Updating your client's asset value is something that should be done on a regular basis -at least once a year- to maintain good standing with the IRS.
The process of updating an asset is pretty simple:
- Have your client fill out the Asset Valuation Reporting Form
- Upload the Form by selecting Type Job
You are done! All you have to do is wait. If the value of the item has changed drastically since the last time its value was updated, the Compliance Team will require some additional supporting documentation.