Court case after court case, there often seems to be a pattern of the IRS auditing an estate or gift tax return and claiming the value of a business interest is far greater than it ultimately was. If the IRS expert’s report was based on the same facts that the estate’s expert had, why were the two opinions so diametrically opposed, leading the parties to court? Regardless, there may be many instances we don’t read about where the IRS concludes a taxpayer’s values are in fact reasonable. When value is an issue, however, the expert’s fees incurred on a taxpayer’s part to defend his position can add up to far more than the cost of the original valuation.

LVS' Audit Guarantee was designed to give peace of mind to our clients as they execute their estate planning or administer the estate of a decedent. Each estate or gift tax valuation covered by the Audit Guarantee provides the client with the security of knowing that if challenged by the IRS, we will defend our valuation before the IRS without cost to the client. This includes face to face meetings, depositions, and going through trial, if necessary.

For engagements covered by the Audit Guarantee, LVS agrees to provide expert testimony through all administrative and judicial proceedings regarding only the Reports and conclusions rendered therein under the agreement for the engagement. Should revisions to the Reports and/or conclusions be required due to a change in facts or any other circumstance, LVS will bill its normal, hourly rates for such revisions. Our guarantee is limited to the time our personnel utilized for preparing and testifying at any administrative or court proceeding at which our valuation is contested. Should personnel incur travel or other out-of-pocket expenses, LVS will require reimbursement for those items. The Audit Guarantee is not a promise to pay attorneys or accountants fees or additional tax, interest or penalties which may be imposed by a federal or state taxing authority. It is also not a guarantee or assurance that the valuation determined by LVS ultimately will be accepted by any taxing authority or other person or entity for which our valuation may be utilized.