{"id":12429,"date":"2010-07-01T00:18:32","date_gmt":"2010-07-01T04:18:32","guid":{"rendered":"https:\/\/www.certitrek.com\/nebb\/why-accountants-need-a-cmea\/"},"modified":"2022-12-29T07:50:52","modified_gmt":"2022-12-29T12:50:52","slug":"why-accountants-need-a-cmea","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nebbinstitute\/blog\/why-accountants-need-a-cmea\/","title":{"rendered":"Why Accountants Need a CMEA"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1144px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p>The statements on gift taxes in the IRS Pension Protection Act of 2006 and the aspirational best practices for dealing with the IRS laid out in Circular 230, both of which we\u2019ll discuss in later posts, state the importance of accountants verifying the values of equipment and machinery by securing a certified appraisal. Good accountants want to do what\u2019s best for their clients, and the best thing they can do is to make sure that they are compliant with laws and best practices for dealing with the IRS. And if an accountant relies on something other than a certified appraisal to determine the value of a piece of equipment, his or her client is taking a significant risk. After all, the IRS will disallow a value that is not substantiated.<\/p>\n<p>To avoid penalties and help eliminate risk of liability for their clients, there are several situations in which an accountant may need to secure a certified machinery or equipment appraisal for a client. These situations include:<\/p>\n<ul>\n<li>Converting from C Corp to S Corp<\/li>\n<li>1031 Exchanges<\/li>\n<li>Gifting<\/li>\n<li>Sarbanes-Oxley Compliance<\/li>\n<li>Determining Property Taxes<\/li>\n<\/ul>\n<p>If you\u2019re an accountant seeking a CMEA in your area, take a look at our <a href=\"http:\/\/nebbinstitute.org\/maps\/index.php\">database<\/a>.<\/p>\n<p>By: <a href=\"https:\/\/www.certitrek.com\/nebb\/\">NEBB Institute<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The statements on gift taxes in the IRS Pension Protection Act of 2006 and the aspirational best practices for dealing with the IRS laid out in Circular 230, both of which we\u2019ll discuss in later posts, state the importance of accountants verifying the values of equipment and machinery by securing a certified appraisal. Good accountants [&#8230;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[61,62,63,34,35,37,64],"class_list":["post-12429","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-accountant","tag-circular-230","tag-irs","tag-national-equipment-and-business-builders-institute","tag-nebb-institute","tag-nebbi","tag-pension-protection-act-of-2006"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v19.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Accountants Need a CMEA? 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