Uncategorized
April 6, 2012
In our last few posts, we’ve talked about why business owners, auctioneers, attorneys, and lenders, among others, need certified machinery and equipment appraisals (CMEAs). In this post, we’ll look at why accountants should always secure a CMEA.
We’re right in the heart of tax time, and accountants are busier than at any other time of the year. Since accountants are so frequently acting in the best interests of their clients, the best thing they can do is to make sure that they are compliant with laws and best practices when dealing with the IRS. It’s hard to imagine another entity that acts with as much scrutiny as the IRS does!
If an accountant does not rely on a certified machinery and equipment appraisal to determine the value of a piece of machinery or equipment, he or she is putting clients at a significant risk. Oftentimes, the IRS will not accept the value of a piece of equipment that is not substantiated.
Here are situations in which accountants should always secure a certified machinery or equipment appraisal to avoid penalties and help eliminate risk of liability for their clients:
- • Converting from C Corp to S Corp
- • 1031 Exchanges
- • Gifting
- • Sarbanes-Oxley Compliance
- • Determining Property Taxes
To learn more about EquipNet’s appraisal services, take a look at The Asset Accuracy Resource Center to learn more.
Categorias: Uncategorized
Tags: appraisals asset management certified appraisals certified machinery and equipment appraisal services,
