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Accountancy Slice
North America
IRS cracks down on inflated art valuations

The IRS is intensifying its efforts to combat tax evasion by targeting inflated art valuations that result in excessive deductions. Improper art write-offs have been added to the IRS's "dirty dozen" list of common scams, reflecting a rise in tax avoidance through art donations. The increased focus on art donations is fueled by the IRS's increased resources from the 2022 tax-and-climate law and coincides with a slowdown in the global art market. Global art sales declined by 4% to $65bn in 2023. The IRS's crackdown aims to ensure accurate valuations and prevent tax fraud.

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