Mike’s latest book, Business Valuations and the IRS, Five Books in One (2018) will be used to address what the IRS looks for in a business valuation report, the most common errors in business valuation reports, what you can do to avoid these types of errors and should your report be audited, 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:
- valuing non-controlling interests in S-corps,
- Discount for Lack of Marketability (DLOMs)
- and reasonable compensation.
Those attending will receive insights on how IRS classification works for estate and gift tax returns, how to write a report for the IRS, understand the different types of reviews by the IRS business valuers and take away key points that participants can apply immediately for their reports.
Learning Objectives
As a result of the session participants will:
- Understand the overall organization of the IRS, who controls the case, and who the ultimate decision maker is on the case
- Learn the most common errors found by the IRS and what you can do to avoid them
- Understand the differences between an informal consultation, consultation, limited scope examination and full examination by the IRS
- Understand how to work to resolve issues with the IRS
- Learn 20 golden suggestions regarding business valuations on audits by the IRS on
