Business Personal Property Tax Compliance: Advanced Strategies to Avoid Costly Errors
Overcoming Challenges With Exemptions and Exclusions, Depreciation, Valuation, and Jurisdiction
Recording of a 110-minute CPE webinar with Q&A
This course will equip tax pros with key tools to avoid high-level costly mistakes and oversights commonly made by even experienced tax pros in the business personal property tax compliance process. The panel will look at the issues at the state, county and city level, and rely on significant state and local trends to provide insights.
Definitions of personal property and exemptions
- Identifying exclusions from tangible personal property
- Identifying and properly applying exemptions
- States that still tax inventory (Texas, Louisiana, Maryland, Vermont, etc.)
- Where is the property located?
Determining local boundaries, and where your property falls within them
- Issues with Texas, Michigan, Ohio, Wisconsin, Illinois (biggest issues)
- Mobile property
- Property leased to clients or business partners
- Tracking and inventory issues
Valuation speed bumps
- Aligning assets with state depreciation schedules
- Identifying the proper schedules
- Tracking rate changes and law changes
- How to keep consistency with staffing turnovers
- Keeping up with changes to county forms (not just state)
The panel will review the most vexing personal property tax compliance problems, and offer strategies to solve them, including:
- Determining which exemptions and exclusions from state and local tax apply to business property at a given location.
- Navigating taxes on inventory in jurisdictions that still impose them.
- Selecting the appropriate depreciation schedule for placing value on aging equipment.
- Building an internal controls system to address the constantly changing business personal property tax landscape.
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Deloitte Transactions and Business Analytics
Mr. Carr specializes in valuation engagements for industry sectors including telecom, cable, utility, and pulp and... | Read More
Mr. Carr specializes in valuation engagements for industry sectors including telecom, cable, utility, and pulp and paper. His work has covered valuations for financial reporting and tax purposes, and fixed-asset management, among other projects.Close
Megan K. Lusby
Ms. Lusby specializes in personal property tax compliance and consulting, identifying and implementing property tax... | Read More
Ms. Lusby specializes in personal property tax compliance and consulting, identifying and implementing property tax reduction strategies for SC&H’s clients nationwide. These include businesses in manufacturing, research and development, grocery, retail, wholesale, hospitality, advertising, construction, and distribution. She has an MBA from the University of Baltimore.Close
Ms. Longway has 11 years of experience in property tax compliance and consulting, serving clients in a range of... | Read More
Ms. Longway has 11 years of experience in property tax compliance and consulting, serving clients in a range of industries including complex industrial manufacturing and R&D, government contracting, retail, banking and finance, and healthcare. She is a Certified Member of the Institute for Professionals in Taxation (IPT).Close
National Director of Property Tax Compliance Services
Ducharme McMillen & Associates
Mr. Barnes is the National Director of the Property Tax Compliance Services and the Property Management Group. He... | Read More
Mr. Barnes is the National Director of the Property Tax Compliance Services and the Property Management Group. He has filed and/or reviewed over 150,000 renditions throughout his professional career with experience in numerous industries such as manufacturing, automotive, leasing, telecommunications, financial, governmental, retail, and technology.Close