tags: Certified Public Accountant New York City, income tax manhattan, income tax new york city, llc cpa manhattan, Manhattan CPA, manhattan llc cpa, Manhattan Tax Preparation, Tax Preparation Manhattan, tax preparation new york, TAX PREPARATION NYC, Taxes NYC
Our team of Manhattan CPAs have important news for high net worth individuals in New York. If you are someone who regularly makes charitable contributions, you may be aware that charitable contributions of property in excess of $5,000 require that you attach an appraisal to your New York City income tax return. In response to gross valuation misstatements, the IRS has tightened the definition of a qualified appraisal and qualified appraiser. Unfortunately, this affects many high net worth individuals in NYC.
The IRS has determined that a qualified appraisal is one that is conducted by a qualified appraiser in accordance with generally accepted appraisal standards. A qualified appraiser is a high net worth individual who:
1. Has earned an appraisal designation from a recognized professional appraisal organization or has otherwise met the minimum education and experience required by the IRS,
2. Regularly performs appraisals for which the individual receives compensation,
3. Demonstrates education and experience in valuing the type of property subject to the appraisal, and
4. Has not been prohibited from practicing before the IRS at any time during the three years prior to the appraisal.
In addition, the appraisal must be made not more than 60 days before the date the appraised property is contributed to a charitable organization, and not later than the time it must be received by the donor.
However, to ensure that you get the full advantage of the value of the appreciated property, it is important to recognize the IRS requirements regarding the appraisal and plan accordingly. Our team of Manhattan income tax CPAs can assist you in planning for your charitable contributions. Our CPAs have many high net worth individuals in NYC as clients, are are familiar with their New york income tax needs. Please call our office at your earliest convenience to arrange an appointment.
About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation. We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.
Jonathan Medows, CPA
MEDOWS CPA, PLLC
A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses