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Www. Www.1040ez.com 1040ez. Www.1040ez.com com Publication 556 - Introductory Material Table of Contents The IRS Mission Reminders IntroductionOrdering forms and publications. Www.1040ez.com Tax questions. Www.1040ez.com Useful Items - You may want to see: The IRS Mission Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Www.1040ez.com Reminders Penalty for filing erroneous claim for refund or credit. Www.1040ez.com You may have to pay a penalty if you file an erroneous claim for refund or credit. Www.1040ez.com See Penalty for erroneous claim for refund, later under Claims for Refund. Www.1040ez.com Interest and penalties suspended if notice not mailed within 36 months. Www.1040ez.com If you file your return timely (including extensions), interest and certain penalties will be suspended if the IRS does not mail a notice to you within 36 months. Www.1040ez.com See Suspension of interest and penalties, later under Examination of Returns. Www.1040ez.com Fast track mediation. Www.1040ez.com The IRS offers fast track mediation services to help taxpayers resolve many disputes resulting from: Examinations (audits), Offers in compromise, Trust fund recovery penalties, and Other collection actions. Www.1040ez.com See Fast track mediation under If You Do Not Agree. Www.1040ez.com Introduction The Internal Revenue Service (IRS) accepts most federal tax returns as filed. Www.1040ez.com However, the IRS examines (or audits) some returns to determine if income, expenses, and credits are being reported accurately. Www.1040ez.com If your return is selected for examination, it does not suggest that you made an error or are dishonest. Www.1040ez.com Returns are chosen by computerized screening, by random sample, or by an income document matching program. Www.1040ez.com See Examination selection criteria, later. Www.1040ez.com You should also know that many examinations result in a refund or acceptance of the tax return without change. Www.1040ez.com This publication discusses general rules and procedures that the IRS follows in examinations. Www.1040ez.com It explains what happens during an examination and your appeal rights, both within the IRS and in the federal court system. Www.1040ez.com It also explains how to file a claim for refund of tax you already paid. Www.1040ez.com As a taxpayer, you have the right to be treated fairly, professionally, promptly, and courteously by IRS employees. Www.1040ez.com Publication 1, Your Rights as a Taxpayer, explains your rights when dealing with the IRS. Www.1040ez.com Comments and suggestions. Www.1040ez.com We welcome your comments about this publication and your suggestions for future editions. 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Www.1040ez.com gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Www.1040ez.com Internal Revenue Service 1201 N. Www.1040ez.com Mitsubishi Motorway Bloomington, IL 61704-6613 Tax questions. Www.1040ez.com If you have a tax question, check the information available on www. Www.1040ez.com irs. Www.1040ez.com gov or call 1-800-829-1040. Www.1040ez.com We cannot answer tax questions sent to either of the above addresses. Www.1040ez.com Useful Items - You may want to see: Publication 1 Your Rights as a Taxpayer 5 Your Appeal Rights and How To Prepare a Protest If You Don't Agree 547 Casualties, Disasters, and Thefts 594 The IRS Collection Process 910 Guide to Free Tax Services 971 Innocent Spouse Relief 1546 Taxpayer Advocate Service–Your Voice at the IRS 1660 Collection Appeal Rights 3605 Fast Track Mediation 3920 Tax Relief for Victims of Terrorist Attacks 4134 Low Income Taxpayer Clinic List Form (and Instructions) 843 Claim for Refund and Request for Abatement 911 Request for Taxpayer Advocate Service Assistance (and Application for Taxpayer Assistance Order) 1040X Amended U. Www.1040ez.com S. Www.1040ez.com Individual Income Tax Return 2848 Power of Attorney and Declaration of Representative 4506 Request for Copy of Tax Return 4506-T Request for Transcript of Tax Return 8379 Injured Spouse Allocation 8857 Request for Innocent Spouse Relief See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Www.1040ez.com Prev Up Next Home More Online Publications
IRS Bars Appraisers from Valuing Facade Easements for Federal Tax Purposes for Five Years
IR-2014-31, March 19, 2014
WASHINGTON — The Internal Revenue Service today announced its Office of Professional Responsibility (OPR) has entered into a settlement agreement with a group of appraisers from the same firm accused of aiding in the understatement of federal tax liabilities by overvaluing facade easements for charitable donation purposes.
Under the settlement agreement, the appraisers admitted to violating relevant sections of Circular 230 related to due diligence and submitting accurate documents to the government.
The appraisers agreed to a five-year suspension of valuing facade easements and undertaking any appraisal services that could subject them to penalties under the Internal Revenue Code. The appraisers also agreed to abide by all applicable provisions of Circular 230.
“Appraisers need to understand that they are subject to Circular 230, and must exercise due diligence in the preparation of documents relating to federal tax matters,” said Karen L. Hawkins, Director of OPR. “Taxpayers expect advice rendered with competence and diligence that goes beyond the mere mechanical application of a rule of thumb based on conjecture and unsupported conclusions.”
Failure to comply with terms of the settlement would result in the appraiser’s disqualification, which would include a ban from presenting any evidence or testimony in administrative proceedings before the Department of the Treasury, and renders any appraisal given after disqualification without probative effect.
The appraisers prepared reports valuing facade easements donated over several tax years. On behalf of each donating taxpayer, an appraiser completed Part III, Declaration of Appraiser, of Form 8283, Noncash Charitable Contributions, certifying that the appraiser did not fraudulently or falsely overstate the value of such facade easement. In valuing the facade easements, the appraisers applied a flat percentage diminution, generally 15 percent, to the fair market values of the underlying properties prior to the easement’s donation.
Specifically, the appraisers admitted violating Circular 230, Section 10.22(a)(1), for failing to exercise due diligence in the preparation of documents relating to IRS matters, and Section 10.22(a)(2) for failing to determine the correctness of written representations made to the Department of the Treasury.
OPR’s settlement agreement with the appraisers includes a disclosure authorization that allows this press release.
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Page Last Reviewed or Updated: 19-Mar-2014
Www. Www.1040ez.com 1040ez. Www.1040ez.com com Index A Acknowledgment, Acknowledgment. Www.1040ez.com Adoption expenses, Personal Expenses Airplanes, donations of, Cars, Boats, and Airplanes Appraisal fees, Appraisal Fees Assistance (see Tax help) Athletic events, Athletic events. Www.1040ez.com B Bargain sales, Bargain Sales Blood donated, Value of Time or Services Boats, donations of, Cars, Boats, and Airplanes Boats, fair market value, Cars, boats, and airplanes. Www.1040ez.com C Canadian charity, Canadian charities. Www.1040ez.com Capital gain property, Capital Gain Property Car expenses, Car expenses. Www.1040ez.com , Car expenses. Www.1040ez.com Carryovers, Carryovers Cars, donations of, Cars, Boats, and Airplanes Cash contributions, records to keep, Cash Contributions Charity benefit events, Charity benefit events. Www.1040ez.com Church deacon, Church deacon. Www.1040ez.com Clothing Fair market value of, Used clothing. Www.1040ez.com Conservation contribution, Special 50% Limit for Qualified Conservation Contributions Contributions from which you benefit, Contributions From Which You Benefit, Contributions From Which You Benefit Contributions of property, Contributions of Property Contributions subject to special rules Car, boat, or airplane, 1098–C, Contributions Subject to Special Rules Clothing, Contributions Subject to Special Rules Fractional interest in tangible personal property, Contributions Subject to Special Rules Future interest in tangible personal property, Contributions Subject to Special Rules Household items, Contributions Subject to Special Rules Inventory from your business, Contributions Subject to Special Rules Partial interest in property, Contributions Subject to Special Rules Patent or other intellectual property, Contributions Subject to Special Rules Property subject to a debt, Contributions Subject to Special Rules Qualified conservation contribution, Contributions Subject to Special Rules Taxidermy property, Contributions Subject to Special Rules Contributions to nonqualified organizations Foreign organizations, Contributions to Nonqualified Organizations Contributions you can deduct, Contributions You Can Deduct Conventions of a qualified organization, Conventions. Www.1040ez.com D Daily allowance (per diem) from a charitable organization, Daily allowance (per diem). Www.1040ez.com Deduction limits, Limits on Deductions Determining fair market value, Determining Fair Market Value Disaster relief, Reminders Donor-advised funds, Contributions to Donor-Advised Funds E Easement, Building in registered historic district. Www.1040ez.com F Farmer, Qualified farmer or rancher. Www.1040ez.com Food inventory, Food Inventory Foreign organizations Canadian, Canadian charities. Www.1040ez.com Israeli, Israeli charities. Www.1040ez.com Mexican, Mexican charities. Www.1040ez.com Form 8282, Form 8282. Www.1040ez.com 8283, Total deduction over $500. Www.1040ez.com Foster parents, Foster parents. Www.1040ez.com Free tax services, Free help with your tax return. Www.1040ez.com Future interests in property, Future Interest in Tangible Personal Property H Help (see Tax help) Historic building, Building in registered historic district. Www.1040ez.com Household items Fair market value of, Household items. Www.1040ez.com How to report, How To Report Noncash contributions, Reporting expenses for student living with you. Www.1040ez.com I Introduction, Introduction Inventory, Food Inventory Israeli charity, Israeli charities. Www.1040ez.com L Legislation, influencing, Contributions From Which You Benefit Limit on itemized deductions, What's New Limits on deductions, Limits on Deductions 20% limit, 20% Limit 30% limit, 30% Limit 50% limit, 50% Limit Calculation, How To Figure Your Deduction When Limits Apply Capital gain property, Special 30% Limit for Capital Gain Property Qualified conservation contributions, Special 50% Limit for Qualified Conservation Contributions M Meals, Personal Expenses Membership fees or dues, Membership fees or dues. Www.1040ez.com Mexican charity, Mexican charities. Www.1040ez.com Motor vehicles, donations of, Cars, Boats, and Airplanes Motor vehicles, fair market value, Cars, boats, and airplanes. Www.1040ez.com N Noncash contributions, Noncash Contributions How to report, Reporting expenses for student living with you. Www.1040ez.com Records to keep, Noncash Contributions Nondeductible contributions, Contributions You Cannot Deduct O Ordinary income property, Ordinary Income Property Out-of-pocket expenses, Out-of-pocket expenses. Www.1040ez.com Out-of-pocket expenses in giving services, Out-of-Pocket Expenses in Giving Services P Payroll deductions, Payroll deductions. Www.1040ez.com , Payroll deductions. Www.1040ez.com Penalty, valuation overstatement, Penalty Personal expenses, Personal Expenses Private foundation, 50% Limit Organizations Private nonoperating foundation, Contributions to private nonoperating foundations. Www.1040ez.com , 50% Limit Organizations Private operating foundation, 50% Limit Organizations Property Bargain sales, Bargain Sales Basis, Giving Property That Has Decreased in Value Capital gain, Capital Gain Property Capital gain election, Capital gain property election. Www.1040ez.com Decreased in value, Giving Property That Has Decreased in Value Future interests, Future Interest in Tangible Personal Property Increased in value, Giving Property That Has Increased in Value Inventory, Food Inventory Ordinary income, Ordinary Income Property Unrelated use, Tangible personal property put to unrelated use. Www.1040ez.com Publications (see Tax help) Q Qualified charitable distributions, Qualified Charitable Distributions Qualified conservation contribution, Special 50% Limit for Qualified Conservation Contributions Qualified organizations Foreign qualified organizations Canadian, Organizations That Qualify To Receive Deductible Contributions Israeli, Organizations That Qualify To Receive Deductible Contributions Mexican, Organizations That Qualify To Receive Deductible Contributions Types, Organizations That Qualify To Receive Deductible Contributions R Raffle or bingo, Contributions From Which You Benefit Recapture No exempt use, Recapture if no exempt use. Www.1040ez.com Recapture of deduction of fractional interest in tangible personal property Additional tax, Recapture of deduction. Www.1040ez.com Records to keep, Records To Keep Reminders Disaster relief, Reminders Reporting, How To Report Retirement home, Contributions From Which You Benefit S Services, value of, Value of Time or Services Split-dollar insurance arrangements, Contributions From Which You Benefit Student, Mutual exchange program. Www.1040ez.com Exchange program, Mutual exchange program. Www.1040ez.com Living with you, Student living with you. Www.1040ez.com Student living with you, Expenses Paid for Student Living With You, Reporting expenses for student living with you. Www.1040ez.com T Tangible personal property Future interest in, Future Interest in Tangible Personal Property Tax help, How To Get Tax Help Time, value of, Value of Time or Services Token items, Certain membership benefits can be disregarded. Www.1040ez.com Travel expenses, Travel. Www.1040ez.com Travel expenses for charitable services, Deductible travel expenses. Www.1040ez.com Tuition, Contributions From Which You Benefit U Underprivileged youths, Underprivileged youths selected by charity. Www.1040ez.com Uniforms, Uniforms. Www.1040ez.com Unrelated use, Unrelated use. Www.1040ez.com V Volunteers, Out-of-Pocket Expenses in Giving Services W Whaling captain, Expenses of Whaling Captains When to deduct, When To Deduct Prev Up Home More Online Publications