Minimizing Property Taxes: Leveraging the New IRS Repair Regs

Strategies for Cost Expensing, Fixed Asset Capitalization Policies, and Avoiding Audit Flags

New IRS Regs Effective for 2014 Reporting

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


Conducted on Thursday, March 6, 2014

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will equip tax pros with key tools and insights to manage new challenges for the business personal property tax compliance process since the IRS issued finalized repair regulations effective Jan. 1, 2014. The panel will provide best practices for effective oversight of business personal property valuation and tax by examining the impact of the rules for significant jurisdictions at the state and local level.

Description

A company can pay needlessly high property taxes on business personal property if its fixed-asset records are not current and meticulous. Under normal circumstances if your company does not consistently police and audit fixed-asset records, then it is likely overpaying business personal property tax. Local tax authorities will be more aggressive than ever, using the recently issued IRS repair regs to increase property valuation, unless you are prepared with the knowledge and insights to counter that position.

The new finalized repair regulations mean conducting a fixed asset review is now an imperative. Maintaining "ghost" assets such as outdated equipment carried at high values, continuing to carry non-reportable or exempt property, falling behind on basis adjustments, and failing to isolate unrelated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.

Guidance from tax and asset verification professionals will prepare you for the property tax implications due to the new repair regs. The impact can be enormous both in terms of tax savings and avoiding audit red flags.

Listen as our panel of property tax specialists offers an overview of the regs and how they affect business property taxes, provides insights to fixed asset reviews, and outlines on-going compliance best practices.

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Outline

  1. Repair regulations impact on business personal property
  2. 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.)
  3. Jurisdictional problems
    1. Where is the property located?
    2. Determining local boundaries, and where your property falls within them
    3. Issues with Texas, Michigan, Ohio, Wisconsin, Illinois (biggest issues)
    4. Mobile property
    5. Property leased to clients or business partners
    6. Tracking and inventory issues
  4. Valuation issues
  5. Internal controls
  6. Best practices

Benefits

The panel will review the most vexing personal property tax compliance challenges and offer solutions, including:

  • 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.

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

Faculty

Rebekah G. Feather
Rebekah G. Feather
Senior Manager
Grant Thornton

Ms. Feather is a tax senior manager with more than 11 years of experience. Her background includes strategic tax...  |  Read More

Sam Kinslow
Sam Kinslow
Director, Property Tax
Grant Thornton

Mr. Kinslow is a SALT director and the property tax leader for Grant Thornton’s Houston office. He has 17...  |  Read More

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