Minimizing Property and Income Taxes: Tactics to Tighten Fixed-Asset and Real Property Controls and Processes
Up to 30% of Fixed Assets are Maintained on Books Unnecessarily
Recording of a 90-minute CPE webinar with Q&A
Outline
- Unrecorded Retirements Of Fixed Assets
- The need to regularly change software to track current values of property, equipment and other assets
- Identifying operating and non-operating assets
- Recognizing depreciation differences between financial statements and tax reporting
- “Ghost assets” that stay on the books after they’ve outlived their usefulness
- Carrying a single machinery/equipment category on the fixed-asset books when multiple categories are justified
- Addressing problems with a systematic approach
- How tax pros can enlist assistance from operating divisions
- Miscapitalization Of Costs
- Identifying mistakes in capitalizing asset-related costs that don’t add value
- Problems triggered by raising the capitalization threshold
- Capitalizing equipment expenditures that more properly should be considered repairs
- Treatment of relocations of production areas
- Developing a consistent capital-vs.-expense policy
- Establishing a records structure that has property tax savings in mind
- Erroneous Property Classifications
- Problems in initial categorizations of assets and their assignment to the general ledger
- Which accounts should be considered real or personal property?
- Dealing with differences in effective asset lives
- Developing a systematic approach to re-evaluate a company’s classifications
Benefits
The panel prepares you to do a more effective job of compliance in these and other areas:
- Unrecorded retirements: Creating a process to consistently identify retired assets and get them off the books.
- Mistakes in classifying expenses: Weeding out the mistakes in capitalizing asset-related costs that don't add value.
- Erroneous property classifications: Reevaluating categorizations to catch mismatches that increase your company's property tax bill.
Faculty
Mindy McLees
Vice President and National Sales Director
AccuVal Associates
She has more than 20 years of experience in real and personal property tax management. She previously worked for Joseph... | Read More
She has more than 20 years of experience in real and personal property tax management. She previously worked for Joseph E. Seagram & Sons Inc./Universal Studios and for Coopers & Lybrand.
CloseThomas Brown
Senior Vice President of Practice Development
American Appraisal
He currently oversees the firm's staff development and training, and previously was National Practice Leader for its... | Read More
He currently oversees the firm's staff development and training, and previously was National Practice Leader for its Industrial Valuation Group. He supervised the firm's Fixed-Asset Accounting Group for 10 years.
ClosePaul Chaben
Business Development Manager
Asset Management Resources
He has been with the fixed asset management consulting firm since 1992 and a firm director since 2001. He has more than... | Read More
He has been with the fixed asset management consulting firm since 1992 and a firm director since 2001. He has more than 19 years of experience in the accounting, property tax and asset management arenas.
CloseOther Formats
— Anytime, AnywhereOn-Demand Seminar Audio
$247