraisal be audited
List constructive steps to work with the IRS
Describe when to elevate or take the case to appeals
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