For Financial Consulting Group University               Atlanta, GA, April 30, 2012                       By Michael Grego...
   Michael Gregory, Chief Manager, Michael    Gregory Consulting LLC since September    12, 2011   Formerly IRS 28 Years...
   Risk Management, BV Review. and IRS    Assistance   Alternative Dispute Resolution   Strategic Planning   Will Go O...
   The opinions presented here are those of Michael    Gregory. Michael Gregory does not represent the    IRS. Any opinio...
   Professional Standards   Appraiser Penalties   Application of NACVA Standard   Estate and Gift Classification   Re...
   ASA    ◦ ASA Candidate BV Report Review Checklist   NACVA    ◦ Comprehensive Business Valuation Reporting Checklist  ...
   Qualified Appraiser   Qualified Appraisal   Proper Value   Computation of Penalty    ◦ Lesser of (1)the greater of ...
   Comprehensive Business Valuation Reporting    Checklist for Valuation Engagements   Published by the National Associa...
◦ 1 Report Fundamentals◦ 2 Qualitative Foundations◦ 3 Analytical Foundations◦ 4 Valuation Approaches and Methods Considere...
   Date of Death   Valuation Date   Valuation   Valuation Report   Filing the Return with the Appraisal   Classifica...
   Discounts    ◦ DLOM (Discount for Lack of Marketability Job Aid      for IRS Professionals September 25, 2009)    ◦ Mi...
   Who Owns the Case?   Who Manages the Case?   What is the Role of the Valuator?   Who Completes a Review?   How Str...
   Professional Standards   Appraiser Penalties   Application of NACVA Standard   Estate and Gift Classification   Re...
© 2012 Michael Gregory        Consulting LLC    www.mikegreg.com     April 30, 2012
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2 fcgup bv report 4 30-2012

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How to Write a Report for the IRS 2 of 3 Presentations for the Financial Consulting Group University April 30, 2012

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2 fcgup bv report 4 30-2012

  1. 1. For Financial Consulting Group University Atlanta, GA, April 30, 2012 By Michael Gregory Michael Gregory Consulting LLC
  2. 2.  Michael Gregory, Chief Manager, Michael Gregory Consulting LLC since September 12, 2011 Formerly IRS 28 Years as Engineer and Valuer, Manager, Operations Team Lead, Controller, Acting Assistant District Director, Territory Manager ASA, AVA, MBA, PE, Qualified Neutral © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  3. 3.  Risk Management, BV Review. and IRS Assistance Alternative Dispute Resolution Strategic Planning Will Go Over Some Examples Could be of Service to You and Your Clients mg@mikegreg.com 651-633-5311 © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  4. 4.  The opinions presented here are those of Michael Gregory. Michael Gregory does not represent the IRS. Any opinions presented in this seminar are those of the author and do not represent an official position of their current or previous employers. This material is offered for educational purposes only. The author and his employer expressly disclaim any liability, including incidental or consequential damages, arising from the use of this material or any errors or omissions that may be contained in it. © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  5. 5.  Professional Standards Appraiser Penalties Application of NACVA Standard Estate and Gift Classification Reviewer Your Approaches © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  6. 6.  ASA ◦ ASA Candidate BV Report Review Checklist NACVA ◦ Comprehensive Business Valuation Reporting Checklist for Valuation Engagements IBA ◦ IBA Professional Standards AICPA ◦ AICPA Statement on Standards for Valuation Services No 1 IRS ◦ IRS Business Valuation Standards © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  7. 7.  Qualified Appraiser Qualified Appraisal Proper Value Computation of Penalty ◦ Lesser of (1)the greater of 10% of the underpayment of tax attributable to the misstatement or $1,000 or (2) 125% of the gross income received by the person from the preparation of the appraisal ◦ Exception “more likely than that standard” © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  8. 8.  Comprehensive Business Valuation Reporting Checklist for Valuation Engagements Published by the National Association of Certified Valuation Analysts Key Points for Discussion ◦ Disclaimers and ◦ Seven Areas © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  9. 9. ◦ 1 Report Fundamentals◦ 2 Qualitative Foundations◦ 3 Analytical Foundations◦ 4 Valuation Approaches and Methods Considered and Used◦ 5 Valuation Adjustments◦ 6 Representations of the Valuation Analyst◦ 7 Conclusion of Value © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  10. 10.  Date of Death Valuation Date Valuation Valuation Report Filing the Return with the Appraisal Classification in Cincinnati or Ogden Local Classification Assignment of E&G Tax Attorney Need for a Valuator © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  11. 11.  Discounts ◦ DLOM (Discount for Lack of Marketability Job Aid for IRS Professionals September 25, 2009) ◦ Minority Interest Discount Discount Rates (Build Up Method and CAPM) Cash Flow Adjustments Guideline Companies ◦ Misuse of Transactional Data Base Data ◦ Manipulation of the Data Not Following Standards – Fall Back USPAP © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  12. 12.  Who Owns the Case? Who Manages the Case? What is the Role of the Valuator? Who Completes a Review? How Structured is the Review? How do You Ensure Quality Control? © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  13. 13.  Professional Standards Appraiser Penalties Application of NACVA Standard Estate and Gift Classification Reviewer Concerns Your Approaches © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012
  14. 14. © 2012 Michael Gregory Consulting LLC www.mikegreg.com April 30, 2012

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