Fixed-Asset Recordkeeping and Avoiding Overpayment of Business Personal Property Tax

Purging Ghost and Other Non-Reportable Assets; Monitoring and Properly Reporting Depreciation

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


Conducted on Thursday, October 23, 2014

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide corporate property tax specialists with a review of their role in policing and maintaining their companies’ fixed-asset recordkeeping policies and practices. The panel will outline best practices for effective oversight of business personal property valuation and tax.

Description

A company can pay unnecessarily high property taxes on business personal property if its fixed-asset records are not current and meticulous. If you do not consistently police and audit fixed-asset records, then your company may likely be overpaying business personal property tax.

Maintaining “ghost” assets such as outdated equipment carried at high values, continuing to carry non-reportable or exempt property, falling behind on basis adjustments, and failing to isolate unrelated charges such as sales tax or freight gives an assessor all the leverage needed to increase the valuation.

Potential tax savings can be enormous, and guidance from tax and asset verification professionals will put you on the right track. Our panel of property tax specialists will offer insights to audit and clean up fixed-asset records—and to develop processes to ensure more accurate records going forward.

Listen as our panel of experienced advisors offers the best practices you need to sharpen your company’s fixed-asset records verification and maintenance.

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Outline

  1. Identifying and reconciling current recordkeeping issues
    1. Why problems arise
    2. Particular problems with ghost assets and with non-traceable, shorter-depreciable-life and double-reported fixed-assets
  2. Recordkeeping and return-filing reforms to implement
    1. Maintaining accurate accounting records
      1. Historical and purchase price records
    2. Implementing an asset retirement process
  3. Procedural reforms on an ongoing basis
    1. Establishing an internal control environment for PP&E
    2. Before and after the physical inventory

Benefits

The panel will explore these and other critical areas:

  • Identifying ghost and exempt business personal property assets and non-reportable assets.
  • Conducting physical inventories to identify assets no longer on site.
  • Correcting reportable basis and depreciation.
  • Studying intangible expenses that should be removed from fixed-asset books.

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

Scott Tyler
Scott Tyler

Principal
SC&H Group

Mr. Tyler works with clients ranging from private companies to Fortune 500 corporations on property tax...  |  Read More

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