Overvaluation of Facade Easements Earns Appraisers Suspension From IRS

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The Internal Revenue Service has entered into a settlement agreement with a group of appraisers accused of aiding in the understatement of federal tax liabilities by overvaluing facade easements for charitable donation purposes.
An IRS spokesman told Bloomberg BNA March 19 that the terms of the settlement prohibit the name of the firm from being disclosed.
Under the agreement, the appraisers—who are all from the same company—admitted to violating two sections of Circular 230 related to due diligence and submission of accurate documents to the government, the IRS said in a March 19 news release (IR-2014-31).