The IRS released its annual “Dirty Dozen” tax scam alert on March 16, and identified as part of its release abuse of charitable contributions as an area for potential fraud.  IRS points specifically to non-cash charitable contributions that “are highly overvalued” and reminds appraisers of “increased penalties for inaccurate appraisals” imposed by the Pension Protection Act (PPA) of 2006.  ASA continues to urge IRS to complete implementation of this penalty regime, including the statutory “more likely than not” safe harbor provision.

To read the IRS’s “Dirty Dozen” press release, click here.  To read ASA’s Feb. 18 statement to IRS regarding implementation of PPA’s penalty regime, click here.