Recently, the Internal Revenue Service (IRS) issued a new rule regulating how cash and noncash charitable contributions are to be valued. Taxpayers making charitable contributions for tax deduction purposes must use a qualified appraiser conforming to Uniform Standards of Professional Appraisal Practice (USPAP) for any property valued over $5,000, Liquid Asset Appraisals announced in a release.
These assets can take the form of antiques, business equipment, vehicles, business excess inventory and more. Liquid Asset Appraisals is considered a USPAP-compliant, qualified appraisal firm under the new IRS ruling, the company stated. A qualified appraisal helps tax attorneys, accountants, CPAs and other tax professionals with their client’s federal and state tax return submissions.
Liquid Asset Appraisals employs only certified equipment appraisers with the Association of Machinery and Equipment Appraisers (AMEA), which assures their appraisers are not only USPAP experts, but skilled in equipment valuation.
“Liquid Asset Appraisals has always been proud to offer superior customer satisfaction, often going the extra mile for our clients. The new IRS rule for charitable contributions will provide us an opportunity to expand our client base and showcase our unique approach to asset valuation,” Liquid Asset Appraisals Director Doris Toronyi said in the release.
Toronyi serves on the Board of Directors for the AMEA and has handled asset valuations for a diverse client base.