Business Personal Property Audits: Preparation Strategies for Taxpayers

Planning for and Responding to Disputes Over Documentation, Values and Assessments, Penalties and More

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, August 8, 2012

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare tax managers to plan strategies for managing a business personal property audit, whether conducted by a state agency or a contingent-fee firm.

Description

If your company has business personal property in multiple states, it's more likely than ever that you'll be targeted for a personal property audit. Nearly 40 states tax personal property, states are investing new resources in audit activity, and a number of states have recently become more aggressive.

California, Florida, Georgia, Indiana and Tennessee are just some examples. Both desk and field audits demand a high volume of accounting and financial records, and companies must ensure documents reflect the facts. Tax professionals also must anticipate disputes over excess or "escape" assessments.

Special problems can arise in dealing with contingent-fee audit firms, negotiating penalties and interest, and positioning your company for a potential appeal. Business personal property audits include unique demands that require special planning and preparation.

Listen as our panel of experienced property tax advisors offers their experiences and best practices you can use to thoroughly prepare for a business personal property audit.

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Outline

  1. States moving more aggressively with personal property audits
    1. Factors behind why more companies are being audited
    2. Examples of oft-used contingent-fee audit firms
  2. Special documentation issues in personal property audits
    1. Books and records to provide, and to try to avoid providing
  3. Negotiating valuations and assessments
  4. Rights of the auditor
    1. What to expect from contingent-fee firms
  5. Negotiating penalties and interest
  6. Understanding rights and appeals avenues

Benefits

The panel will explore these and other important topics:

  • Responding to the initial audit notice, and researching the auditor's legal powers.
  • Books, records and documentation that should or shouldn't be provided.
  • Approaches to negotiating valuation.
  • Avoiding excess assessments and dealing with escape assessments.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Gregory Servodidio
Gregory Servodidio

Member
Pullman & Comley

He represents business clients in equitable assessment cases and property tax appeals in regard to properties as varied...  |  Read More

Laura Bellotti Cardillo
Laura Bellotti Cardillo

Member
Pullman & Comley

Ms. Bellotti Cardillo has worked in the property valuations arena since 1982, and currently practices in ad...  |  Read More

Jeff Mills
Jeff Mills
Senior Manager of Property Tax
Crowe Horwath

He has 12 years of experience in personal and real property tax and tangible valuation services. Before coming to Crowe...  |  Read More

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