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

Conducted on Tuesday, November 12, 2013

Recorded event now available

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Program Materials

This webinar 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.

Description

Corporate tax professionals must avoid a host of compliance pitfalls to properly report and pay state and local business personal property taxes. Strict adherence to the varying taxable property definitions among 10,000+ taxing jurisdictions is vital to avoiding overpayment or audits.

The difficulty only increases from there. States and localities consider different categories of business assets exempt and taxable, and apply different assessment ratios and tax rates to those categories. Determining which city or county taxes apply is even more difficult with mobile or leased equipment.

Corporate tax departments must create a system for tracking changes to tax rates and filing requirements. They also need to track equipment as it is placed in service, moved to another location, and as it depreciates in value. Companies caught lying down on the job face increased assessments and audit risk.

Listen as our panel of experienced tax advisors offers best practices for overcoming high-level business personal property tax challenges.

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Outline

  1. Definitions of personal property and exemptions
    1. Identifying exclusions from tangible personal property
    2. Identifying and properly applying exemptions
    3. States that still tax inventory (Texas, Louisiana, Maryland, Vermont, etc.)
  2. Jurisdictional problems
    1. Where is the property located?
    2. Determining local boundaries, and where your property falls within them
      1. Issues with Texas, Michigan, Ohio, Wisconsin, Illinois (biggest issues)
    3. Mobile property
    4. Property leased to clients or business partners
    5. Tracking and inventory issues
  3. Valuation speed bumps
    1. Aligning assets with state depreciation schedules
    2. Identifying the proper schedules
  4. Internal controls
    1. Tracking rate changes and law changes
    2. How to keep consistency with staffing turnovers
    3. Keeping up with changes to county forms (not just state)

Benefits

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.

Faculty

Ian Carr
Ian Carr
Senior Manager
Deloitte Transactions and Business Analytics

Mr. Carr specializes in valuation engagements for industry sectors including telecom, cable, utility, and pulp and...  |  Read More

Megan K. Lusby
Megan K. Lusby
Principal
SC&H Group

Ms. Lusby specializes in personal property tax compliance and consulting, identifying and implementing property tax...  |  Read More

Selena Longway
Selena Longway
Senior Manager
SC&H Group

Ms. Longway has 11 years of experience in property tax compliance and consulting, serving clients in a range of...  |  Read More

Bobby Barnes
Bobby Barnes
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

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