IRS underscores taxpayer penalties for bad appraisal advice

By June 20, 2013 News

Taxpayers increasingly required to pay penalties related to bad advice from appraisers and other professionals.  News from the NYU Fifth Annual Tax Controversy Forum; Bloomberg BNA reports.

The news source reports that courts increasingly are narrowing their acceptance of taxpayer claims that noncompliance was due to advice from hired professionals, including appraisers and tax advisers, thus arguing for exemption from penalties.

Michelle Ferreira, speaking at the forum, said, “It’s becoming very hard for taxpayers to throw their tax advisors or their accountants or their appraisers under the bus.  Courts are increasingly putting a lot more responsibility on taxpayers to do some of their own investigation and really drill down to make sure they are hiring the right people who are qualified to give that kind of advice.”



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