Valorização de empreendimentos de inicialização.
A avaliação de negócios nunca é direta - para qualquer empresa. Para startups com pouca ou nenhuma receita ou lucros e futuros menos que certos, o trabalho de atribuir uma avaliação é particularmente complicado. Para empresas maduras, listadas publicamente, com receitas e lucros constantes, normalmente é uma questão de valorizá-las como um múltiplo de seus lucros antes de juros, impostos, depreciação e amortização (EBITDA) ou com base em outros múltiplos específicos do setor. Mas é muito mais difícil avaliar um novo empreendimento que não seja publicamente listado e esteja a anos de distância das vendas.
Se você está tentando levantar capital para sua empresa iniciante, ou se está pensando em colocar dinheiro em uma, é importante determinar o valor da empresa.
O custo para duplicar uma empresa de software, por exemplo, pode ser calculado como o custo total de tempo de programação destinado a projetar seu software. Para uma start-up de alta tecnologia, podem ser os custos até hoje de pesquisa e desenvolvimento, proteção de patentes, desenvolvimento de protótipos. A abordagem custo-para-duplicar é muitas vezes vista como um ponto de partida para a valorização de startups, uma vez que é bastante objetiva. Afinal, é baseado em registros de despesas históricos e verificáveis.
O grande problema com essa abordagem - e os fundadores da empresa certamente concordarão aqui - é que ela não reflete o futuro potencial da empresa para gerar vendas, lucros e retorno sobre o investimento. Além disso, a abordagem de custo para duplicar não captura ativos intangíveis, como o valor da marca, que o empreendimento pode possuir mesmo em um estágio inicial de desenvolvimento. Como geralmente subestima o valor do empreendimento, ele é frequentemente usado como uma estimativa de "baixa bola" do valor da empresa. A infra-estrutura física e o equipamento da empresa podem ser apenas um pequeno componente do patrimônio líquido real, quando os relacionamentos e o capital intelectual formam a base da empresa.
Investidores de capital de risco gostam dessa abordagem, já que isso lhes dá uma boa indicação do que o mercado está disposto a pagar por uma empresa. Basicamente, a abordagem múltipla do mercado valoriza a empresa contra aquisições recentes de empresas similares no mercado.
Digamos que as empresas de software de aplicativos móveis estão vendendo por cinco vezes as vendas. Sabendo o que os investidores reais estão dispostos a pagar pelo software móvel, você pode usar um múltiplo cinco vezes como base para avaliar seu empreendimento de aplicativos para dispositivos móveis, enquanto ajusta o múltiplo para cima ou para baixo para fatorar características diferentes. Se sua empresa de software móvel, digamos, estivesse em um estágio anterior de desenvolvimento, comparada a outras empresas comparáveis, provavelmente obteria um múltiplo menor do que cinco, já que os investidores estão assumindo mais riscos.
A fim de avaliar uma empresa nos estágios da infância, é preciso determinar previsões abrangentes para avaliar o que será a venda ou o lucro da empresa quando ela estiver nos estágios maduros da operação. Os provedores de capital, muitas vezes, fornecem fundos para as empresas quando acreditam no modelo de produto e negócio da empresa, mesmo antes de gerar lucros. Embora muitas empresas estabelecidas sejam valorizadas com base nos lucros, o valor das startups geralmente tem que ser determinado com base em múltiplos de receita.
A abordagem múltipla de mercado, indiscutivelmente, fornece estimativas de valor que se aproximam do que os investidores estão dispostos a pagar. Infelizmente, há um problema: transações de mercado comparáveis podem ser muito difíceis de encontrar. Nem sempre é fácil encontrar empresas que são comparações próximas, especialmente no mercado star-up. Os termos de negociação geralmente são mantidos em sigilo por empresas não-listadas em estágio inicial - as que provavelmente representam as comparações mais próximas. (O problema é que, embora a avaliação relativa seja rápida e fácil de usar, pode ser uma armadilha para os investidores. Para saber mais, leia a Relative Valuation Of Stocks (Avaliações relativas a ações) pode ser uma armadilha.)
O problema com o DCF é a qualidade do DCF depende da capacidade do analista de prever as condições futuras do mercado e fazer boas suposições sobre as taxas de crescimento de longo prazo. Em muitos casos, projetar vendas e ganhos para além de alguns anos torna-se um jogo de adivinhação. Além disso, o valor que os modelos DCF geram é altamente sensível à taxa de retorno esperada usada para descontar os fluxos de caixa. Então, o DCF precisa ser usado com muito cuidado. (O método DCF pode ser difícil de aplicar às avaliações da vida real. Descubra as situações mais difíceis. Confira as 3 principais armadilhas da análise de fluxo de caixa descontado.)
Mais uma vez, os intervalos de valores específicos variam, dependendo da empresa e, claro, do investidor. Mas, com toda a probabilidade, as start-ups que não têm nada mais do que um plano de negócios provavelmente obterão as avaliações mais baixas de todos os investidores. Como a empresa consegue cumprir os marcos do desenvolvimento, os investidores estarão dispostos a atribuir um valor maior.
Muitas empresas de private equity utilizarão uma abordagem pela qual fornecem financiamento adicional quando a empresa atinge um determinado marco. Por exemplo, a rodada inicial de financiamento pode ser direcionada para fornecer salários para os funcionários desenvolverem um produto. Uma vez que o produto é provado para ser bem sucedido, uma rodada subsequente de financiamento é fornecida para produzir em massa e comercializar a invenção. (Olhe para o quadro geral ao escolher uma empresa - o que você vê pode realmente ser um estágio no crescimento de sua indústria. Veja Great Company or Growing Industry?)
Benefícios adicionais.
Quais são os benefícios adicionais?
Os benefícios adicionais são uma compensação adicional fornecida aos funcionários acima e além de um salário ou salário acordado. Além de ajudar os funcionários, oferecer benefícios adicionais ajuda os empregadores tremendamente a partir de uma perspectiva de recrutamento. Entre as empresas com foco semelhante, os empregadores podem achar que é um desafio atrair o talento desejado com base apenas no salário. Ao oferecer benefícios adicionais, especialmente aqueles que não estão disponíveis através de um concorrente, o empregador tem uma chance maior de atrair o nível de talento que precisa ou deseja.
Os benefícios adicionais são geralmente isentos de impostos, desde que certas condições sejam cumpridas. Os beneficiários de benefícios adicionais tributáveis devem incluir o valor justo de mercado do benefício em seu lucro tributável para o ano.
QUEBRANDO PARA BAIXO 'Benefícios Fringe'
Os benefícios incluem comumente seguro de saúde, cobertura de seguro de vida em grupo, assistência educacional, reembolso de assistência e creches, planos de refeitório, descontos a empregados, opções de ações para funcionários, uso pessoal de um veículo da empresa e outros. Se um benefício adicional é isento de impostos depende do tipo e, em alguns casos, do valor do benefício. Por padrão, todos os benefícios adicionais são tributáveis, a menos que sejam especificamente nomeados como isentos de impostos.
Benefícios isentos de impostos.
Os benefícios que estão isentos do imposto de renda incluem o seguinte:
Acidentes e benefícios para a saúde Prêmios de mérito Assistência de adoção Instalações esportivas Benefícios de minimis Assistência de assistência a dependentes Assistência educacional Descontos de funcionário Opções de compra de funcionários Cobertura de seguro de vida do grupo Cobertura de seguro saúde (HSA) Hospedagem em estabelecimentos comerciais Refeições Devolução de despesas de reembolso Não - serviços de custo adicional Serviços de planejamento de aposentadoria Benefícios de deslocamento Benefícios das condições de trabalho.
Todas essas isenções estão sujeitas a certas condições. Por exemplo, prêmios de desempenho são apenas isentos até um valor de US $ 1.600 para prêmios de plano qualificado e um valor de US $ 400 para prêmios de planos não qualificados. As despesas de mudança são isentas se as despesas forem dedutíveis se o empregado as tiver pago. Algumas isenções não estão disponíveis para funcionários altamente remunerados se os benefícios os favorecerem em relação a outros empregados; estes incluem descontos de funcionários, assistência de adoção e assistência de assistência dependente.
A maioria dos benefícios que são isentos de imposto de renda também estão isentos de impostos de Seguro Social, Medicare e Federal de Desemprego, mas não todos: a assistência de adoção está isenta de imposto de renda apenas, por exemplo.
Qualquer benefício adicional não mencionado acima, ou qualquer um dos benefícios mencionados acima que não estejam em conformidade com as regras de isenção do IRS, é tributável. Os benefícios da condição de trabalho são tributáveis na medida em que são para uso pessoal. Por exemplo, se um funcionário receber um computador da empresa, sua renda tributável incluiria o valor justo de mercado do computador multiplicado pela proporção do tempo que dedicam ao uso pessoal. Se eles só o usam para fins comerciais, não há receita tributável adicional. Se 80% de seu uso for pessoal, sua renda tributável deve incluir 80% do valor do computador.
Valorizando Benefícios Fringe.
Em geral, os benefícios adicionais são avaliados pelo valor justo de mercado. Esse é o valor que o funcionário pagaria pelo mesmo benefício em uma transação de terceiros. Todas as circunstâncias relevantes, como área geográfica e condições atuais do mercado, devem ser levadas em conta. O valor justo de mercado pode ser diferente do custo real para o empregador de fornecer o benefício; esse fato não afeta a avaliação.
Valorizar o uso de um veículo da empresa é mais complicado. Usar o valor de mercado justo é uma opção. Se o carro pudesse ter sido arrendado em uma base de centavos por milha, as milhas percorridas podem ser multiplicadas por uma taxa de centavos por milha padrão determinada pelo IRS (53,5 em 2017). Se o empregador patrocinar um programa de compartilhamento de carona, três ou mais funcionários se deslocam regularmente para trabalhar em um veículo da empresa, e os funcionários não podem usar o veículo por motivos pessoais, o empregador pode usar uma taxa de US $ 1,50 por funcionário por trajeto. Sob certas circunstâncias, o empregador pode usar um valor de locação anual ou proporcional rateado pelo IRS.
FERS & amp; Aposentadoria por Incapacidade CSRS, et cetera & # 8230;
Advogado Federal de Aposentadoria por Incapacidade.
Tagged com dol negado feca reivindicar agora o que posso fazer.
Retirada de incapacidade do OPM: Essas conexões de interseção.
Ouvimos o tempo todo sobre o mundo que encolhe, o universo menor, a aldeia global - todas as metáforas para ajudar e compreender, para compreender e ser capaz de resistir à insanidade de um mundo que continua se intrometer, se cruzar e se impor em cada esquina. e aspecto de vidas vividas e diariamente interrompidas. É uma forma de as pessoas lidarem com o fato de que não podemos mais evitar a realidade daquelas conexões cruzadas de mundos, culturas e universos que compõem a realidade cotidiana de nossas vidas de caminhada.
Os jornais globalizam toda e qualquer questão; os canais de notícias de televisão e cabo pouco se importam com as notícias locais, a menos que também tenham algumas consequências nacionais; e assim, vivemos com a anomalia de que a única vez em que você pode ouvir sobre sua própria cidade natal é se algum evento horrível ocorrer com o qual outras pessoas em outras cidades possam se preocupar. E, mesmo quando uma história é relatada sobre um evento que ocorre na esquina da estação de notícias, sede ou qualquer outra forma de identificar o local central onde todos os equipamentos, estúdios e equipes se reúnem para emitir ondas de notícias, eles agem como se estivesse ocorrendo em algum condado ou país distante, com talvez um pouco de choro como uma reflexão tardia com uma declaração como: "E isso torna tudo ainda pior porque aconteceu apenas em nossa própria vizinhança!"
O mundo é de fato um composto de conexões que se cruzam, e nós permitimos voluntariamente que essas conexões tornem nossas próprias perspectivas moldadas em “suas”, convidando vários canais a cabo em nossas salas de estar. Nós realmente temos uma escolha? Podemos simplesmente permanecer ignorantes e ignorar a realidade da economia global, a aldeia extensa e as preocupações universais do dia? Como vivemos as complexidades das conexões cruzadas, quando mal podemos lidar com os problemas locais que nos afligem no casulo de nossas próprias vidas?
Para funcionários federais e funcionários da US Postal que sofrem de uma condição médica, de modo que a condição médica comece a afetar a capacidade diária e a capacidade de executar todos os elementos essenciais do trabalho federal ou postal, o microcosmo das conexões em interseção pode ser ampliado a um nível em que compete com o que está ocorrendo em uma escala mais global.
De repente, a Agência Federal está se movendo para pressionar você - como as empresas estrangeiras que você ouve na economia mundial. Ou o supervisor não está mais sendo cordial - um pouco como o líder mundial que não retorna as ligações para o presidente. Colegas de trabalho não mais o tratam como um igual - como nações que subitamente se desgarram sem explicação. Você precisa fazer uma reclamação, como enviar para uma votação da ONU para sanções.
Todos fomos preparados e preparados para pensar em termos de conexões cruzadas, mas para o funcionário federal e postal que sofre de uma condição médica de tal forma que preparar, formular e arquivar um pedido de aposentadoria por invalidez federal torna-se uma necessidade, tudo volta para uma conexão mais local e pessoal: a saúde e a necessidade de se concentrar na vida pessoal.
Não importa quão global o mundo tenha se tornado, nunca esqueça que é a vida pessoal de conexões íntimas que realmente importa apenas no final.
Robert R. McGill, Esquire.
Aposentadoria por Incapacidade para os Trabalhadores Federais: da miséria dos outros.
Pode dar uma sensação de satisfação a curto prazo; mais ou menos como a comida chinesa, ela satisfaz por uma hora ou mais, então parece perder sua eficácia para o cumprimento. Considerando que, existem outros alimentos que tendem a durar por maior tempo; e assim é receber notícias ou informações sobre a miséria do outro. Certamente permite uma comparação de tipos; de balanços de inclinação imaginados, ou mesmo para contrastar realizações abandonadas, sonhos ainda não realizados ou miséria inabalável.
Da miséria do outro - nós somos condescendentes, escondemos nossa alegria e afirmamos que nos importamos e “nos sentimos terrivelmente”; em outras palavras, nos sentamos e não fazemos nada sobre isso, mesmo que pudéssemos. Oh, nós damos o serviço adequado, é claro: “que terrível”; "Que pena"; “O que se pode fazer?” Mas o tempo todo, por dentro, sussurramos em solilóquios que abrigam aqueles sentimentos de aborrecimentos secretos que dizem: “Graças a Deus é o outro cara”, e começam a fazer um inventário de alívio e análise comparativa de qual a melhor forma de aproveitar a situação?
Isso é um ponto de vista muito cínico? Maquiavel vive dentro de todos nós? Talvez não na extensão descrita. Então, qual a miséria do outro? No mínimo, ele fornece um contraste e nos coloca em um estado de realidade que diz: Talvez nossa situação não seja tão ruim assim. O contentamento, ao contrário, de equilibrar a miséria dos outros, no entanto, não é maneira de viver.
Para funcionários federais e trabalhadores da US Postal que sofrem de uma condição médica, de tal forma que a condição médica impede que o funcionário federal ou postal execute um ou mais dos elementos essenciais do trabalho federal ou postal, esteja o funcionário federal ou postal , CSRS ou CSRS Offset, a chave para preparar uma aplicação bem sucedida e efetiva de Aposentadoria por Invalidez Federal a ser apresentada ao Escritório de Administração de Pessoal dos EUA não é comparando o conteúdo da miséria do outro, mas pela criação direta de um nexo entre o próprio médico. condição e os elementos essenciais da descrição de uma posição.
Esqueça a abordagem instintivamente errada de perguntar: "Bem, a condição médica-X se qualifica se fulano tivesse a mesma condição e ainda fosse capaz de trabalhar?" Ou: "Há outras mais ruins do que eu, então o que? A aposentadoria por invalidez federal é uma base jurídica específica que requer especificidade quanto às circunstâncias individuais. É irrelevante quanto às questões da miséria do outro; é o que é preciso focar.
Robert R. McGill, Esquire.
Federal & amp; Aposentadoria por Incapacidade Postal: A desvantagem vantajosa.
Na vida, muitas vezes brigamos por coisas mesmo quando o objetivo já perdeu seu significado, ou os recursos gastos superam em muito o benefício a ser obtido. Aproveitamos as coisas, as pessoas e outras preocupações, apesar de sabermos as consequências do dano à própria essência do nosso ser. É como se o núcleo evolucionário de nosso DNA determinasse nossas ações, como o vício no alvorecer de promessas quebradas e os traços de infância de lamentos chorosos deixados para trás.
Determinação de ações, apesar de saber, e apesar do constante tambor de outdoors, propagandas de rádio declarativamente contra, e a voz distante da mãe irritante de uma pessoa & # 8212; lembretes ineficazes como o boxe de sombras antes da tempestade perfeita.
Para funcionários federais e trabalhadores do Serviço Postal dos EUA que lutam diariamente com uma condição médica, de modo que a condição médica impeça o trabalhador federal ou postal de executar um ou mais dos elementos essenciais das funções de uma pessoa com a agência federal ou com o O Serviço Postal dos EUA, as lutas diárias e aproveitando o lento processo de justiça em permanecer no emprego federal ou na posição dos Correios, é uma labuta de princípios; mas de que ganho existe se a alma de um está sendo destruída?
O Leviatã do Lendário Conhecimento revela criaturas que destruíram sem cuidado ou compaixão; e a metáfora de hoje de tais monstros é representada por burocracias gigantescas que esmagam sem piscar um olho, inconscientes de apenas outro número em uma longa linha de conquistas como lápides sem nome em um cemitério abandonado.
O registro para benefícios de aposentadoria por invalidez federal através do Escritório de Administração de Pessoal dos EUA, seja o funcionário federal ou postal sob FERS, CSRS ou CSRS Offset, é um passo em direção a obter vantagem vantajosa sobre uma situação que se tornou insustentável; a procrastinação e o atraso para combater o Golias da modernidade é permanecer numa rotina onde se pode continuar a tirar proveito de uma situação desvantajosa e permanecer nas garras de uma tortura lenta, como o sapo que se senta confortavelmente em uma panela. de água morna, sem saber que ela fica em um fogão para ferver.
Robert R. McGill, Esquire.
Aposentadoria por Incapacidade de OPM: O Objetivo de Felicidade.
Se a felicidade humana é o objetivo a ser buscado, ou como um subproduto para saborear naqueles momentos de súbita revelação, é para cada indivíduo averiguar e obedecer. Pode-se estudar os sábios e filósofos e perceber que há uma distinção a ser feita entre a alegria e a felicidade, o contentamento e a satisfação, e a partir de uma sensação de paz em oposição ao tumulto de pressentimento ansioso.
A vida é cheia de momentos; mas é para aqueles momentos em que vivemos, ou esses segmentos etéreos nos obrigam a conquistas maiores? Do eudemonismo de Aristóteles a Confúcio & # 8217; Concentrando-se em manter o equilíbrio entre a família e o comportamento normativo, ou o extremo niilismo de Nietzsche e a abordagem existencialista do absurdo, a abordagem moderna tem sido a de consagrar a felicidade como o princípio da mais alta consideração. Mas a vida tem um jeito de interromper todo empacotamento puro do esforço humano.
Para funcionários federais e trabalhadores da US Postal que sofrem de uma condição médica, seja de dor física, cronicidade de deterioração progressiva ou condições psiquiátricas avassaladoras que afetam a acuidade mental, a cognição, com sintomas de depressão, ansiedade, ataques de pânico, etc. o desejo pelo "princípio da felicidade" & # 8221; Às vezes é apenas para ter um dia sem os sintomas da condição médica de um.
O registro de benefícios de aposentadoria por incapacidade através do Escritório de Administração de Pessoal dos EUA, seja o funcionário federal ou os funcionários dos Correios dos EUA sob FERS, CSRS ou CSRS Offset, pode ser uma meta intermediária, e não um & ldquo; final & # 8221; 1. Pois, no final, se o funcionário federal ou postal não puder mais executar um ou mais dos elementos essenciais das atribuições posicionais de um indivíduo, a perda de satisfação no trabalho será exponencialmente aumentada pela agência (por meio de procedimentos disciplinares ou cessação de emprego) ou por si só (através da frustração de propósito, aumentando o reconhecimento e reconhecimento da incapacidade e incapacidade de uma pessoa, etc.).
No final, o objetivo de felicidade & # 8220; & # 8221; é frequentemente definido por quem controla o quê; e ao dar os primeiros passos para preparar, formular e preencher os benefícios da aposentadoria por invalidez federal através da OPM, a pessoa assume o controle sobre os atuais e futuros empreendimentos e luta contra os ventos do tempo e da mortalidade controlando o destino indeterminado de um período de vida ainda a ser decifrado neste mundo complexo de mistérios envoltos em um abismo de enigmas.
Robert R. McGill, Esquire.
A desvalorização do funcionário federal com deficiência.
Os países o envolvem deliberadamente com suas moedas; as circunstâncias econômicas a forçam com base na volatilidade flutuante do mercado; e os princípios básicos no capitalismo de oferta e demanda freqüentemente o esperam.
As moedas nunca são índices estáveis, apesar das melhores tentativas dos países para administrar e controlar suas economias; o fato é que, neste mundo interconectado de emaranhamento econômico global, a desvalorização do valor pode ocorrer da noite para o dia, logo após a suave respiração do anoitecer, mas antes do alvorecer da primeira luz, quando os corredores dos mercados de ações em colunatas distantes se alinham em fachadas simétricas suas portas para o negócio dos mercados de commodities.
Fortunas podem ser feitas e perdidas durante a noite; mas a desvalorização daquilo que implica valor, pode facilmente cair sobre a alma humana. Condições médicas tendem a fazer isso. Nós trocamos, comercializamos, valorizamos e avaliamos com base na oferta, procura, desejo e ganância da mercadoria; mas quando se trata de seres humanos, apesar de negarmos tais abordagens insensíveis, o encontro com essa mesquinhez ainda prevalece.
Para o funcionário federal ou para o trabalhador dos correios americanos, enfrentar a desvalorização não é nada fora do comum quando ocorre uma condição médica. Uma vez que o trabalhador federal ou postal sofre de uma condição médica, de modo que a condição médica impeça a pessoa de executar um ou mais dos elementos essenciais das funções posicionais de uma pessoa, a avenida das escolhas se torna claramente clara: em; pode-se ir embora sem nada para mostrar por tantos anos de serviço dedicado e leal; ou pode-se arquivar para benefícios de aposentadoria por incapacidade federais através do escritório de gerenciamento de pessoal dos Estados Unidos, seja um deles sob FERS, CSRS ou CSRS Offset.
É a última das alternativas tripartidas que é a melhor opção e que pode garantir um futuro para o funcionário federal ou postal. Pois, em última análise, todo o ponto de desvalorização nos paradigmas da teoria econômica é estabilizar a moeda para os próximos anos; é a experiência do sofrimento de curto prazo para alcançar a calma a longo prazo. A economia é meramente uma reflexão microcósmica de uma perspectiva macro-global, e a aplicação de princípios paralelos é relevante para situações que poderiam parecer estranhas.
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O corpo jurídico está tentando entender por que a propriedade comum não é mais popular quando há preocupações sobre a justiça dos arrendamentos.
Os níveis de transação permanecem em silêncio - embora o número de compradores pela primeira vez tenha atingido a máxima durante dez anos.
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Os agentes on-line têm "fornecedores interrompidos" & # 8217; psique & # 8217; mas os agentes tradicionais ainda podem reagir, afirmam.
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A parte de Zoopla de listagens em uma alta de três anos, afirma o relatório do banco.
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Sobre o autor.
Neil Plein é vice-presidente da Invest n Retire, LLC, uma corretora 401 (k) baseada em Portland, Oregon, especializada em oferecer ETFs a planos de contribuição definida por meio de sua tecnologia patenteada para administrar contas de aposentadoria com impostos diferidos (patente US 8.060.428). A paixão de Neil está trabalhando para encontrar as melhores soluções macro que realmente ajudam os participantes. Ele estudou no Reed College, na Universidade de Oxford e também trabalhou em vários corretores, incluindo o Merrill Lynch. Com base em um fundo de excelência de alto nível em pesquisa acadêmica e profissional, análise e soluções claramente apresentadas, Neil é um firme defensor de evoluções verdadeiramente positivas.
Disclaimer: Invest n Retire, LLC (& # 8220; INR & # 8221;) não está envolvida na prestação de serviços de consultoria financeira, consultoria financeira ou contabilização de impostos, ou serviços de planejamento financeiro. O INR não está dando conselhos ou oferecendo qualquer opinião com respeito à adequação de qualquer garantia, ou a conveniência de comprar ou vender qualquer título que possa ser mencionado neste documento. As informações contidas neste documento são oferecidas apenas para fins gerais de informação e educação. O conteúdo não é fornecido e não constitui investimento ou assessoria jurídica. Você não deve agir ou confiar nas informações contidas neste documento sem primeiro procurar o conselho de seu investimento, contabilidade e consultores legais com relação à sua própria situação e questões específicas que você possa ter.
[1] Employee Benefit Research Institute, “História dos Planos 401 (k): Uma Atualização”, fevereiro de 2005: ebri / pdf / publications / facts / 0205fact. a.pdf.
[2] Administração de benefícios previdenciários e previdenciários, “Estudo sobre as comissões e despesas do plano 401 (k)”, abril de 1998: dol. gov/ebsa/pdf/401kRept. pdf.
[4] Plein, Neil, "Além do seu controle: o que realmente é culpado pelo sistema 401 (k) de baixo desempenho dos EUA?" Guia do ETF, novembro de 2011: etfguide / research / 712/29 / Além do seu controle: - O que.
[5] Existe algum ROI para as Declarações de Política de Educação do 401k? Sanders Booze, Capital Advisors, out 2011 “A ERISA, a lei federal que rege os planos de aposentadoria do setor privado, exige que os participantes recebam certas informações sobre o plano, mas não exigem que os participantes recebam educação.” sandersboozeblog / 2011/10 / É-há-qualquer-roi-para-401k-education-policy-statements.
[7] Abrahamson, Darwin, “Os fundos negociados em bolsa (ETFs) podem ser negociados como fundos mútuos?” Novembro de 2011: investnretire / Documents / Questions. pdf.
[9] Ação Global sobre o Envelhecimento, da Associated Press: “Inscrição automática recebe poupanças de aposentadoria relutantes”, fevereiro de 2010: globalaging / pension / us / 2010 / auto. htm.
[13] Farrell, Paul, “Sim, você pode escolher um vencedor! O "Expense Ratio" é o número 1 "Indicador Confiável" com o Melhor Valor Preditivo: 10 de 11 Estatísticas da Morningstar? Não há ajuda. ”Abril, 2010: wallstreetwarzone / credit-rating-data-tracking-agencies /
[14] Barras, Laurent, Scaillet, O., Wermers, Russ, “Descobertas Falsas no Desempenho do Fundo Mútuo: Medindo a Sorte em Alfas Estimados,” Março de 2008: papers. ssrn / sol3 / papers. cfm? Abstract_id = 869748.
[16] PR Newswire, “Estudo de John Hancock sobre os resultados de investimentos dos participantes do 401 (K) revela comportamentos comuns de investimento,“ Outubro de 2007: press releases / john-hancock-study-of-401k-participants-investment-outcomes - revela-comum-investimento-comportamentos-58702862.html.
[22] Social Security Online, “National Wage Index”, recurso on-line: ssa. gov/oact/cola/AWI. html.
[29] DeAenlle, Conrad, "O poder de baixo custo dos fundos negociados em bolsa", The New York Times, abril de 2010: nytimes / 2010/04/11 / business / mutfund / 11etf. html.
[30] Karamcheva, Zhenya, Richard Kopcke, Vitagliano, Francis, "Redução de custos de planos 401 (k) com ETFs e Comingled Trusts", Centro de Pesquisa de Aposentadoria, Boston College, julho de 2010: crr. bc. edu/briefs /reducing_costs_of_401_k_plans_with_etfs_and_commingled_trusts. html.
[34] Dados coletados dos relatórios mensais do ETF da Bolsa Nacional de Valores: nsx / content / etf-net-flows-list.
Informações adicionais sobre a plataforma Invest n Retire.
Planos com menos de US $ 5 milhões em ativos:
Planos com mais de US $ 5 milhões em ativos:
Consultores, Gerentes de Investimento e Provedores de Fundos.
Patente dos EUA concede patente para a INVEST N RETIRE, LLC.
Contato: Neil Plein PARA LIBERAÇÃO IMEDIATA.
Tel. 503-419-2894 x 104.
Patente dos EUA concede patente para a INVEST N RETIRE, LLC.
Sistema e método para administrar contas de aposentadoria com impostos.
PORTLAND, OR - 15 de novembro de 2011, o Escritório de Patentes dos EUA concedeu à Invest n Retire, LLC (INR) a patente número 8060428, "Sistema e método para administrar contas de aposentadoria com impostos".
A tecnologia patenteada do INR, entre outras funcionalidades, permite que os funcionários em planos de aposentadoria invistam em um portfólio de Exchange Traded Funds (ETFs) de acordo com um modelo de alocação de ativos (AAM) projetado profissionalmente. O sistema também utiliza contribuições regulares de folha de pagamento para comprar seletivamente ETFs abaixo da média no portfólio, de forma que o AAM do funcionário mantenha seu saldo, chamado de Portfólios de Auto-Alinhamento ™.
Darwin Abrahamson, fundador e CEO da Invest n Retire® e pioneiro no setor de aposentadoria, chama isso de “ponto de virada”.
Como um número significativo de investidores continua a deixar fundos mútuos em favor dos ETFs, o único obstáculo que bloqueava o caminho para os empregados nos planos de aposentadoria eram as limitações tecnológicas que o INR superou. Agora os funcionários podem colher os benefícios dos ETFs, o veículo de investimento que mais cresce na história.
A tecnologia da INR vai ainda mais longe com a inclusão de ferramentas on-line que facilitam o trabalho de gerenciar sua conta de aposentadoria. Se você quer saber quanto precisa economizar para se aposentar, pode encontrar a resposta facilmente usando a calculadora do INR. Ao projetar uma calculadora integrada com a folha de pagamento; as informações dos funcionários, como idade, salário e taxa de contribuição, preenchem a calculadora.
Ainda mais importante, a calculadora também pré-popula a taxa de retorno do funcionário, com base no modelo de alocação de ativos selecionado. Agora, com um único clique, a calculadora informa ao empregado se ele ou ela está no caminho certo para a aposentadoria. Se os resultados indicarem um déficit, a calculadora oferece algumas mudanças a serem consideradas na implementação, a fim de seguir o caminho para o sucesso da aposentadoria.
“Até agora, todos basicamente só ofereciam fundos mútuos que operam em sistemas antigos desenvolvidos nos anos 70. Realisticamente, o setor de aposentadoria está suspenso em um período de tempo. Com nossa tecnologia patenteada, a indústria não precisa mais ser restringida, avançando com tecnologia moderna e melhores opções de investimento - ETFs. Nossa abordagem para resolver os inúmeros problemas enfrentados pela indústria de aposentadoria é sem precedentes ”, disse Abrahamson.
Sobre o Invest n Retire, LLC.
A Invest in Retire LLC (INR), localizada em Portland, Oregon, foi fundada em 2000 por Darwin Abrahamson em resposta à demanda avassaladora por tecnologia de ponta que pode oferecer ferramentas e serviços financeiros para planos de aposentadoria com impostos diferidos. O sistema patenteado de design único do INR trata e resolve vários problemas enfrentados pelo setor de aposentadoria. investnretire /
Para obter uma versão em PDF deste comunicado de imprensa, clique aqui.
Para ver os pedidos de patente do Escritório de Marcas e Patentes dos EUA, clique aqui e pesquise a Patente No: 8060428.
Nova Folha de Pagamento Integrada e Opção 401k da Ceridian.
Empregadores: Economize 100 + horas de trabalho administrativo a cada ano com uma solução integrada Ceridian e Invest n Retire.
A Invest n Retire® (INR) fez parceria com a Ceridian®, uma provedora líder nacional de soluções de administração de recursos humanos, folha de pagamento e benefícios, para oferecer uma nova solução de folha de pagamento e 401 (k) totalmente integrada. This integrated solution relieves HR of most of the manual labor required each time a change is made to the record keeping system, and is also fully compliant with the Department of Labor’s April 2012 regulatory changes on fee disclosure.
The enhanced compliance aspect is a substantial competitive advantage compared to other integrated platforms available today. According to Darwin Abrahamson, CEO and Founder of Invest n Retire, “While other providers struggle to determine how they will comply with the new fee disclosure regulations coming from the Department of Labor, these monumental changes are also creating headaches for HR, not to mention the added costs: upwards of $35,000 in consulting fees. The good news is INR is already fully compliant.”
As a result, a number of plans are converting to our integrated solution for this very reason, citing a substantial time, cost and resource savings in doing so. However, this is merely one facet to a suite of new benefits. At the core of this approach is a fundamental shift in what defines retirement success, taking the focus away from education and placing it on technology.
According to Lou Harvey, CEO of Dalbar, Inc., “Continued efforts since 1996 to help participants make informed decisions through educational sessions have been futile.” In large part, this futility results from the purpose of such education, which has been directed at training participants to perform largely manual processes.
However, these processes have now become fully automated, so participant education can begin to focus on the bigger picture of achieving retirement peace of mind. Plus, we are now able to offer a “second level” of integration — a development available on Ceridian and INR’s fully integrated platform.
Level 1.0 Integration: Administrative.
The first level of integration revolves around administration, with the goal being increased efficiency through automation of manual processes. This is best understood through a brief, somewhat comical story that came about after watching a demonstration by a large multinational conglomerate showcasing their technology.
The technology was offered by a major insurance company and payroll was delivered by an equally large, but separate company. The first stop on this guided tour was a demonstration of the accessibility to a few crucial pieces of information, starting with contribution rate. Unfortunately, after nearly 10 minutes of searching, the effort was abandoned as no such data could be found. The only promising development was the discovery of a brightly colored button that read, “Change contribution rate.” Upon clicking, a pop-up screen appeared with a low quality, scanned PDF file, laden with boxes and instructions — the sheer presence of which was almost certainly met by a spike in blood pressure for the HR director delivering the presentation.
On this platform, in order for a participant to change their contribution rate, he or she needed to print out this form, fill out their personal information, specify their current contribution rate, indicate the new rate they wanted, and (after a lengthy disclaimer which took them to a second page filled with even more disclaimers) “simply” sign the document and send it to their HR manager — in another state. Needless to say after talking with several participants, changing contribution rates was not exactly a favorite topic. (Figure 1)
Figure 1: The manual participant / manual HR model.
An obvious step in the right direction would be to eliminate that form, not simply for the benefit of the HR director’s health, but also for the benefit of the participant. Automating the process online would mean that a simple click would deliver the information previously included in the form. But where did this information go? To the same place as the form went before, HR. (Figure 2)
Figure 2: The automated participant / manual HR model.
Therefore, eliminating the form, by offering a higher level of ease to the participant, would be a first step; after all, this would eliminate the manual work for the participant, but the manual work for HR still exists. In order to deliver the goal of increased efficiency through automation of manual processes for everyone; full integration is the superior solution. (Figure 3)
Figure 3: The automated participant / automated HR model.
This level of integration automatically updates data in the payroll system when a change is made on the record keeping system — most manual HR duties are removed from the equation. According to a recent survey of small and medium-sized business, this could save around four hours per payroll period, or over 100 hours of work per year — numbers that would likely be much higher for larger companies.
Integration of payroll and 401(k) substantially reduces repetitive administrative functions and results in numerous additional efficiencies, including easily managing changes in deferral amounts, calculating loan repayments, gathering census data and more:
1) Employees make contribution change requests online through the INR Participant website. Contribution requests are automatically sent to Ceridian through a secure FTP upload. Employee contribution changes are automatically updated within the Ceridian system and are processed the next pay period. (Contribution change requests include pre-tax, Roth, catch-up pre-tax and catch-up Roth).
2) Each pay period, the INR system computes each employee’s contribution rate, for each elective source, based on the employee’s annual salary and the contribution information included in the payroll file. In this way, the employee can confirm the contribution rate for each employee elective source that is being deducted from his or her pay each pay period.
3) INR collects census information from Ceridian through payroll files, which allow the third party administrator (TPA) to access the information through the INR Sponsor Portal. The census information can be electronically downloaded by the TPA for use in ACP, ADP, and/or Top-Heavy testing, if required by the plan.
The second level of integration revolves around participants’ needs, with the goal being to deliver the best opportunity for participants to develop an adequate retirement fund. To accomplish this, every aspect of a plan needs to be “firing on all cylinders.” So, much like an engine, the plan not only needs to be built from superior parts, but in order to run correctly, all of those parts need to be working together.
The need for evolution in retirement plans is essential, as major sources like Businessweek, The Wall Street Journal, Reuters, Bloomberg, Forbes, CNBC, 60 Minutes and many others continue to report on retirement savings problems ahead for most Americans. The numbers are unavoidable, the problems are there — it is time for change.
There are three fundamental aspects that contribute to the long-term success of a retirement plan for participants: cost , compounding and contribution (The 3 C’s™). A brief example will demonstrate the power of this.
According to the U. S. Census, the average American worker makes $32,140 and, according to Dimensional Fund Advisors, the average retirement plan participant contributes 6.8% of their salary to the plan. This means that, by rough numbers, the average person has around $2185.00 going into their retirement plan every year.
Figure 4: Average individual salaries for Americans. Source: US Census Bureau.
Without considering inflation or a host of other factors, consider an individual who just turned 30, has saved $10,000 already and is headed for retirement at 65. Say this person makes the average amount of $32,140, contributes the average amount of $2185, their money grows over that period at 5% and the plan costs near the average of 1.50%. Let’s call this starting point Option A.
If this cost were decreased by 1.00% of assets to a new cost total of 0.50% of assets, the balance over 35 years could increase by roughly 26%.
Figure 5: The impact of a 1.00% cost reduction over 35 years. Other than cost, values are the same, starting balance of $10,000, earning 5% and contributing 6.8% of a $32,140 salary. View Math.
Now say, rather than earning an average of 5% over that period, returns could be 1% higher, averaging a 6% return over the period. For a plan costing 1.50%, the projected balance could catch up to the asset level achieved by the cost decrease alone, $237,128 (therefore the plan would have 1 of The 3 C’s™).
However, under these new circumstances, starting with a cost decrease and then adding a compounding return increase (thus the plan has 2 of The 3 C’s™), the returns would be 27% higher than the $237,128; achieving a new projected balance of $302,109.
Figure 6: The impact of a 1.00% compounding return increase (now 6%) over 35 years. Option A reflects the impact of this change without cost reduction (1 C) while Option B reflects the impact of this change with 1.00% cost reduction (2 C’s). View Math.
For the final element, contribution, consider again the starting option. With an increase in performance, this option was able to reach the projected asset outcome achieved by the cost reduction alone (the plan has 1 C). Yet, allowing the cost reduction option to also receive a 1% performance increase (the plan has 2 C’s) now improves the projected balance by 27% more. Finally, consider a 1% increase in contribution rate, from 6.8% of compensation to 7.8% of compensation.
Figure 7: The impact of a 1.00% contribution rate return increase (now 7.8%) over 35 years. Option A reflects the impact of this change with 1.00% increased performance but without 1.00% cost reduction (2 C’s) while Option B reflects the impact of this change with 1.00% increased performance and 1.00% cost reduction (The 3 C’s™). View Math.
Now, with the plan possessing all of The 3 C’s™, the balance is again higher than if the plan only had lower cost and increased compounding performance (2 C’s); but more importantly, the increase in projected balance by adding the third C, contribution to the plan, was 33%.
What this implies, through basic mathematics, is that regardless of how your plan is designed, if you only have 2 out of The 3 C’s™; your plan is not delivering the fullest benefit to its participants. Only by offering all 3 can a plan deliver the most from its design.
The final point to examine in this example is the difference between the projected balance from the initial starting Option A, a plan with none of the C’s that projected a balance over 35 years of $187,539. Comparing this to plan Option B, containing all of The 3 C’s™, with a projected balance of $364,331; the difference is a 94% increase in projected balance.
Figure 8: The compounding effects of The 3 C’s™ on projected retirement asset levels over the starting average.
The power in these examples will come as no surprise to most; because the problems created for participants by lacking any of The 3 C’s™ in a plan have been well publicized, while the solutions for such problems have also been presented.
Problem: “over a 35 year period…the 1.00% difference in fees… would reduce your account balance at retirement by 28 percent. – U. S. Department of Labor.
Solution: Using Exchange Traded Funds (ETFs) which track indexes instead of actively managed mutual funds “could reduce …fees and costs by 0.70% of assets or more.” – Center for Retirement Research at Boston College.
For this reason, Forbes Magazine says that “ETFs are 401(k) Plans’ Next Big Thing” & # 8211; Revista Forbes.
Compounding returns should increase:
Problem: With regard to investment options “90% of…401(k) and other defined contribution assets in mutual funds are actively managed” – The Wall Street Journal.
Solution: By comparison, the benchmark indexes (which ETFs track) “outperformed 71.9% of actively managed…mutual funds.” – The New York Times.
Further, when selecting the mix of these investments within a participant’s account as a whole, “84.2% of participants would fair better” with professional management than by selecting their own investment mix. – John Hancock® Study.
Contribution levels should improve:
Problem: “Unless people begin… contributing more to their 401(k) plans, advisers say, they are destined to hit retirement with too little money. – The Wall Street Journal.
Solution: ” INR’s integrated retirement calculator has led to increased deferral rates of “60% from 7.39% to 11.76% and plan participation has risen from 64% to 85%.” – InR’s Profit Sharing Council of America Award.
Therefore, cost should be low, compounding returns should increase and contribution rates should improve and be correct to achieve a specific goal.
With a non-integrated plan, the dependency has been on education, largely ignoring these factors and instead attempting to turn participants into investment experts — an impossible task. But even if a non-integrated plan possessed these traits (cost, compounding and contribution), it would not be enough to simply offer them. Participants would then have to be taught how to manage each, both independently and simultaneously, in an effort to make them work together so the maximum benefit can be achieved. For participants, that experience feels much like sorting through this:
Figure 9: Heisenberg’s Uncertainty Principal in Quantum Physics which accounts for the effect that by observing one factor, all other factors are changed as a result - a slightly comedic parallel to the task asked of participants.
in non-integrated plans.
Without integration there is very little automation for participants, requiring most tasks to be performed manually. The instructions in “how” to perform these tasks are delivered through participant education, which serves as the primary factor in defining how to achieve retirement success. An example of this can be seen very easily with retirement calculators; non-integrated plans require participants to enter information manually.
Non-Integrated Data Flow (input model)
Figure 10: Non-integrated platforms depend mainly on the participant to input data. The quality of the output from technology like retirement calculators depends on the quality of the input from the participant, which is dependent on the participant becoming educated to use the technology effectively.
The problem with this model is the burden it places on the participant; it is based on their input and therefore the quality of their education to provide such input. When thinking about a retirement calculator, for example, some pieces of data are obvious and easy for participants to enter, such as age and salary — data that payroll already has, but has not been factored because there is no integration.
However, when you get to something like target rate of return, which nearly all major retirement calculators require, now what? Does the number enter your mind as easily as age and salary? Does it even enter your mind at all? This information — return history, investment options, costs — this is data the record keeper already has, but again, has not been factored because there is no integration.
So without integration, the participant is required to understand and be responsible for interpreting and entering everything correctly, doing all the manual investment calculations ( cost ), portfolio adjustments ( compounding ) and attempted contribution rate changes ( contribution ).
Integration shifts these tedious duties to technology, allowing what defines achieving retirement success to move away from participant education and towards technology. The output-based model makes things far easier for a participant through a reduction in tedious, monotonous manual data input (age, salary) and rigorously difficult calculations.
Integrated Data Flow (output model)
Figure 11: Integrated platforms depend on technology to work by using data integrated between payroll and recordkeeping so the quality of output is no longer dependent on educating the participant.
This model demonstrates how integration allows data which had once been unavailable, to now become usable. Participants no longer have to become professional portfolio managers or retirement planners to reach their retirement goals; technology performs nearly all of the work for them.
However, as most plans know, not everyone uses the technology made available to them. Some participants are more un-engaged , using the technology rarely or not at all; while others are very engaged , using the technology frequently. The integrated model allows for the most benefit to be delivered to each type of participant.
Participants who choose to be un-engaged receive the best default solution (the example in Figures 5, 6, 7 and 8 above): Low-cost investments in a portfolio managed by professionals ( cost , compounding and default contribution rate ). The majority of participants fall into this category, according to retirement expert and distinguished MIT professor, Robert C. Merton.
Participants who then choose to become engaged have a meaningful experience that results in a benefit exceeding the option to be un-engaged — they receive clarity of retirement goals and the contribution rate required to reach them ( cost , compounding and needed contribution rate )
Participants who engage the technology receive the greatest benefit, not simply cost and compounding, but contribution as well, because it can only be set to the needed level (above default) by participant-directed action (use of the technology).
In the previous examples of Figures 5, 6, 7 and 8, basic math illustrates the impact of slight 1% changes. But consider what would happen if a participant increased their contribution rate by several percent using this approach, to the needed amount determined by the calculator. The effect would be substantial. By allowing participants to harness the synergy offered by The 3 C’s™ easily and effectively with new technology, plans will not just see greater successes for those who are engaged, but also develop greater potential for influencing participants who had traditionally been un-engaged to use the technology and in turn, raise the benefits for everyone.
For the first time, all of the above benefits are available with Ceridian and INR’s 2.0 Fully Integrated Payroll and 401(k) option. A demonstration of this experience can be observed in this short video.
Joint efforts make a new experience possible.
Joint efforts offer administrators and participants an entirely new experience. For example, participants log in to the INR Participant website and use INR’s proprietary retirement calculator, where they are presented with a pre-populated calculator containing all of their personal and investment return information. Simply clicking “submit” takes them to a screen that illustrates what they are projected to have saved at retirement based on the current information, followed by the amount they need to save for retirement, and if there is a shortfall, by exactly how much they need to increase their contribution rate to get on track.
If they see that they need to increase their contribution rate, all they need to do is make one click, confirm the change, and log out. Meanwhile, the contribution rate change is automatically updated with Ceridian and reflected in the next pay period.
As you can see, this is the essence of simplicity with a fully integrated, outcome-based approach. Rather than requiring participants to focus on input (picking investments, reading manuals, referencing statements), they simply have to manage a few key output factors (changing contribution rate, moving to a model with a higher historic rate of return, decreasing the percentage of income they estimate they will need at retirement, or delaying their retirement by working a few more years) and that’s it.
By focusing on four simple factors, with all aspects of their specific information integrated and working together, participants only need to make slight adjustments to stay on track and achieve retirement peace of mind quickly and effectively.
As a result, plan sponsors have been eager to share their successes using this approach:
Before, “I t seemed like the participants, myself included, were putting money into the old plan and it just never seemed to be growing .” But now with the new INR platform, “ Participants really appreciate what we’ve done…we can actually see our money growing…and the statistics on our plan will show that participation has increased…and contribution rates have increased… it’s just much easier. ” Chris R., Plan Sponsor (Video Interview).
“ This has been a huge success; the feedback we get is all positive .” Mike K., Plan Sponsor (Video Interview)
Benefits of INR’s integrated 401k platform.
It starts with low-cost investments : INR offers Exchange Traded Funds (ETFs) as investment options allowing participants to own whole and fractional shares of low-cost ETFs in their retirement account. Adding low-cost investments increases participants’ returns by the cost savings without increasing investment risk. Novo para os ETFs? See the Wall Street Journal’s recent article: ETFs Roar Ahead, Shrug Off Criticism.
ERISA §3(38) Investment Manager : Through INR’s platform, a plan sponsor may hire an ERISA qualified §3(38) investment manager. This allows the plan sponsor to transfer his or her fiduciary responsibility, in writing, to the §3(38) manager for selecting, monitoring and managing the investment options offered to plan participants.
Model Portfolios : The §3(38) investment manager designs age-based model portfolios as qualified default investment alternatives (QDIA). Participants who still wish to choose their own investments may continue to do so, although studies demonstrate that only five percent (5%) of employees choose to pick their investments. This attests to the strong demand for professional portfolio management.
Retirement Calculator : Participants ask, “How much do I need to save for retirement?” To help answer this perplexing question, INR provides participants with a retirement calculator that is integrated with payroll information.
Record keeping and payroll integration : Full integration with payroll facilitates INR’s ability to pre-populate personal information into the calculator; such as age, salary, and contribution rate. The calculator also pre-populates the historical rate of return for the participant’s investment model so that the participant is not required to figure out target rate of return through an arduous task. With all this information automatically accounted for, a participant needs only to press a single button to clearly see what they need to save, whether or not they’re on-track to reach that goal, and if not, what can be done to get on track (such as increasing contribution rate; with the exact increase amount already calculated and clearly shown to the participant).
Mandatory Fee Disclosure : INR discloses fees for plan services, which are paid by participants by deducting fees from their retirement account, in dollars and cents on their quarterly statement. Since ETFs do not charge revenue-sharing fees, which are paid to third parties for plan services, INR eliminated the “revenue sharing fee payment arrangement” hurdle. This ensures that INR is in full compliance with the Department of Labor fee disclosure regulations under ERISA §404(a)(5) .
Virtual Audit : INR provides auditors with a Statement on Demand which contains all of the information an auditor will need in order to perform the annual plan audit. The auditor can now work from the comfort of his or her office in performing this sometimes arduous task. This process not only reduces the cost for an audit by 25% on average, a virtual audit relieves HR from being saddled with the task of digging through records and providing the information to the auditor in order for the auditor to complete his job.
Simplifying the conversion process : INR works directly with prior service providers in determining timelines for the black-out period, receipt of employee records and transfer of plan assets so that HR is relieved of these burdensome duties.
Ceridian and INR’s fully integrated payroll and 401(k) solution drastically reduces administrative work and offers a powerful new retirement solution to participants.
Administration is eased in the short term by removing the burden of repetitious, mundane and time-consuming tasks. While over the long term, having a plan that is fully compliant with the April 2012 Department of Labor fee disclosure regulatory changes can save an untold amount in cost, time and resources.
The benefits of a two-layer, integrated approach are not just administrative. The average 401(k) balance in the United States for a person approaching retirement is only $60,000. A contemporary approach that magnifies each element of a 401(k) plan to deliver powerful benefits offers a new way forward to ease the stress and confusion of manual, non-integrated plans.
The technology behind this platform delivers a final benefit to the company. By streamlining payroll and 401(k) processes, avoiding costly fee disclosure compliance and reducing the cost of investments and lowering audit expenses, the potential impact is immeasurable and presents a compelling case for change — a process which has also been made easier through integration.
RIA’s looking to offer this solution to their current clients by serving as an ERISA qualified §3(38) investment manager are invited to contact the author for more information: Neil@investnretire.
Beyond your control: What’s really to blame for America’s underperforming 401k system.
This is the transcript from an interview with Darwin Abrahamson, CEO and Founder of Invest n Retire®, whose slogan is “Record keeper of the future.” Darwin is considered a pioneer in the retirement industry and widely regarded as a true champion in the fight to enact industry standards that genuinely serve the average investor’s best interest. Since 1982 Darwin has worked with fiduciaries and pension administrators of qualified tax-deferred retirement plans. Mr. Abrahamson’s company has been mentioned in the New York Times, Washington Post, Wall Street Journal, Forbes Magazine and nearly all other major financial publications.
Neil: If you open any financial magazine, you’ll see an abundance of ads from every major 401k service provider stating that they have something different to offer, is that actually the case?
Darwin: No. Neil, the message may sound unique, but the offerings are not. The reality is, you’re going to get virtually the exact same thing on every platform; the only thing that will change is the person you talk to and the name of your plan. Fundamentally, however, the investments you use, the tools you access and the outcomes those things make possible will remain the exact same.
Neil: You mention that every platform offers basically the same things, which means that the “outcomes” continue to be the same; O que você quer dizer com isso?
Darwin: For a long time, the tide has been overwhelmingly against the average retirement plan investor. That is what I mean by a fundamental problem. The outcome as you can imagine, is exactly what we see everywhere; low balances, low participation, low contributions. There are ways to disguise this through catchy, colorful presentations made each time companies meet with their service providers, but the reality is, more and more people across this country are coming to the very rude awakening that they simply will not have enough money saved for retirement.
Neil: Why is this the case? Why hasn’t someone figured out how to really make things work for people on a large scale? It seems like a pretty obvious and major national problem?
Darwin: Neil, the real answer will surprise you and everyone else for that matter, because the real problem is something that’s totally out of almost everyone’s control; employees, companies, advisors; their struggle can be very clearly defined; because the efforts they make are based on a very narrow set of possibilities. The investments they have access to, the education they must deliver, the plan tools they must work with and explain, all are based on one thing; tecnologia. That is the real problem with America’s 401k system, its technology.
Neil: What do you mean by that? People everywhere can go online to access their retirement plan, they have things like retirement calculators, where’s the problem?
Darwin: Sure they can do those things, but just barely. Retirement plans are one of the only aspects of our modern life that has not evolved technologically. The recordkeeping systems in place, the backbone of our industry, the technology, programming language and the like, at the core of nearly every major service provider; were developed back in the 1970’s.
Neil: Explain what you mean by that a little further:
Darwin: This is why plans have so many limitations, there are so very few meaningful changes made to improve things on a large scale, mainly because it just can’t happen at any realistic pace, large scale changes are unbelievably expensive. Can you even think of the last big change to hit your retirement plan? The last big thing that made the process a little easier? A website perhaps? That was significant in the 1990’s, what has happened since?
People have been using the same types of funds, relying on the same types of education and using the same types of plan tools for decades; because they had to! The industry as a whole has been held hostage by its dated technology for too long. And real change won’t come until that backbone is replaced by something modern. Think about your iPhone®, look at what has happened when the technology emerged to make “Apps” available, think about how much you can do now, how much easier things are. You can bet that Apple’s not accomplishing that by sticking with a decades old infrastructure.
Neil: Darwin, people may have a hard time wrapping their head around what you’ve just said, can you give a real life example?
Darwin: An example that comes to mind is with someone I recently spoke to who had their 401k plan with a large life insurance company. They actually had to print and fill out a form, then take that physical form to their HR department, just to get their contribution rate changed! Then think about your retirement calculator, you have to enter all of your own information in, the calculator has no ability to do that for you! Entering your age is not a difficult task, entering the return you anticipate from your investment portfolio is. The quality of the information coming out of retirement calculators is only as good as the information going in; and that information depends on the average person trying to turn themselves into an investment expert to perform all the manual tasks their technology should just perform for them.
The large 401(k) providers are all using legacy software that was developed 20 to 30 years ago before participant directed plans existed. This software is licensed, not owned and developed by the providers. Therefore, they do not have the advantage of designing software for participant directed plans that can use the latest investment options like ETFs or the latest Microsoft software.
Neil: Aside from the many benefits new technology would make available to people using 401k plans, what benefits would new technology offer major service providers who offer 401k plans?
Darwin: Well, new record-keeping technology for major service providers achieves three major goals that every business strives for; to decrease overhead, decreased errors, and increase revenues. The time savings and countless efficiencies will be crucial to remaining competitive in tomorrow’s 401k landscape. Providers should see this as a time for action, the longer you wait, the more behind you’ll be, the more expensive your inevitable transition will become.
Disclaimer: Invest n Retire, LLC does not provide tax‚ accounting‚ legal‚ or financial planning services or advice. Information provided is offered only for general information and education purposes and should not be used as the sole basis for making financial‚ investment‚ or retirement planning decisions. O desempenho passado não é garantia de desempenho futuro. If you have specific questions you should consult with your advisors.
The Derivative Scare: Fear Mutual Funds, not ETFs.
A large, fundamentally false debate has been raging over allegations that Exchange Traded Funds (ETFs) are “derivative” investments; a term steeped in negative press and generally associated with high-risk investing. For this reason, many claim that ETFs are not suitable for your retirement plan, so instead, they advocate the continued use of mutual funds.
Unfortunately, the claim that all ETFs are derivatives is simply false. This is like saying all stocks are energy stocks, when the reality is, only some stocks are energy stocks. The same logic holds true for ETFs. To understand this, you must examine what a derivative is and what is really meant when something is labeled a “derivative.”
According to a recent Security and Exchange Commission (SEC) “Fact Sheet” a derivative is defined as: “a type of financial instrument whose value is derived from another underlying product, include such things as futures, certain options, options on futures, and swaps. A common characteristic of most derivatives, which are among a panoply of investments that a fund may make in managing its portfolio, is that they involve leverage.”
Leverage Remember that last word, “leverage.” Now let’s look at an example to help clarify the SEC’s definition of a derivative. Think of a farmer who grows corn. If you walked up to the farmer and bought an ear of corn from him, you would give the farmer some money and he would give you an ear of corn - transaction completed.
If instead, you approached the farmer and wanted to buy that same corn next year, but only wanted to pay today’s price because you think corn will be more expensive in the future; you and the farmer (who thinks the price will be less next year) would enter into a contract “derived” from the actual corn.
You would give the farmer some small amount of money for the contractual right to buy the corn in the future at today’s price. If you’re right and the price of corn goes up a little, you have created leverage; your small investment has increased many times in value as a result of only a small change in the price of the corn it is derived from:
Some ETFs are Derivatives ETFs that are priced based on the value of underlying derivatives do exist. This type of ETF represents an opportunity to profit in the same manner the buyer of the contract for corn profited. With an ETF derivative an investor may reap substantial gains or losses as a result of investing in the derivative portion of the corn contract, which changes radically, rather than investing in the actual corn itself, which changes far less radically by comparison (5% vs. 500% outlined above).
This is the distinction between an ETF being classified as a “derivative” or not - the underlying item; in this case the underlying item is “corn” or “contract.” The ETF itself is not the derivative. In a mutual fund, just as in a non-derivative ETF of say, the S&P 500, you own actual shares in 500 companies; not derivatives of those shares; actual shares.
If the ETF itself were defined as a derivative solely on the basis that it derives its value from another underlying product, then a mutual fund would be considered a derivative as well. But, the fact is, mutual funds are not considered derivatives so ETFs, which invest in a basket of securities, are not derivatives.
ETFs in Retirement Plans I do agree that derivative-based ETFs should be avoided in retirement plans. This conclusion is a no brainer since derivative based ETFs can create a potentially devastating effect, even from owning a very small amount; as their leveraging capabilities can have an exponentially magnified negative effect on the value of the fund as a whole.
On the other hand, including non-derivative based ETFs like (VOO, AGG, VEA) in the investment menu of a retirement plan is a positive step forward. ETFs benefit participants through low cost and improved performance, on average, when compared to actively managed mutual funds.
Raising Awareness Mutual fund proponents raised the bar in making derivatives a topic of concern in retirement plans. Unfortunately, this awareness has taken a wrong turn in misinformation concerning ETFs as a whole, to the point of stating that all ETFs should be avoided.
This misinformation is compounded by the fact that mutual funds also use derivatives. In fact, a recent study presented the top 3 mutual funds in 401(k) plans, all of which use derivatives as underlying investment options. If derivatives should be avoided in retirement plans, buy an ETF of the benchmark index for each mutual fund listed below:
Top 3 Mutual Funds in 401(k) Plans.
Source: BrightScope study of over 50,000 plans released 10/3/10.
Disclaimer: Invest n Retire, LLC does not provide tax‚ accounting‚legal‚ or financial planning services or advice. Information provided is offered only for general information and education purposes and should not be used as the sole basis for making financial‚ investment‚ or retirement planning decisions. O desempenho passado não é garantia de desempenho futuro. If you have specific questions you should consult with your advisors.
Publication 561 (4/2007), Determining the Value of Donated Property.
Introdução.
This publication is designed to help donors and appraisers determine the value of property (other than cash) that is given to qualified organizations. It also explains what kind of information you must have to support the charitable contribution deduction you claim on your return.
This publication does not discuss how to figure the amount of your deduction for charitable contributions or written records and substantiation required. See Publication 526, Charitable Contributions, for this information.
We welcome your comments about this publication and your suggestions for future editions.
You can write to us at the following address:
Receita Federal.
Individual Forms and Publications Branch.
1111 Constitution Ave. NW, IR-6406.
Washington, DC 20224.
We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence.
You can email us at *taxforms@irs. gov. (The asterisk must be included in the address.) Please put "Publications Comment" on the subject line. Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products.
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If you have a tax question, visit irs. gov or call 1-800-829-1040. We cannot answer tax questions sent to either of the above addresses.
Useful Items - You may want to see:
526 Charitable Contributions.
Form (and Instructions)
Donee Information Return.
Noncash Charitable Contributions.
Payment Voucher for Filing Fee Under Section 170(f)(13)
See How To Get Tax Help, near the end of this publication, for information about getting these publications and forms.
Publication 561 - Main Contents.
What Is Fair Market Value (FMV)?
To figure how much you may deduct for property that you contribute, you must first determine its fair market value on the date of the contribution.
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction.
If you give used clothing to the Salvation Army, the FMV would be the price that typical buyers actually pay for clothing of this age, condition, style, and use. Usually, such items are worth far less than what you paid for them.
If you donate land and restrict its use to agricultural purposes, you must value the land at its value for agricultural purposes, even though it would have a higher FMV if it were not restricted.
In making and supporting the valuation of property, all factors affecting value are relevant and must be considered. Esses incluem:
The cost or selling price of the item,
Sales of comparable properties,
Replacement cost, and.
Opinions of experts.
These factors are discussed later. Also, see Table 1 for a summary of questions to ask as you consider each factor.
Ordinarily, the date of a contribution is the date that the transfer of the property takes place.
If you deliver, without any conditions, a properly endorsed stock certificate to a qualified organization or to an agent of the organization, the date of the contribution is the date of delivery. If the certificate is mailed and received through the regular mail, it is the date of mailing. If you deliver the certificate to a bank or broker acting as your agent or to the issuing corporation or its agent, for transfer into the name of the organization, the date of the contribution is the date the stock is transferred on the books of the corporation.
If you grant an option to a qualified organization to buy real property, you have not made a charitable contribution until the organization exercises the option. The amount of the contribution is the FMV of the property on the date the option is exercised minus the exercise price.
You grant an option to a local university, which is a qualified organization, to buy real property. Under the option, the university could buy the property at any time during a 2-year period for $40,000. The FMV of the property on the date the option is granted is $50,000.
In the following tax year, the university exercises the option. The FMV of the property on the date the option is exercised is $55,000. Therefore, you have made a charitable contribution of $15,000 ($55,000, the FMV, minus $40,000, the exercise price) in the tax year the option is exercised.
Determining Fair Market Value.
Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. Usually it is not that simple. Using such formulas, etc., seldom results in an acceptable determination of FMV. There is no single formula that always applies when determining the value of property.
This is not to say that a valuation is only guesswork. You must consider all the facts and circumstances connected with the property, such as its desirability, use, and scarcity.
For example, donated furniture should not be evaluated at some fixed rate such as 15% of the cost of new replacement furniture. When the furniture is contributed, it may be out of style or in poor condition, therefore having little or no market value. On the other hand, it may be an antique, the value of which could not be determined by using any formula.
Cost or Selling Price of the Donated Property.
The cost of the property to you or the actual selling price received by the qualified organization may be the best indication of its FMV. However, because conditions in the market change, the cost or selling price of property may have less weight if the property was not bought or sold reasonably close to the date of contribution.
The cost or selling price is a good indication of the property's value if:
The purchase or sale took place close to the valuation date in an open market,
The purchase or sale was at "arm's-length,"
The buyer and seller knew all relevant facts,
The buyer and seller did not have to act, and.
The market did not change between the date of purchase or sale and the valuation date.
Tom Morgan, who is not a dealer in gems, bought an assortment of gems for $5,000 from a promoter. The promoter claimed that the price was "wholesale" even though he and other dealers made similar sales at similar prices to other persons who were not dealers. The promoter said that if Tom kept the gems for more than 1 year and then gave them to charity, Tom could claim a charitable deduction of $15,000, which, according to the promoter, would be the value of the gems at the time of contribution. Tom gave the gems to a qualified charity 13 months after buying them.
The selling price for these gems had not changed from the date of purchase to the date he donated them to charity. The best evidence of FMV depends on actual transactions and not on some artificial estimate. The $5,000 charged Tom and others is, therefore, the best evidence of the maximum FMV of the gems.
Terms of the purchase or sale.
The terms of the purchase or sale should be considered in determining FMV if they influenced the price. These terms include any restrictions, understandings, or covenants limiting the use or disposition of the property.
Rate of increase or decrease in value.
Unless you can show that there were unusual circumstances, it is assumed that the increase or decrease in the value of your donated property from your cost has been at a reasonable rate. For time adjustments, an appraiser may consider published price indexes for information on general price trends, building costs, commodity costs, securities, and works of art sold at auction in arm's-length sales.
Bill Brown bought a painting for $10,000. Thirteen months later he gave it to an art museum, claiming a charitable deduction of $15,000 on his tax return. The appraisal of the painting should include information showing that there were unusual circumstances that justify a 50% increase in value for the 13 months Bill held the property.
An arm's-length offer to buy the property close to the valuation date may help to prove its value if the person making the offer was willing and able to complete the transaction. To rely on an offer, you should be able to show proof of the offer and the specific amount to be paid. Offers to buy property other than the donated item will help to determine value if the other property is reasonably similar to the donated property.
Sales of Comparable Properties.
The sales prices of properties similar to the donated property are often important in determining the FMV. The weight to be given to each sale depends on the following.
The degree of similarity between the property sold and the donated property.
The time of the sale—whether it was close to the valuation date.
The circumstances of the sale—whether it was at arm's-length with a knowledgeable buyer and seller, with neither having to act.
The conditions of the market in which the sale was made—whether unusually inflated or deflated.
The comparable sales method of valuing real estate is explained later under Valuation of Various Kinds of Property.
Mary Black, who is not a book dealer, paid a promoter $10,000 for 500 copies of a single edition of a modern translation of the Bible. The promoter had claimed that the price was considerably less than the "retail" price, and gave her a statement that the books had a total retail value of $30,000. The promoter advised her that if she kept the Bibles for more than 1 year and then gave them to a qualified organization, she could claim a charitable deduction for the "retail" price of $30,000. Thirteen months later she gave all the Bibles to a church that she selected from a list provided by the promoter. At the time of her donation, wholesale dealers were selling similar quantities of Bibles to the general public for $10,000.
The FMV of the Bibles is $10,000, the price at which similar quantities of Bibles were being sold to others at the time of the contribution.
The facts are the same as in Example 1, except that the promoter gave Mary Black a second option. The promoter said that if Mary wanted a charitable deduction within 1 year of the purchase, she could buy the 500 Bibles at the "retail" price of $30,000, paying only $10,000 in cash and giving a promissory note for the remaining $20,000. The principal and interest on the note would not be due for 12 years. According to the promoter, Mary could then, within 1 year of the purchase, give the Bibles to a qualified organization and claim the full $30,000 retail price as a charitable contribution. She purchased the Bibles under the second option and, 3 months later, gave them to a church, which will use the books for church purposes.
At the time of the gift, the promoter was selling similar lots of Bibles for either $10,000 or $30,000. The difference between the two prices was solely at the discretion of the buyer. The promoter was a willing seller for $10,000. Therefore, the value of Mary's contribution of the Bibles is $10,000, the amount at which similar lots of Bibles could be purchased from the promoter by members of the general public.
Replacement Cost.
The cost of buying, building, or manufacturing property similar to the donated item should be considered in determining FMV. However, there must be a reasonable relationship between the replacement cost and the FMV.
The replacement cost is the amount it would cost to replace the donated item on the valuation date. Often there is no relationship between the replacement cost and the FMV. If the supply of the donated property is more or less than the demand for it, the replacement cost becomes less important.
To determine the replacement cost of the donated property, find the "estimated replacement cost new." Then subtract from this figure an amount for depreciation due to the physical condition and obsolescence of the donated property. You should be able to show the relationship between the depreciated replacement cost and the FMV, as well as how you arrived at the "estimated replacement cost new."
Opinions of Experts.
Generally, the weight given to an expert's opinion on matters such as the authenticity of a coin or a work of art, or the most profitable and best use of a piece of real estate, depends on the knowledge and competence of the expert and the thoroughness with which the opinion is supported by experience and facts. For an expert's opinion to deserve much weight, the facts must support the opinion. For additional information, see Appraisals, later.
Table 1. Factors That Affect FMV.
Problems in Determining Fair Market Value.
There are a number of problems in determining the FMV of donated property.
Unusual Market Conditions.
The sale price of the property itself in an arm's-length transaction in an open market is often the best evidence of its value. When you rely on sales of comparable property, the sales must have been made in an open market. If those sales were made in a market that was artificially supported or stimulated so as not to be truly representative, the prices at which the sales were made will not indicate the FMV.
For example, liquidation sale prices usually do not indicate the FMV. Also, sales of stock under unusual circumstances, such as sales of small lots, forced sales, and sales in a restricted market, may not represent the FMV.
Selection of Comparable Sales.
Using sales of comparable property is an important method for determining the FMV of donated property. However, the amount of weight given to a sale depends on the degree of similarity between the comparable and the donated properties. The degree of similarity must be close enough so that this selling price would have been given consideration by reasonably well-informed buyers or sellers of the property.
You give a rare, old book to your former college. The book is a third edition and is in poor condition because of a missing back cover. You discover that there was a sale for $300, near the valuation date, of a first edition of the book that was in good condition. Although the contents are the same, the books are not at all similar because of the different editions and their physical condition. Little consideration would be given to the selling price of the $300 property by knowledgeable buyers or sellers.
Future Events.
You may not consider unexpected events happening after your donation of property in making the valuation. You may consider only the facts known at the time of the gift, and those that could be reasonably expected at the time of the gift.
You give farmland to a qualified charity. The transfer provides that your mother will have the right to all income and full use of the property for her life. Even though your mother dies 1 week after the transfer, the value of the property on the date it is given is its present value, subject to the life interest as estimated from actuarial tables. You may not take a higher deduction because the charity received full use and possession of the land only 1 week after the transfer.
Using Past Events to Predict the Future.
A common error is to rely too much on past events that do not fairly reflect the probable future earnings and FMV.
You give all your rights in a successful patent to your favorite charity. Your records show that before the valuation date there were three stages in the patent's history of earnings. First, there was rapid growth in earnings when the invention was introduced. Then, there was a period of high earnings when the invention was being exploited. Finally, there was a decline in earnings when competing inventions were introduced. The entire history of earnings may be relevant in estimating the future earnings. However, the appraiser must not rely too much on the stage of rapid growth in earnings, or of high earnings. The market conditions at those times do not represent the condition of the market at the valuation date. What is most significant is the trend of decline in earnings up to the valuation date. For more information about donations of patents, see Patents, later.
Valuation of Various Kinds of Property.
This section contains information on determining the FMV of ordinary kinds of donated property. For information on appraisals, see Appraisals, later.
Household Goods.
The FMV of used household goods, such as furniture, appliances, and linens, is usually much lower than the price paid when new. Such used property may have little or no market value because of its worn condition. It may be out of style or no longer useful.
You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. See Deduction over $500 for certain clothing or household items , later.
If the property is valuable because it is old or unique, see the discussion under Paintings, Antiques, and Other Objects of Art .
Used Clothing.
Used clothing and other personal items are usually worth far less than the price you paid for them. Valuation of items of clothing does not lend itself to fixed formulas or methods.
The price that buyers of used items actually pay in used clothing stores, such as consignment or thrift shops, is an indication of the value.
You cannot take a deduction for clothing donated after August 17, 2006, unless it is in good used condition or better. An item of clothing that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. See Deduction over $500 for certain clothing or household items , later.
For valuable furs or very expensive gowns, a Form 8283 may have to be sent with your tax return.
Jewelry and Gems.
Jewelry and gems are of such a specialized nature that it is almost always necessary to get an appraisal by a specialized jewelry appraiser. The appraisal should describe, among other things, the style of the jewelry, the cut and setting of the gem, and whether it is now in fashion. If not in fashion, the possibility of having the property redesigned, recut, or reset should be reported in the appraisal. The stone's coloring, weight, cut, brilliance, and flaws should be reported and analyzed. Sentimental personal value has no effect on FMV. But if the jewelry was owned by a famous person, its value might increase.
Paintings, Antiques, and Other Objects of Art.
Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. Examples of information that should be included in appraisals of art objects—paintings in particular—are found later under Qualified Appraisal .
If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request.
If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. You must request the statement before filing the tax return that reports the donation. Your request must include the following.
A copy of a qualified appraisal of the item. See Qualified Appraisal, later.
A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. Add $250 for each item in excess of three.
A completed Form 8283, Section B.
The location of the IRS territory that has examination responsibility for your return.
If your request lacks essential information, you will be notified and given 30 days to provide the missing information.
Send your request to:
Receita Federal.
Attention: Art Appraisal (C:AP:ART)
Washington, DC 20038.
You can withdraw your request for a Statement of Value at any time before it is issued. However, the IRS will not refund the user fee if you do.
If the IRS declines to issue a Statement of Value in the interest of efficient tax administration, the IRS will refund the user fee.
The authenticity of the donated art must be determined by the appraiser.
Important items in the valuation of antiques and art are physical condition and extent of restoration. These have a significant effect on the value and must be fully reported in an appraisal. An antique in damaged condition, or lacking the "original brasses," may be worth much less than a similar piece in excellent condition.
More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the art being appraised. Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. Their opinions on the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. They can report more recent comparable sales to support their opinion.
To identify and locate experts on unique, specialized items or collections, you may wish to use the current Official Museum Directory of the American Association of Museums. It lists museums both by state and by category.
To help you locate a qualified appraiser for your donation, you may wish to ask an art historian at a nearby college or the director or curator of a local museum. The Yellow Pages often list specialized art and antique dealers, auctioneers, and art appraisers. You may be able to find a qualified appraiser on the Internet. You may also contact associations of dealers for guidance.
Coleções
Since many kinds of hobby collections may be the subject of a charitable donation, it is not possible to discuss all of the possible collectibles in this publication. Most common are rare books, autographs, sports memorabilia, dolls, manuscripts, stamps, coins, guns, phonograph records, and natural history items. Many of the elements of valuation that apply to paintings and other objects of art, discussed earlier, also apply to miscellaneous collections.
Publications available to help you determine the value of many kinds of collections include catalogs, dealers' price lists, and specialized hobby periodicals. When using one of these price guides, you must use the current edition at the date of contribution. However, these sources are not always reliable indicators of FMV and should be supported by other evidence.
For example, a dealer may sell an item for much less than is shown on a price list, particularly after the item has remained unsold for a long time. The price an item sold for in an auction may have been the result of a rigged sale or a mere bidding duel. The appraiser must analyze the reference material, and recognize and make adjustments for misleading entries. If you are donating a valuable collection, you should get an appraisal. If your donation appears to be of little value, you may be able to make a satisfactory valuation using reference materials available at a state, city, college, or museum library.
Most libraries have catalogs or other books that report the publisher's estimate of values. Generally, two price levels are shown for each stamp: the price postmarked and the price not postmarked. Stamp dealers generally know the value of their merchandise and are able to prepare satisfactory appraisals of valuable collections.
Many catalogs and other reference materials show the writer's or publisher's opinion of the value of coins on or near the date of the publication. Like many other collectors' items, the value of a coin depends on the demand for it, its age, and its rarity. Another important factor is the coin's condition. For example, there is a great difference in the value of a coin that is in mint condition and a similar coin that is only in good condition.
Catalogs usually establish a category for coins, based on their physical condition—mint or uncirculated, extremely fine, very fine, fine, very good, good, fair, or poor—with a different valuation for each category.
The value of books is usually determined by selecting comparable sales and adjusting the prices according to the differences between the comparable sales and the item being evaluated. This is difficult to do and, except for a collection of little value, should be done by a specialized appraiser. Within the general category of literary property, there are dealers who specialize in certain areas, such as Americana, foreign imports, Bibles, and scientific books.
If the collection you are donating is of modest value, not requiring a written appraisal, the following information may help you in determining the FMV.
A book that is very old, or very rare, is not necessarily valuable. There are many books that are very old or rare, but that have little or no market value.
The condition of a book may have a great influence on its value. Collectors are interested in items that are in fine, or at least good, condition. When a book has a missing page, a loose binding, tears, stains, or is otherwise in poor condition, its value is greatly lowered.
Some other factors in the valuation of a book are the kind of binding (leather, cloth, paper), page edges, and illustrations (drawings and photographs). Collectors usually want first editions of books. However, because of changes or additions, other editions are sometimes worth as much as, or more than, the first edition.
Manuscripts, autographs, diaries, and similar items.
When these items are handwritten, or at least signed by famous people, they are often in demand and are valuable. The writings of unknowns also may be of value if they are of unusual historical or literary importance. Determining the value of such material is difficult. For example, there may be a great difference in value between two diaries that were kept by a famous person—one kept during childhood and the other during a later period in his or her life. The appraiser determines a value in these cases by applying knowledge and judgment to such factors as comparable sales and conditions.
Signatures, or sets of signatures, that were cut from letters or other papers usually have little or no value. But complete sets of the signatures of U. S. presidents are in demand.
Cars, Boats, and Aircraft.
If you donate a car, a boat, or an aircraft to a charitable organization, its FMV must be determined.
Certain commercial firms and trade organizations publish monthly or seasonal guides for different regions of the country, containing complete dealer sale prices or dealer average prices for recent model years. Prices are reported for each make, model, and year. These guides also provide estimates for adjusting for unusual equipment, unusual mileage, and physical condition. The prices are not "official," and these publications are not considered an appraisal of any specific donated property. But they do provide clues for making an appraisal and suggest relative prices for comparison with current sales and offerings in your area.
These publications are sometimes available from public libraries or at a bank, credit union, or finance company. You can also find pricing information about used cars on the Internet.
An acceptable measure of the FMV of a donated car, boat, or airplane is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale, not the dealer retail value, of a similar vehicle. However, the FMV may be less than that amount if the vehicle has engine trouble, body damage, high mileage, or any type of excessive wear. The FMV of a donated vehicle is the same as the price listed in a used vehicle pricing guide for a private party sale only if the guide lists a sales price for a vehicle that is the same make, model, and year, sold in the same area, in the same condition, with the same or similar options or accessories, and with the same or similar warranties as the donated vehicle.
You donate a used car in poor condition to a local high school for use by students studying car repair. A used car guide shows the dealer retail value for this type of car in poor condition is $1,600. However, the guide shows the price for a private party sale of the car is only $750. The FMV of the car is considered to be no more than $750.
Except for inexpensive small boats, the valuation of boats should be based on an appraisal by a marine surveyor because the physical condition is so critical to the value.
Your deduction for a donated car, boat, or airplane generally is limited to the gross proceeds from its sale by the qualified organization. This rule applies if the claimed value of the donated vehicle is more than $500. In certain cases, you can deduct the vehicle's FMV. For details, see Publication 526.
If you donate any inventory item to a charitable organization, the amount of your deductible contribution generally is the FMV of the item, minus any gain you would have realized if you had sold the item at its FMV on the date of the gift. For more information, see Publication 526.
To determine the FMV of a patent, you must take into account, among other factors:
Whether the patented technology has been made obsolete by other technology;
Any restrictions on the donee's use of, or ability to transfer, the patented technology; e.
The length of time remaining before the patent expires.
However, your deduction for a donation of a patent or other intellectual property is its FMV, minus any gain you would have realized if you had sold the property at its FMV on the date of the gift. Generally, this means your deduction is the lesser of the property's FMV or its basis. For details, see Publication 526.
Stocks and Bonds.
The value of stocks and bonds is the FMV of a share or bond on the valuation date. See Date of contribution, earlier, under What Is Fair Market Value (FMV).
Selling prices on valuation date.
If there is an active market for the contributed stocks or bonds on a stock exchange, in an over-the-counter market, or elsewhere, the FMV of each share or bond is the average price between the highest and lowest quoted selling prices on the valuation date. For example, if the highest selling price for a share was $11, and the lowest $9, the average price is $10. You get the average price by adding $11 and $9 and dividing the sum by 2.
If there were no sales on the valuation date, but there were sales within a reasonable period before and after the valuation date, you determine FMV by taking the average price between the highest and lowest sales prices on the nearest date before and on the nearest date after the valuation date. Then you weight these averages in inverse order by the respective number of trading days between the selling dates and the valuation date.
On the day you gave stock to a qualified organization, there were no sales of the stock. Sales of the stock nearest the valuation date took place two trading days before the valuation date at an average selling price of $10 and three trading days after the valuation date at an average selling price of $15. The FMV on the valuation date was $12, figured as follows:
Listings on more than one stock exchange.
Stocks or bonds listed on more than one stock exchange are valued based on the prices of the exchange on which they are principally dealt. This applies if these prices are published in a generally available listing or publication of general circulation. If this is not applicable, and the stocks or bonds are reported on a composite listing of combined exchanges in a publication of general circulation, use the composite list. See also Unavailable prices or closely held corporation, later.
Bid and asked prices on valuation date.
If there were no sales within a reasonable period before and after the valuation date, the FMV is the average price between the bona fide bid and asked prices on the valuation date.
Although there were no sales of Blue Corporation stock on the valuation date, bona fide bid and asked prices were available on that date of $14 and $16, respectively. The FMV is $15, the average price between the bid and asked prices.
If there were no prices available on the valuation date, you determine FMV by taking the average prices between the bona fide bid and asked prices on the closest trading date before and after the valuation date. Both dates must be within a reasonable period. Then you weight these averages in inverse order by the respective number of trading days between the bid and asked dates and the valuation date.
On the day you gave stock to a qualified organization, no prices were available. Bona fide bid and asked prices 3 days before the valuation date were $10 and 2 days after the valuation date were $15. The FMV on the valuation date is $13, figured as follows:
Prices only before or after valuation date, but not both.
If no selling prices or bona fide bid and asked prices are available on a date within a reasonable period before the valuation date, but are available on a date within a reasonable period after the valuation date, or vice versa, then the average price between the highest and lowest of such available prices may be treated as the value.
When a large block of stock is put on the market, it may lower the selling price of the stock if the supply is greater than the demand. On the other hand, market forces may exist that will afford higher prices for large blocks of stock. Because of the many factors to be considered, determining the value of large blocks of stock usually requires the help of experts specializing in underwriting large quantities of securities, or in trading in the securities of the industry of which the particular company is a part.
Unavailable prices or closely held corporation.
If selling prices or bid and asked prices are not available, or if securities of a closely held corporation are involved, determine the FMV by considering the following factors.
For bonds, the soundness of the security, the interest yield, the date of maturity, and other relevant factors.
For shares of stock, the company's net worth, prospective earning power and dividend-paying capacity, and other relevant factors.
Other relevant factors include:
The nature and history of the business, especially its recent history,
The goodwill of the business,
The economic outlook in the particular industry,
The company's position in the industry, its competitors, and its management, and.
The value of securities of corporations engaged in the same or similar business.
For preferred stock, the most important factors are its yield, dividend coverage, and protection of its liquidation preference.
You should keep complete financial and other information on which the valuation is based. This includes copies of reports of examinations of the company made by accountants, engineers, or any technical experts on or close to the valuation date.
Some classes of stock cannot be traded publicly because of restrictions imposed by the Securities and Exchange Commission, or by the corporate charter or a trust agreement. These restricted securities usually trade at a discount in relation to freely traded securities.
To arrive at the FMV of restricted securities, factors that you must consider include the resale provisions found in the restriction agreements, the relative negotiating strengths of the buyer and seller, and the market experience of freely traded securities of the same class as the restricted securities.
Imobiliária.
Because each piece of real estate is unique and its valuation is complicated, a detailed appraisal by a professional appraiser is necessary.
The appraiser must be thoroughly trained in the application of appraisal principles and theory. In some instances the opinions of equally qualified appraisers may carry unequal weight, such as when one appraiser has a better knowledge of local conditions.
The appraisal report must contain a complete description of the property, such as street address, legal description, and lot and block number, as well as physical features, condition, and dimensions. The use to which the property is put, zoning and permitted uses, and its potential use for other higher and better uses are also relevant.
In general, there are three main approaches to the valuation of real estate. An appraisal may require the combined use of two or three methods rather than one method only.
1. Comparable Sales.
The comparable sales method compares the donated property with several similar properties that have been sold. The selling prices, after adjustments for differences in date of sale, size, condition, and location, would then indicate the estimated FMV of the donated property.
If the comparable sales method is used to determine the value of unimproved real property (land without significant buildings, structures, or any other improvements that add to its value), the appraiser should consider the following factors when comparing the potential comparable property and the donated property:
Location, size, and zoning or use restrictions,
Accessibility and road frontage, and available utilities and water rights,
Riparian rights (right of access to and use of the water by owners of land on the bank of a river) and existing easements, rights-of-way, leases, etc.,
Soil characteristics, vegetative cover, and status of mineral rights, and.
Other factors affecting value.
For each comparable sale, the appraisal must include the names of the buyer and seller, the deed book and page number, the date of sale and selling price, a property description, the amount and terms of mortgages, property surveys, the assessed value, the tax rate, and the assessor's appraised FMV.
The comparable selling prices must be adjusted to account for differences between the sale property and the donated property. Because differences of opinion may arise between appraisers as to the degree of comparability and the amount of the adjustment considered necessary for comparison purposes, an appraiser should document each item of adjustment.
Only comparable sales having the least adjustments in terms of items and/or total dollar adjustments should be considered as comparable to the donated property.
2. Capitalization of Income.
This method capitalizes the net income from the property at a rate that represents a fair return on the particular investment at the particular time, considering the risks involved. The key elements are the determination of the income to be capitalized and the rate of capitalization.
3. Replacement Cost New or Reproduction Cost Minus Observed Depreciation.
This method, used alone, usually does not result in a determination of FMV. Instead, it generally tends to set the upper limit of value, particularly in periods of rising costs, because it is reasonable to assume that an informed buyer will not pay more for the real estate than it would cost to reproduce a similar property. Of course, this reasoning does not apply if a similar property cannot be created because of location, unusual construction, or some other reason. Generally, this method serves to support the value determined from other methods. When the replacement cost method is applied to improved realty, the land and improvements are valued separately.
The replacement cost of a building is figured by considering the materials, the quality of workmanship, and the number of square feet or cubic feet in the building. This cost represents the total cost of labor and material, overhead, and profit. After the replacement cost has been figured, consideration must be given to the following factors:
Physical deterioration—the wear and tear on the building itself,
Functional obsolescence—usually in older buildings with, for example, inadequate lighting, plumbing, or heating, small rooms, or a poor floor plan, and.
Economic obsolescence—outside forces causing the whole area to become less desirable.
Interest in a Business.
The FMV of any interest in a business, whether a sole proprietorship or a partnership, is the amount that a willing buyer would pay for the interest to a willing seller after consideration of all relevant factors. The relevant factors to be considered in valuing the business are:
The FMV of the assets of the business,
The demonstrated earnings capacity of the business, based on a review of past and current earnings, and.
The other factors used in evaluating corporate stock, if they apply.
The value of the goodwill of the business should also be taken into consideration. You should keep complete financial and other information on which you base the valuation. This includes copies of reports of examinations of the business made by accountants, engineers, or any technical experts on or close to the valuation date.
Annuities, Interests for Life or Terms of Years, Remainders, and Reversions.
The value of these kinds of property is their present value, except in the case of annuities under contracts issued by companies regularly engaged in their sale. The valuation of these commercial annuity contracts and of insurance policies is discussed later under Certain Life Insurance and Annuity Contracts .
To determine present value, you must know the applicable interest rate and use actuarial tables.
The applicable interest rate varies. It is announced monthly in a news release and published in the Internal Revenue Bulletin as a Revenue Ruling. The interest rate to use is under the heading "Rate Under Section 7520" for a given month and year. You can call the IRS office at 1-800-829-1040 to obtain this rate.
You need to refer to actuarial tables to determine a qualified interest in the form of an annuity, any interest for life or a term of years, or any remainder interest to a charitable organization.
Use the valuation tables set forth in IRS Publications 1457, Actuarial Values (Book Aleph), and 1458, Actuarial Values (Book Beth). Both of these publications provide tables containing actuarial factors to be used in determining the present value of an annuity, an interest for life or for a term of years, or a remainder or reversionary interest. For qualified charitable transfers, you can use the factor for the month in which you made the contribution or for either of the 2 months preceding that month.
Publication 1457 also contains actuarial factors for computing the value of a remainder interest in a charitable remainder annuity trust and a pooled income fund. Publication 1458 contains the factors for valuing the remainder interest in a charitable remainder unitrust. You can download Publications 1457 and 1458 from irs. gov. In addition, they are available for purchase via the website of the U. S. Government Printing Office, by phone at (202) 512-1800, or by mail from the:
Superintendent of Documents.
Pittsburgh, PA 15250-7954.
Tables containing actuarial factors for transfers to pooled income funds may also be found in Income Tax Regulation 1.642(c)-6(e)(6), transfers to charitable remainder unitrusts in Regulation 1.664-4(e), and other transfers in Regulation 20.2031-7(d)(6).
If you need a special factor for an actual transaction, you can request a letter ruling. Be sure to include the date of birth of each person the duration of whose life may affect the value of the interest. Also include copies of the relevant instruments. IRS charges a user fee for providing special factors.
For more information about requesting a ruling, see Revenue Procedure 2006-1 (or annual update), 2006-1 I. R.B. 1. Revenue Procedure 2006-1 is available at.
For information on the circumstances under which a charitable deduction may be allowed for the donation of a partial interest in property not in trust, see Partial Interest in Property Not in Trust, later.
Certain Life Insurance and Annuity Contracts.
The value of an annuity contract or a life insurance policy issued by a company regularly engaged in the sale of such contracts or policies is the amount that company would charge for a comparable contract.
But if the donee of a life insurance policy may reasonably be expected to cash the policy rather than hold it as an investment, then the FMV is the cash surrender value rather than the replacement cost.
If an annuity is payable under a combination annuity contract and life insurance policy (for example, a retirement income policy with a death benefit) and there was no insurance element when it was transferred to the charity, the policy is treated as an annuity contract.
Partial Interest in Property Not in Trust.
Generally, no deduction is allowed for a charitable contribution, not made in trust, of less than your entire interest in property. However, this does not apply to a transfer of less than your entire interest if it is a transfer of:
A remainder interest in your personal residence or farm,
An undivided part of your entire interest in property, or.
A qualified conservation contribution.
Remainder Interest in Real Property.
The amount of the deduction for a donation of a remainder interest in real property is the FMV of the remainder interest at the time of the contribution. To determine this value, you must know the FMV of the property on the date of the contribution. Multiply this value by the appropriate factor. Publications 1457 and 1458 contain these factors.
You must make an adjustment for depreciation or depletion using the factors shown in Publication 1459, Actuarial Values (Book Gimel). You can use the factors for the month in which you made the contribution or for either of the two months preceding that month. See the earlier discussion on Annuities, Interests for Life or Terms of Years, Remainders, and Reversions. You can download Publication 1459 from.
For this purpose, the term "depreciable property" means any property subject to wear and tear or obsolescence, even if not used in a trade or business or for the production of income.
If the remainder interest includes both depreciable and nondepreciable property, for example a house and land, the FMV must be allocated between each kind of property at the time of the contribution. This rule also applies to a gift of a remainder interest that includes property that is part depletable and part not depletable. Take into account depreciation or depletion only for the property that is subject to depreciation or depletion.
For more information, see section 1.170A-12 of the Income Tax Regulations.
Undivided Part of Your Entire Interest.
A contribution of an undivided part of your entire interest in property must consist of a part of each and every substantial interest or right you own in the property. It must extend over the entire term of your interest in the property. For example, you are entitled to the income from certain property for your life (life estate) and you contribute 20% of that life estate to a qualified organization. You can claim a deduction for the contribution if you do not have any other interest in the property. To figure the value of a contribution involving a partial interest, see Publication 1457.
If the only interest you own in real property is a remainder interest and you transfer part of that interest to a qualified organization, see the previous discussion on valuation of a remainder interest in real property.
Qualified Conservation Contribution.
A qualified conservation contribution is a contribution of a qualified real property interest to a qualified organization to be used only for conservation purposes.
For purposes of a qualified conservation contribution, a qualified organization is:
A governmental unit,
A publicly supported charitable, religious, scientific, literary, educational, etc., organization, or.
An organization that is controlled by, and operated for the exclusive benefit of, a governmental unit or a publicly supported charity.
The organization also must have a commitment to protect the conservation purposes of the donation and must have the resources to enforce the restrictions.
Your contribution must be made only for one of the following conservation purposes.
Preserving land areas for outdoor recreation by, or for the education of, the general public.
Protecting a relatively natural habitat of fish, wildlife, or plants, or a similar ecosystem.
Preserving open space, including farmland and forest land, if it yields a significant public benefit. It must be either for the scenic enjoyment of the general public or under a clearly defined federal, state, or local governmental conservation policy.
Preserving a historically important land area or a certified historic structure. There must be some visual public access to the property. Factors used in determining the type and amount of public access required include the historical significance of the property, the remoteness or accessibility of the site, and the extent to which intrusions on the privacy of individuals living on the property would be unreasonable.
Building in registered historic district.
A contribution after July 25, 2006, of a qualified real property interest that is an easement or other restriction on the exterior of a building in a registered historic district is deductible only if it meets all of the following three conditions.
The restriction must preserve the entire exterior of the building and must prohibit any change to the exterior of the building that is inconsistent with its historical character.
You and the organization receiving the contribution must enter into a written agreement certifying, that the organization is a qualified organization and that it has the resources and commitment to maintain the property as donated.
If you make the contribution in a tax year beginning after August 17, 2006, you must include with your return:
A qualified appraisal,
Photographs of the building's entire exterior, and.
A description of all restrictions on development of the building, such as zoning laws and restrictive covenants.
If you make this type of contribution after February 12, 2007, and claim a deduction of more than $10,000, your deduction will not be allowed unless you pay a $500 filing fee. See Form 8283-V, Payment Voucher for Filing Fee Under Section 170(f)(13), and its instructions.
Qualified real property interest.
This is any of the following interests in real property.
Your entire interest in real estate other than a mineral interest (subsurface oil, gas, or other minerals, and the right of access to these minerals).
A remainder interest.
A restriction (granted in perpetuity) on the use that may be made of the real property.
A qualified real property interest described in (1) should be valued in a manner that is consistent with the type of interest transferred. If you transferred all the interest in the property, the FMV of the property is the amount of the contribution. If you do not transfer the mineral interest, the FMV of the surface rights in the property is the amount of the contribution.
If you owned only a remainder interest or an income interest (life estate), see Undivided Part of Your Entire Interest, earlier. If you owned the entire property but transferred only a remainder interest (item (2)), see Remainder Interest in Real Property, earlier.
In determining the value of restrictions, you should take into account the selling price in arm's-length transactions of other properties that have comparable restrictions. If there are no comparable sales, the restrictions are valued indirectly as the difference between the FMVs of the property involved before and after the grant of the restriction.
The FMV of the property before contribution of the restriction should take into account not only current use but the likelihood that the property, without the restriction, would be developed. You should also consider any zoning, conservation, or historical preservation laws that would restrict development. Granting an easement may increase, rather than reduce, the value of property, and in such a situation no deduction would be allowed.
You own 10 acres of farmland. Similar land in the area has an FMV of $2,000 an acre. However, land in the general area that is restricted solely to farm use has an FMV of $1,500 an acre. Your county wants to preserve open space and prevent further development in your area.
You grant to the county an enforceable open space easement in perpetuity on 8 of the 10 acres, restricting its use to farmland. The value of this easement is $4,000, determined as follows:
If you later transfer in fee your remaining interest in the 8 acres to another qualified organization, the FMV of your remaining interest is the FMV of the 8 acres reduced by the FMV of the easement granted to the first organization.
For more information about qualified conservation contributions, see Publication 526.
Avaliações.
Appraisals are not necessary for items of property for which you claim a deduction of $5,000 or less. (There is one exception, described next, for certain clothing and household items.) However, you generally will need an appraisal for donated property for which you claim a deduction of more than $5,000. Existem exceções. See Deductions of More Than $5,000, later.
The weight given an appraisal depends on the completeness of the report, the qualifications of the appraiser, and the appraiser's demonstrated knowledge of the donated property. An appraisal must give all the facts on which to base an intelligent judgment of the value of the property.
The appraisal will not be given much weight if:
All the factors that apply are not considered,
The opinion is not supported with facts, such as purchase price and comparable sales, or.
The opinion is not consistent with known facts.
The appraiser's opinion is never more valid than the facts on which it is based; without these facts it is simply a guess.
The opinion of a person claiming to be an expert is not binding on the Internal Revenue Service. All facts associated with the donation must be considered.
Deduction over $500 for certain clothing or household items.
You must include with your return a qualified appraisal of any single item of clothing or any household item that is not in good used condition or better, that you donated after August 17, 2006, and for which you deduct more than $500. See Household Goods and Used Clothing , earlier.
You may not take a charitable contribution deduction for fees you pay for appraisals of your donated property. However, these fees may qualify as a miscellaneous deduction, subject to the 2% limit, on Schedule A (Form 1040) if paid to determine the amount allowable as a charitable contribution.
Deductions of More Than $5,000.
Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser, and you must attach Section B of Form 8283 to your tax return. There are exceptions, discussed later. You should keep the appraiser's report with your written records. Records are discussed in Publication 526.
The phrase "similar items" means property of the same generic category or type (whether or not donated to the same donee), such as stamp collections, coin collections, lithographs, paintings, photographs, books, nonpublicly traded stock, nonpublicly traded securities other than nonpublicly traded stock, land, buildings, clothing, jewelry, furniture, electronic equipment, household appliances, toys, everyday kitchenware, china, crystal, or silver. For example, if you give books to three schools and you deduct $2,000, $2,500, and $900, respectively, your claimed deduction is more than $5,000 for these books. You must get a qualified appraisal of the books and for each school you must attach a fully completed Form 8283, Section B, to your tax return.
You do not need an appraisal if the property is:
Nonpublicly traded stock of $10,000 or less,
A vehicle (including a car, boat, or airplane) for which your deduction is limited to the gross proceeds from its sale,
Qualified intellectual property, such as a patent,
Certain publicly traded securities described next,
Inventory and other property donated by a corporation that are "qualified contributions" for the care of the ill, the needy, or infants, within the meaning of section 170(e)(3)(A) of the Internal Revenue Code, or.
Stock in trade, inventory, or property held primarily for sale to customers in the ordinary course of your trade or business.
Although an appraisal is not required for the types of property just listed, you must provide certain information about a donation of any of these types of property on Form 8283.
Even if your claimed deduction is more than $5,000, neither a qualified appraisal nor Section B of Form 8283 is required for publicly traded securities that are:
Listed on a stock exchange in which quotations are published on a daily basis,
Regularly traded in a national or regional over-the-counter market for which published quotations are available, or.
Shares of an open-end investment company (mutual fund) for which quotations are published on a daily basis in a newspaper of general circulation throughout the United States.
Publicly traded securities that meet these requirements must be reported on Form 8283, Section A.
A qualified appraisal is not required, but Form 8283, Section B, Parts I and IV, must be completed, for an issue of a security that does not meet the requirements just listed but does meet these requirements:
The issue is regularly traded during the computation period (defined later) in a market for which there is an "interdealer quotation system" (defined later),
The issuer or agent computes the "average trading price" (defined later) for the same issue for the computation period,
The average trading price and total volume of the issue during the computation period are published in a newspaper of general circulation throughout the United States, not later than the last day of the month following the end of the calendar quarter in which the computation period ends,
The issuer or agent keeps books and records that list for each transaction during the computation period the date of settlement of the transaction, the name and address of the broker or dealer making the market in which the transaction occurred, and the trading price and volume, and.
The issuer or agent permits the Internal Revenue Service to review the books and records described in item (4) with respect to transactions during the computation period upon receiving reasonable notice.
An interdealer quotation system is any system of general circulation to brokers and dealers that regularly disseminates quotations of obligations by two or more identified brokers or dealers who are not related to either the issuer or agent who computes the average trading price of the security. A quotation sheet prepared and distributed by a broker or dealer in the regular course of business and containing only quotations of that broker or dealer is not an interdealer quotation system.
The average trading price is the average price of all transactions (weighted by volume), other than original issue or redemption transactions, conducted through a United States office of a broker or dealer who maintains a market in the issue of the security during the computation period. Bid and asked quotations are not taken into account.
The computation period is weekly during October through December and monthly during January through September. The weekly computation periods during October through December begin with the first Monday in October and end with the first Sunday following the last Monday in December.
If you contribute nonpublicly traded stock, for which you claim a deduction of $10,000 or less, a qualified appraisal is not required. However, you must attach Form 8283 to your tax return, with Section B, Parts I and IV, completed.
Deductions of More Than $500,000.
If you claim a deduction of more than $500,000 for a donation of property, you must attach a qualified appraisal of the property to your return. This does not apply to contributions of cash, inventory, publicly traded stock, or intellectual property.
If you do not attach the appraisal, you cannot deduct your contribution, unless your failure to attach the appraisal is due to reasonable cause and not to willful neglect.
Qualified Appraisal.
Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser. You must also complete Form 8283, Section B, and attach it to your tax return. See Deductions of More Than $5,000, earlier.
A qualified appraisal is an appraisal document that:
Is made, signed, and dated by a qualified appraiser (defined later) in accordance with generally accepted appraisal standards,
Meets the relevant requirements of Regulations section 1.170A-13(c)(3) and Notice 2006-96, 2006-46 I. R.B. 902 (available at.
Relates to an appraisal made not earlier than 60 days before the date of contribution of the appraised property,
Does not involve a prohibited appraisal fee, and.
Includes certain information (covered later).
You must receive the qualified appraisal before the due date, including extensions, of the return on which a charitable contribution deduction is first claimed for the donated property. If the deduction is first claimed on an amended return, the qualified appraisal must be received before the date on which the amended return is filed.
Form 8283, Section B, must be attached to your tax return. Generally, you do not need to attach the qualified appraisal itself, but you should keep a copy as long as it may be relevant under the tax law. There are four exceptions.
If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the appraisal. See Paintings, Antiques, and Other Objects of Art, earlier.
If you claim a deduction of more than $500,000 for a donation of property, you must attach the appraisal. See Deductions of More Than $500,000, earlier.
If you claim a deduction of more than $500 for an article of clothing, or a household item, that is not in good used condition or better, that you donated after August 17, 2006, you must attach the appraisal. See Deduction over $500 for certain clothing or household items , earlier.
If you claim a deduction in a tax year beginning after August 17, 2006, for an easement or other restriction on the exterior of a building in a historic district, you must attach the appraisal. See Building in registered historic district , earlier.
Generally, no part of the fee arrangement for a qualified appraisal can be based on a percentage of the appraised value of the property. If a fee arrangement is based on what is allowed as a deduction, after Internal Revenue Service examination or otherwise, it is treated as a fee based on a percentage of appraised value. However, appraisals are not disqualified when an otherwise prohibited fee is paid to a generally recognized association that regulates appraisers if:
The association is not organized for profit and no part of its net earnings benefits any private shareholder or individual,
The appraiser does not receive any compensation from the association or any other persons for making the appraisal, and.
The fee arrangement is not based in whole or in part on the amount of the appraised value that is allowed as a deduction after an Internal Revenue Service examination or otherwise.
Information included in qualified appraisal.
A qualified appraisal must include the following information:
A description of the property in sufficient detail for a person who is not generally familiar with the type of property to determine that the property appraised is the property that was (or will be) contributed,
The physical condition of any tangible property,
The date (or expected date) of contribution,
The terms of any agreement or understanding entered into (or expected to be entered into) by or on behalf of the donor that relates to the use, sale, or other disposition of the donated property, including, for example, the terms of any agreement or understanding that:
Temporarily or permanently restricts a donee's right to use or dispose of the donated property,
Earmarks donated property for a particular use, or.
Reserves to, or confers upon, anyone (other than a donee organization or an organization participating with a donee organization in cooperative fundraising) any right to the income from the donated property or to the possession of the property, including the right to vote donated securities, to acquire the property by purchase or otherwise, or to designate the person having the income, possession, or right to acquire the property,
The name, address, and taxpayer identification number of the qualified appraiser and, if the appraiser is a partner, an employee, or an independent contractor engaged by a person other than the donor, the name, address, and taxpayer identification number of the partnership or the person who employs or engages the appraiser,
The qualifications of the qualified appraiser who signs the appraisal, including the appraiser's background, experience, education, and any membership in professional appraisal associations,
A statement that the appraisal was prepared for income tax purposes,
The date (or dates) on which the property was valued,
The appraised FMV on the date (or expected date) of contribution,
The method of valuation used to determine FMV, such as the income approach, the comparable sales or market data approach, or the replacement cost less depreciation approach, and.
The specific basis for the valuation, such as any specific comparable sales transaction.
The following are examples of information that should be included in a description of donated property. These examples are for art objects. A similar detailed breakdown should be given for other property. Appraisals of art objects—paintings in particular—should include all of the following.
A complete description of the object, indicating the:
Name of the artist (or culture), and.
Approximate date created.
The cost, date, and manner of acquisition.
A history of the item, including proof of authenticity.
A professional quality image of the object.
The facts on which the appraisal was based, such as:
Sales or analyses of similar works by the artist, particularly on or around the valuation date.
Quoted prices in dealer's catalogs of the artist's works or works of other artists of comparable stature.
A record of any exhibitions at which the specific art object had been displayed.
The economic state of the art market at the time of valuation, particularly with respect to the specific property.
The standing of the artist in his profession and in the particular school or time period.
A separate qualified appraisal is required for each item of property that is not included in a group of similar items of property. You need only one qualified appraisal for a group of similar items of property contributed in the same tax year, but you may get separate appraisals for each item. A qualified appraisal for a group of similar items must provide all of the required information for each item of similar property. The appraiser, however, may provide a group description for selected items the total value of which is not more than $100.
A qualified appraiser is an individual who meets all the following requirements.
The individual either:
Has earned an appraisal designation from a recognized professional appraiser organization for demonstrated competency in valuing the type of property being appraised, or.
Has met certain minimum education and experience requirements. For real property, the appraiser must be licensed or certified for the type of property being appraised in the state in which the property is located. For property other than real property, the appraiser must have successfully completed college or professional-level coursework relevant to the property being valued, must have at least 2 years of experience in the trade or business of buying, selling, or valuing the type of property being valued, and must fully describe in the appraisal his or her qualifying education and experience.
The individual regularly prepares appraisals for which he or she is paid.
The individual demonstrates verifiable education and experience in valuing the type of property being appraised. To do this, the appraiser can make a declaration in the appraisal that, because of his or her background, experience, education, and membership in professional associations, he or she is qualified to make appraisals of the type of property being valued.
The individual has not been prohibited from practicing before the IRS under section 330(c) of title 31 of the United States Code at any time during the 3-year period ending on the date of the appraisal.
The individual is not an excluded individual.
In addition, the appraiser must complete Form 8283, Section B, Part III. More than one appraiser may appraise the property, provided that each complies with the requirements, including signing the qualified appraisal and Form 8283, Section B, Part III.
The following persons cannot be qualified appraisers with respect to particular property.
The donor of the property, or the taxpayer who claims the deduction.
The donee of the property.
A party to the transaction in which the donor acquired the property being appraised, unless the property is donated within 2 months of the date of acquisition and its appraised value is not more than its acquisition price. This applies to the person who sold, exchanged, or gave the property to the donor, or any person who acted as an agent for the transferor or donor in the transaction.
Any person employed by any of the above persons. For example, if the donor acquired a painting from an art dealer, neither the dealer nor persons employed by the dealer can be qualified appraisers for that painting.
Any person related under section 267(b) of the Internal Revenue Code to any of the above persons or married to a person related under section 267(b) to any of the above persons.
An appraiser who appraises regularly for a person in (1), (2), or (3), and who does not perform a majority of his or her appraisals made during his or her tax year for other persons.
In addition, a person is not a qualified appraiser for a particular donation if the donor had knowledge of facts that would cause a reasonable person to expect the appraiser to falsely overstate the value of the donated property. For example, if the donor and the appraiser make an agreement concerning the amount at which the property will be valued, and the donor knows that amount is more than the FMV of the property, the appraiser is not a qualified appraiser for the donation.
An appraiser who prepares an incorrect appraisal may have to pay a penalty if:
The appraiser knows or should have known the appraisal would be used in connection with a return or claim for refund, and.
The appraisal results in the 20% or 40% penalty for a valuation misstatement described later under Penalty .
The penalty imposed on the appraiser is the smaller of:
10% of the underpayment due to the misstatement, or.
125% of the gross income received for the appraisal.
In addition, any appraiser who falsely or fraudulently overstates the value of property described in a qualified appraisal of a Form 8283 that the appraiser has signed may be subject to a civil penalty for aiding and abetting as understatement of tax liability, and may have his or her appraisal disregarded.
Generally, if the claimed deduction for an item of donated property is more than $5,000, you must attach Form 8283 to your tax return and complete Section B.
If you do not attach Form 8283 to your return and complete Section B, the deduction will not be allowed unless your failure was due to reasonable cause, and not willful neglect, or was due to a good faith omission. If the IRS requests that you submit the form because you did not attach it to your return, you must comply within 90 days of the request or the deduction will be disallowed.
You must attach a separate Form 8283 for each item of contributed property that is not part of a group of similar items. If you contribute similar items of property to the same donee organization, you need attach only one Form 8283 for those items. If you contribute similar items of property to more than one donee organization, you must attach a separate form for each donee.
Internal Revenue Service Review of Appraisals.
In reviewing an income tax return, the Service may accept the claimed value of the donated property, based on information or appraisals sent with the return, or may make its own determination of FMV. In either case, the Service may:
Contact the taxpayer to get more information,
Refer the valuation problem to a Service appraiser or valuation specialist,
Refer the issue to the Commissioner's Art Advisory Panel (a group of dealers and museum directors who review and recommend acceptance or adjustment of taxpayers' claimed values for major paintings, sculptures, decorative arts, and antiques), or.
Contract with an independent dealer, scholar, or appraiser to appraise the property when the objects require appraisers of highly specialized experience and knowledge.
Responsibility of the Service.
The Service is responsible for reviewing appraisals, but it is not responsible for making them. Supporting the FMV listed on your return is your responsibility.
The Service does not accept appraisals without question.
Nor does the Service recognize any particular appraiser or organization of appraisers.
The Service generally does not approve valuations or appraisals before the actual filing of the tax return to which the appraisal applies. In addition, the Service generally does not issue advance rulings approving or disapproving such appraisals.
For a request submitted as described earlier under Art valued at $50,000 or more, the Service will issue a Statement of Value that can be relied on by the donor of the item of art.
You may be liable for a penalty if you overstate the value or adjusted basis of donated property.
The penalty is 20% of the underpayment of tax related to the overstatement if:
The value or adjusted basis claimed on the return is 200% (150% for returns filed after August 17, 2006) or more of the correct amount, and.
You underpaid your tax by more than $5,000 because of the overstatement.
The penalty is 40%, rather than 20%, if:
The value or adjusted basis claimed on the return is 400% (200% for returns filed after August 17, 2006) or more of the correct amount, and.
You underpaid your tax by more than $5,000 because of the overstatement.
How To Get Tax Help.
You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. By selecting the method that is best for you, you will have quick and easy access to tax help.
Contacting your Taxpayer Advocate.
The Taxpayer Advocate Service is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should.
You can contact the Taxpayer Advocate Service by calling toll-free 1-877-777-4778 or TTY/TDD 1-800-829-4059 to see if you are eligible for assistance. You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, The Taxpayer Advocate Service of the IRS - How To Get Help With Unresolved Tax Problems. You can file Form 911, Application for Taxpayer Assistance Order, or ask an IRS employee to complete it on your behalf. For more information, go to irs. gov/advocate.
LITCs are independent organizations that provide low income taxpayers with representation in federal tax controversies with the IRS for free or for a nominal charge. The clinics also provide tax education and outreach for taxpayers with limited English proficiency or who speak English as a second language. Publication 4134, Low Income Taxpayer Clinic List, provides information on clinics in your area. It is available at irs. gov or at your local IRS office.
To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. It contains a list of free tax publications and describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics.
Internet. You can access the IRS website at irs. gov 24 hours a day, 7 days a week to:
E-file your return. Find out about commercial tax preparation and e-file services available free to eligible taxpayers.
Check the status of your 2006 refund. Click on Where's My Refund . Wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Have your 2006 tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund.
Download forms, instructions, and publications.
Order IRS products online.
Research your tax questions online.
Search publications online by topic or keyword.
View Internal Revenue Bulletins (IRBs) published in the last few years.
Figure your withholding allowances using our withholding calculator.
Sign up to receive local and national tax news by email.
Get information on starting and operating a small business.
Telefone. Many services are available by phone.
Ordering forms, instructions, and publications. Call 1-800-829-3676 to order current-year forms, instructions, and publications, and prior-year forms and instructions. You should receive your order within 10 days.
Asking tax questions. Call the IRS with your tax questions at 1-800-829-1040.
Solving problems. You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Call your local Taxpayer Assistance Center for an appointment. To find the number, go to irs. gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service .
TTY/TDD equipment. If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications.
TeleTax topics. Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics.
Refund information. To check the status of your 2006 refund, call 1-800-829-4477 and press 1 for automated refund information or call 1-800-829-1954. Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Have your 2006 tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund.
Evaluating the quality of our telephone services. To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. One method is for a second IRS representative to listen in on or record random telephone calls. Another is to ask some callers to complete a short survey at the end of the call.
Walk-in. Many products and services are available on a walk-in basis.
Produtos. You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes.
Serviços. You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. To find the number, go to.
irs. gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service .
Enviar. You can send your order for forms, instructions, and publications to the address below. You should receive a response within 10 business days after your request is received.
National Distribution Center.
Bloomington, IL 61702-8903.
CD for tax products. You can order Publication 1796, IRS Tax Products CD, and obtain:
A CD that is released twice so you have the latest products. The first release ships in January and the final release ships in March.
Current-year forms, instructions, and publications.
Prior-year forms, instructions, and publications.
Bonus: Historical Tax Products DVD - Ships with the final release.
Tax Map: an electronic research tool and finding aid.
Tax law frequently asked questions.
Tax Topics from the IRS telephone response system.
Fill-in, print, and save features for most tax forms.
Internal Revenue Bulletins.
Toll-free and email technical support.
Buy the CD from National Technical Information Service (NTIS) at irs. gov/cdorders for $25 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the CD for $25 (plus a $5 handling fee). Price is subject to change.
CD for small businesses. Publication 3207, The Small Business Resource Guide CD for 2006, is a must for every small business owner or any taxpayer about to start a business. This year's CD includes:
Helpful information, such as how to prepare a business plan, find financing for your business, and much more.
All the business tax forms, instructions, and publications needed to successfully manage a business.
Tax law changes for 2006.
Tax Map: an electronic research tool and finding aid.
Web links to various government agencies, business associations, and IRS organizations.
"Rate the Product" survey—your opportunity to suggest changes for future editions.
A site map of the CD to help you navigate the pages of the CD with ease.
An interactive "Teens in Biz" module that gives practical tips for teens about starting their own business, creating a business plan, and filing taxes.
An updated version of this CD is available each year in early April. You can get a free copy by calling 1-800-829-3676 or by visiting.
Publication 561 - Additional Material.
Tax Publications for Individual Taxpayers and Commonly Used Tax Forms.
Tax Publications for Individual Taxpayers and Commonly Used Tax Forms. Summary: This is a listing of tax publications and commonly used tax forms. The text states: Tax Publications for Individual Taxpayers. See How to Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. General Guides.
Spanish Language Publications.
Commonly Used Tax Forms. See How To Get Tax Help for a variety of ways to get forms, including by computer, fax, phone, and mail.
