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New Standards for Appraisers
Since mid-2006, several extraordinary changes have taken place with regard to 'raising the bar' of valuation practitioners. Family law attorneys need to recognize these changes and be prepared to demand better expert appraisal services. Not only will you be more able to challenge the unprepared novice, but you should expect that your expert appraiser may well be challenged by competent opposing counsel.
Each of these changes is aimed at improving the quality of appraisal work. Some changes, federal in character, are aimed at transfer tax situations that will likely have an impact on other appraisal matters, such as valuations of tangible and intangible property required in matrimonial law. Substantively, two seismic shifts are occurring:
- New definitions of 'qualified appraisal' and 'qualified appraiser' for federal tax purposes; and
- New standards of practice anticipated to be adopted by the American Institute of Certified Public Accountants that should undermine casual valuation opinions provided by CPAs.
Expectations for a 'Qualified Appraisal'
On Aug. 17, 2006, the President signed the Pension Protection Act of 2006 (P.L. 109-280), which contained a number of provisions related to tax appraisals of property. On Nov. 13, the IRS issued guidelines (IRS Notice 2006-96) regarding appraisal requirements for non-cash charitable contributions. While the immediate view is that application is limited to tax matters of contributed property, most appraisers are anticipating expanded application to other tax matters and matrimonial valuations. After all, why would an appraiser deemed 'not qualified' for federal purposes be recognized as competent for valuing property subject to marital division?
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