The Internal Revenue Service has proposed regulations meant to address inconsistent treatment that could arise as a result of the temporary increase in the exclusion amount for estate and gift taxes that was included in the Tax Cuts and Jobs Act. To read the full article in the Journal of Accountancy, click: Estate and Gift Exclusion Clawback Addressed in Proposed Regs.
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There Are Different Standards. They Have Different Places in Various Appraisals. Here’s Why. Jim Hitchner considers various responses to the query: “When valuing an operating company, is it necessary to mention USPAP in addition to SSVS 1 when talking about the standards adhered to?” Good question. There were lots of answers from various valuators in a recent discussion. Here’s Jim’s take on it all.
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A Dozen Categories. Some Categories Alone Encompassing Up to 20 New Taxes. Here’s the Detail. The American Taxpayer Relief Act, passed by Congress on Jan. 1, permanently extends a large number of tax items from the 2001 and 2003 tax acts and extends many expired tax provisions. Here is a comprehensive look at the many changes contained in the bill, as well as other new taxes that took effect Jan. 1. Paul Bonner and Alistair M. Nevius at the Journal of Accountancy report. A full summary of just the main categories is here: