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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Wednesday, May 8, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00

This course is $0 with these passes:

CPE
ALL

This webinar will analyze IRS requirements for valuations and appraisals. Our panel of financial analysts will compare scenarios in which appraisals are required with those in which they can bolster tax planning strategies for charitable contributions, business succession, and estate and gift tax.

Faculty

Evan M. Levine
Founding Partner - Head of Valuation Engagements
Complete Advisors

Mr. Levine began his career in the summer of 1988 as the very first intern for Cowan Financial Group, a New York City agency of Mass Mutual Life Insurance. From 1988 to 2009, he provided insurance-based financial planning advice to investment bankers, attorneys, and business owners in NYC. Mr. Levine became independent in 2009 and started a fee-only, registered investment advisory firm offering wealth management and retirement income planning services, specifically aging baby boomers. In 2019, he partnered with Nainesh Shah to form Complete Advisors LLC to help pre-retirees plan financially for what’s next in their lives. 

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Ronald P. Perry
Associate
Moritt Hock & Hamroff Llp

Mr. Perry concentrates his practice on all aspects of complex trusts and estates, elder law and succession planning related matters. He is highly skilled at drafting estate planning documents such as revocable and irrevocable trusts as well as settlement agreements. Mr. Perry also drafts, negotiates and counsels clients on pre-marital and post-marital agreements. In addition, Mr. Perry prepares comprehensive estate plans with the intent of minimizing estate tax and assists trustees in all aspects of trust administration including expounding the dispositive provisions of the trust, asset transfers and distribution, resolving trust liabilities and accounting for trust assets.

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Nainesh Shah
Partner
Complete Advisors

Mr. Shah grew up in Mumbai, India. He holds an MBA in finance from Dalhousie University, Canada, and a Bachelors in engineering from MS University, India. As a technology thought leader, he has generated fintech motifs such as mobile wallet and robo-advising. Mr. Shah's career highlights are the subscription-based Apple valuation, which has become gold standard on Wall Street, and a unique sum-of-the-parts model for Amazon, which added a deeper level to its valuation analysis. A Chartered Financial Analyst, Mr. Shah is also a member of the CFA Society NY. He has presented to several hundred audiences of financial advisors and non-profits on macroeconomic conditions, capital markets, portfolio construction, and risk management. Barron’s and Businessweek have quoted his insights into some of these topics. Mr. Shah coaches people in financial need pro bono. Behavioral finance and AI are among his professional interests.

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Description

The numerous cases that disallow substantial charitable contributions due to the lack of a qualified appraisal continue. (Chrem, et al. v. Commissioner (T.C. Memo. 2018-164), Estate of Hoensheid v. Commissioner (T.C. Memo. 2023-34), Braen, et. al. v. Commissioner, (T.C. Memo 2023-85)). In the latter case, Braen v. Commissioner, the taxpayers lost a $5.22 million charitable deduction because, among other shortfalls, they failed to get "qualified appraisals." In addition to losing a substantial charitable deduction, the Braens could be penalized for substantial understatement of income tax and negligence.

In certain situations, a valuation is required by the IRS, while in others, a valuation would highly benefit taxpayers. IRS requirements for valuations of assets transferred by individuals for gifts or charitable contributions and those made by businesses and estates for ownership transfers or bequests vary significantly. A compliant valuation or appraisal can ensure a deduction is retained when the IRS requires an appraisal and provide additional tax savings and protections in situations where a valuation is recommended. Tax advisers working with taxpayers and taxable entities need to understand the nuances of valuations.

Listen as our panel of valuation experts explains how and when engaging a qualified appraiser is necessary to secure the tax savings offered under common tax-saving scenarios.

Outline

  1. Introduction: valuations and appraisals
  2. IRS requirements for appraisals
  3. IRS requirements for valuation reports
  4. Utilizing valuations and appraisals
    1. Estate plans
    2. Gifting
    3. Charitable giving
    4. Business succession
    5. Other opportunities
  5. Best practices

Benefits

The panel will cover these and other critical issues:

  • How the volatility of the market affects the need for valuations in estate plans
  • IRS requirements for valuation reports
  • How valuations can uncover tax planning opportunities in estate plans
  • When the IRS requires an appraisal by a qualified appraiser

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify tax planning opportunities that valuations can uncover
  • Determine IRS requirements for qualified appraisals when making charitable contributions
  • Ascertain when it is necessary to engage a qualified appraiser
  • Decide which common scenarios warrant a valuation even if not required

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).