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What is a Valuation Dispute?

By Kevin Thorn Subscribe to RSS | December 1st 2011 | Views:

Many of the disputes between the IRS and a taxpayer are the results of simple disagreements—the IRS thinks one thing, while the taxpayer thinks another, and a Washington D.C. tax lawyer must sort out the situation. A classic case of a dispute that is mostly just a case of disagreement between the government and the taxpayer is an IRS valuation dispute in Washington, D.C. or Maryland or Virginia.

There are many reasons why a taxpayer might need to value property:

● Charitable donations;

● Sales;

● Business transfers;

● Estate distributions;

● Gifts;

● Damages due to theft, divorce, lawsuit, casualty, loss, etc.; and

● More.

However, sometimes the IRS may disagree with the taxpayer’s assessment of how much something is worth, that is, his or her “valuation” of the worth. Sometimes it may be because the taxpayer deliberately undervalued or overvalued the item in order to pay fewer taxes. Sometimes an unscrupulous person at the IRS may have valued the item improperly so the taxpayer would pay more taxes; sometimes the IRS makes an honest mistake or is unaware of an extenuating circumstance. However, all too often, it is a simple disagreement as to the monetary worth of an item.

That’s where a lawyer comes in. When the IRS challenges the taxpayer’s valuation of an item, it is necessary for the taxpayer to hire a Maryland tax lawyer to make sense of the situation, just like for any other Virginia business tax dispute. Many of the items there are valuation disputes over are extremely complicated. For instance, in buying or selling a business, millions of dollars may be tied up in various ways. Therefore, a Washington, D.C. tax lawyer may be capable of looking past trivial details to understand exactly how much it’s worth and to be a fierce advocate in your favor.

The Thorn Law Group has years of experience in dealing with valuation disputes. They hire a team of appraisers to make sure that everyone involved knows exactly how much the property is worth. When the IRS has overlooked a crucial fact that makes the valuation lower than it may actually seem, the Thorn Law Group will not fear to point out that they’ve made a mistake. On the other hand, if someone at the IRS has made a mistake, the Thorn Law Group is sure to catch it and resolve the situation to your favor.

It is not necessary to be afraid of a valuation dispute. They are a natural consequence of a system run by fallible human beings. With a talented Washington, D.C. tax lawyer on your side, you may rest assured that the situation will fall out as favorably as possible, with your property accurately assessed and the correct tax burden paid.

Kevin Thorn - About Author:
Kevin E. Thorn is an experienced tax attorney and founder of Thorn Law Group. His client roster includes individuals, tax professionals, partnerships, trusts, banks, closely-held businesses, accounting firms, law firms, and corporations. Clients from New Jersey, New York, Pennsylvania and throughout the United States and abroad trust Mr. Thorn for his legal acumen and his no-nonsense approach to tax practice. His expertise is sought after in all stages of civil and criminal tax disputes including international tax law, offshore bank accounts and voluntary disclosures, civil examinations, criminal investigations, IRS administrative appeals, collection alternatives, ethics investigations, and other types of complex civil litigation.

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