Compliance
Our Compliance division alleviates the burden of personal property compliance, while insuring the reporting of your personal property is both accurate and advantageous to your company.
Compliance Services:
- Review of the clients ledgers to identify taxable vs. non-taxable items and the most advantageous classification of assets for personal property reporting
- Prepare and timely file all personal property tax renditions
- Review the tax assessments and appeal said assessments if not equitable
- Review all tax bills and approve for payment
- Respond to all tax assessor inquires regarding personal property matters
- Manage audits of personal property tax renditions not handled by the client
- Take advantage of and obtain all exemptions and tax credits available to the client
Reverse Audits
In states that levy personal property taxes, assessors may be taxing disposed of assets, personal property items that are also assessed as real estate or exempt assets. Assessors may also be applying improper depreciation schedules or failing to consider functional or economic obsolescence, resulting in unjustifiable assessments and excessive taxes. Our Personal Property Tax Division conducts detailed reviews of our clients’ personal property assets and assessments to identify tax savings opportunities.
What we do:
- We review the current and historical personal property returns
- We examine the fixed asset ledgers that are the basis for the returns
- We analyze the assessor’s work papers that are the basis for the assessment
- We Identify and extract any “Ghost Assets” on the return
- We correct improper asset classifications
- We calculate and apply obsolescence for machinery and equipment
- We extract exempt assets
- We obtain any tax credits available
- We amend the tax return or appeal the assessment if valuation issues are discovered
- We advise our clients on future reporting to maximize future benefits