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IRS Resists Negotiation on Penalties—Appraiser News Online, Bloomberg BNA

If IRS Imposes a Penalty, That Penalty Cannot be Negotiated as Part of a Settlement on Another Tax Matter  The Internal Revenue Service is opposed to negotiating penalties with noncompliant taxpayers, a stance that should benefit appraisers and tax advisors because individuals will be required to assume more responsibility for their deductions, Bloomberg BNA (subscription required) reported this month.   Ap ...

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New Appraisal Standards Approved for Higher-Risk Mortgages —Appraiser News, Bloomberg, Housing Wire, Mortgage News Daily, Appraisal Scoop, Real Estate Advantage

Rule Will Require a Second Appraisal in Situations Where a Home is Being Flipped for a Quick, Higher Resale  A new rule passed Jan. 15 gives mortgage lenders an additional year to institute appraisal standards for higher-risk loans, Bloomberg reported, and Appraiser News Online highlighted.  The extension is one of the revisions that regulators made to the Dodd-Frank Act to address concerns from financial f ...

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