In May, the IRS submitted draft business valuation standards to several appraisal organizations for comment. It’s not yet clear when the comment period will end or when the standards will be finalized. The purpose of the document is to "provide guidelines applicable to IRS Valuation Engineers, Appraisers, Valuation Specialists and others engaged in valuation practice . . . relating to the development, resolution and reporting of issues involving business valuations and similar valuation issues."

Although the standards are intended for use by IRS personnel, they should also prove useful to valuation professionals, lawyers, and others users of valuation reports. To obtain a copy of the draft standards, please use the fax transmittal form on the back page of this newsetter.