Lunch and presentation at the Missouri Athletic Club
Speaker: Michael Gregory
Title: Estate and Gift Tax Issues and the IRS
About the talk: This session will provide insight into how the IRS works and provide highlights on three technical areas. A brief background on the IRS organization as it relates to Estate and Gift tax issues is presented to provide the participant with insight into the various silos and different cultures associated with business appraisal issues. The national and local classification process in Estate and Gift tax is presented. Two technical topics from Business Appraisals and the IRS (May 2013) regarding valuing interests in S-Corporations and an update on recommendations regarding Discounts for Lack of Marketability are addressed. In addition, commentary on Family Limited Partnerships (FLP’s) addressing various concerns for the business appraiser is explored. This session is targeting estate and gift tax attorneys, trust officers, CPA’s and financial planners.
Learning Objective:
Participants will be able to:
Assess activities to prepare a return for IRS classification and to avoid an IRS audit;
Express IRS concerns associated with a Discount for Lack of Marketability and S-Corp valuations; and
Summarize the key considerations associated with issue resolution at the IRS.
Level of Complexity:
Overview
Speaker bio: Michael Gregory is an Accredited Senior Appraiser with the American Society of Appraisers (ASA), is a Certified Valuation Analyst with the National Association of Certified Valuators and Analysts (NACVA) and is a Qualified Mediator with the Minnesota Supreme Court. Mike was the outstanding member of NACVA in the third quarter of 2013. Mike is the Chief Manager of Michael Gregory Consulting LLC focusing on issue resolution and business issues. Issue resolution includes both mediation and negotiation assistance on business issues and issues that involve tax controversies with the IRS. Value added services include reviews of expert reports for tax filings and litigation support as well as financial analysis and management development consulting. He was an IRS territory manager with responsibilities for 23 states with an emphasis in the business valuation and engineering issues arena nationally over his last eleven years at the IRS. Mike has championed the IRS internal teams on reasonable compensation, valuing subchapter S corporations, 409A, 6695A, and the Discount for Lack of Marketability. Mike’s engineering emphasis was in research credit, and international issues. Mike has a BS from Valparaiso University, a MS from the University of Wisconsin – Madison, and a MBA from De Paul University. Mike has published How to Work with the IRS: Strategies for Attorneys, Accountants, and Appraisers (June 2012), IRS Business Appraisals and the IRS (May 2013) Valuing Interests in S-Corps (July 2013) Discount for Lack of Marketability and the IRS (October 2013) and The Servant Manager: 203 tips from the best places to work in America (November 2013) that may be purchased at www.mikegreg.com. This last book is based on 25 years of management experience, having taught front line managers over 11 years and feedback from having contacted the 50 best places to work in America. Mike may be reached at [email protected] and at 651-633-5311.