The IRS is doing its best to recover from the government shutdown, but business valuation experts need to be aware of certain issues, according to Michael Gregory (Michael Gregory Consulting LLC), who gave an IRS update during a BVR webinar. Gregory, who spent almost 30 years at the IRS, much of the time dealing with valuation matters, points out that the quality of audits may suffer. Because of the shutdown, the IRS lost some personnel and essential training did not occur, including training on the Tax Cuts and Jobs Act. Work has piled up, and, if quantity targets are met, quality will become an issue. Gregory emphasized the Taxpayer Bill of Rights (IRS Publication No. 1), which gives taxpayers the right to be informed and the right to quality service, among others. He also drew attention to the IRS’s LB&I Directive on Information Document Request, which can help improve communication between the parties during an audit.
In addition to consulting on valuation matters, Gregory specializes in conflict resolution and has launched a new entity, The Collaboration Effect™, to help associations, societies, and organizations to apply this method and other leadership techniques to help firms that want to grow their business faster and more efficiently.