TAX VALUATIONS ARE ONLY VALIDATED WHEN PERFORMED BY TRULY QUALIFIED APPRAISERS.
Business valuations are needed for gift and estate tax returns and income tax valuations. The IRS issued regulations defining a qualified appraisal and a qualified appraiser. A qualified appraiser means an individual with verifiable education and experience in valuing the type of property for which the appraisal is performed.
QUALIFIED APPRAISER REQUIREMENTS
Qualified appraiser – Section 170 provides that the term “qualified appraiser” means an individual who:
- Has earned an appraisal designation from a recognized professional appraiser organization or has otherwise met minimum education and experience requirements set forth in regulations prescribed by the Secretary;
- Regularly performs appraisals for which the individual receives compensation; and
- Meets requirements prescribed by the Secretary.
Section 170 further provides that an individual will not be treated as a qualified appraiser unless that individual:
- Demonstrates verifiable education and experience in valuing the type of property subject to the appraisal, and
- Has not been prohibited from practicing before the Internal Revenue Service by the Secretary under §330(c) of Title 31 of the United States Code at any time during the 3-year period ending on the date of the appraisal.
Value Defined has qualified experts certified to prepare tax valuations. A statement of Qualified Appraisal and Appraiser Declaration must be attached to the valuation report. Value Defined understands the IRC and regulations. We are qualified to perform tax valuations. When hiring a business valuator to prepare a valuation for tax purposes, you need to make sure the valuator is qualified.