CPAs in Valuation and IRS Penalties
The AICPA has published a comprehensive overview in The Tax Advisor that examines IRS oversight of CPAs who provide valuation services. Special emphasis is placed on Sec. 6695A, which imposes large penalties for substantial valuation misstatements, and the reason the IRS has increased its involvement in appraisal issues. The IRS Appraisal Review Process is examined, as well as specific actions that may be taken by the Office of Professional Responsibility against an appraiser and the related firm for standards violations. Highly-detailed and with new information, you can read the full overview at the website of the AICPA.
