Official and Unofficial Rules of Engagement with the IRS: Mike Gregory Discusses the Newly Released Five in One Book on Business Valuations and the IRS

In this article, Michael Gregory provides some thoughts of how the official IRS rules of engagement are different from the unofficial rules of engagement and introduces how to work with the IRS. The 38 examples in the book provides additional insight. Mike Gregory recommends the book to all business valuation firms that have a library and those that prepare reports for federal tax purposes. Parts One and Two of the book discuss the IRS structure, process, and how to resolve conflicts with the IRS; and Parts Three to Five address the most common and troublesome adjustment areas by the IRS: Valuing non-controlling interests in S corps, Reasonable Compensation, and Discounts for Lack of Marketability.

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The Impact of the Tax Cuts and Jobs Act On Business Valuation

The Tax Cuts and Jobs Act (TCJA) changes many aspects of how business analysts perform valuations. Upon passing of the TCJA, Jim Hitchner moved quickly to gather and disseminate information about the TCJA and its effect on business valuation. He has written two comprehensive articles in Issues 72 and 73 of Financial Valuation and Litigation Expert. The information in this article summarizes some of the main points expressed in those publications..

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Lost Profits and Other Commercial Damages: A Case Study

This is the second of a two-part article. In the first part, Dr. Needham provided factual background regarding this commercial damages case where he served as plaintiff’s damages expert—the case ultimately went to trial. In this second part, Dr. Needham describes the financial data, discovery challenges, the Daubert motion to disqualify him, how the case was decided, and then settled.

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Alternative Benchmarks for Use in Litigation in Light of LIBOR’s End

Appraisal and litigation support professionals consider various rates to use as part of a financial model, including LIBOR. Near the end of July 2017, British banking regulators made waves in the business world by announcing the end of the London Interbank Offered Rate, or LIBOR, by the end of 2021. LIBOR’s end will mean the loss of a financial benchmark that is not only ubiquitous in commerce, but a valuable tool in creating discount rates in financial litigation. Fortunately, the Alternative Reference Rates Committee (ARRC), organized by the Federal Reserve, has already identified alternative benchmarks, which should prove helpful as substitutes in creating damages models after LIBOR becomes unavailable.

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