USPAP
Scope of Work for Equipment Appraisals
As a Sacramento equipment appraiser, I can verify that defining the scope of work is a critical first step in any appraisal process. Even before quoting a priceon an equipment appraisal, we need to closely define our scope of work. Scope of work is defined by our friends at USPAP (Uniform Standards of Professional Appraisal Practice) as the type and extent of research and analyses in an assignment, and USPAP states in no uncertain terns that is the appraiser’s responsibility to determine and perform the appropriate scope of work.USPAP’s Scope of Work Rule states that an appraiser must
IRS Targets Abusive Tax-Related Appraisals
I thought I’d pass along some information about the IRS’ strategy for Estate Tax Returns and their related appraisal. The moral of the story is to hire a qualified appraiser and save a lot of trouble. Because this article is so long, I’ve broken it into 2 separate posts. The second half will post next week.
By Jay Fishman, FASA, Bruce Bingham, ASA, and Peter Barash
Equipment Appraisal USPAP with Roger Durkin, J.D., ASA
Last week, I had the privilege of attending a USPAP Reaccreditation course especially for Machine & Technical Specialty appraisers taught by Roger Durkin, J.D., M.S., ASA, just over in San Francisco. The class was sponsored by the NorCal Chapter of the American Society of Appraisers, serving appraisers all over Northern California, including such hot spots as San Francisco, Oakland, Sacramento, Redding and San Joaquin County. The seminar was open to equipment appraisers everywhere and we had some nice folks from Arizona and Nevada there as well.
Choosing a Bankruptcy Equipment Appraiser
When your Bankruptcy Attorney requests an equipment appraisal, it’s usually up to you to find a qualified equipment appraiser. And as you might suspect, not all machinery & equipment appraisals are created equal!
When you need an appraisal for your bankruptcy—or any other reason, for that matter—be sure that the equipment appraisal company you choose meets the four important qualifications of Accreditation, Experience, USPAP Education and Approval of your Bankruptcy Attorney.
Professional Accreditation
A professional equipment appraiser has the expertise, certification and knowledge to conduct an independent, third-party machinery and equipment appraisal. When you work with an equipment appraiser accredited by the American Society of Appraisers, you can be confident that you’ll receive a summary appraisal report with substantiated and realistic values.
Appraising Machinery & Equipment: Levels of Trade
Every Machinery and Equipment Appraiser has been asked this question –“I’ve got some equipment that I need to have appraised. How much will it cost?” And every certified equipment appraiser should answer that question by asking for more information, because not only does the cost of an equipment appraisal depend on the location, volume and type equipment to be appraised, but just as importantly, always on what kind of appraisal is needed.
SBA Loan Appraisals: Machinery & Equipment
Here at our Northern California Certified Machinery and Equipment Appraisal office, the phone’s been ringing off the hook with calls from Sacramento and Yuba City banks and other northern California financial institutions asking for qualified SBA loan appraisals on machinery and equipment for collateralized loans. The recent passage of the Small Business Jobs Act (H.R. 5297) has galvanized the business loan market!
Qualified Appraisers, ASA & the IRS
I’m proud & pleased to present a guest article with this reprint of the President’s Message from the Sept 2010 newsletter of the American Society of Appraisers NorCal Chapter. Thanks, Bob, for allowing us to share your message on our blog!
At a recent Northern California ASA meeting, I sat next to a retired IRS appraisal reviewer who answered the on-going question of qualified appraisers rather succinctly.
Off the record, he said, the IRS has such respect for the American Society of Appraisers designation that very few ASA-submitted appraisals are required to be passed up the chain for higher review.
Certified Equipment Appraiser: Who Needs One?
Lots of folks, when they need equipment appraisals, search the internet for a “certified” equipment appraiser.
As a Certified Public Accountant, I certainly understand the appeal of certification, and looking for a “certified” appraiser makes a lot of sense if by a certified machinery and equipment appraiser you mean an unbiased trained and knowledgeable professional who provides a report supporting an impartial opinion of value based on expert knowledge, adjusted comps and market research, in line with USPAP guidelines, ethics and appraisal procedures. Yeah, that’s what you want! Reports of this type will gladden the heart of your banker, lawyer, business partner and CPA.
