Personal Property Tax Reduction Strategies
- Initial Review & Reconciliation
- Reconcile previously filed renditions to the fixed asset data
- Gain complete understanding of current filing methodologies and classifications
- Utilize a coding system to manage asset classifications, changes and savings calculations
Preliminary Analysis & Site Visit
- Identify potential areas for savings
- Plan and organize the site visit to ensure efficiency of on-site client personnel
- Discussions with plant personnel to gain better understanding of the manufacturing process
- Review details of specific assets
- Review capitalization documents, policies and procedures
Detailed Examination & Analysis
- Review findings and results
- Follow-up with on-site personnel to answer any outstanding questions
- Identify exemptions and exclusions
- Analyze inventory
- Develop a component cost segregation and analysis
- Finalize re-classifications
- Special tooling
- Pollution Control
- Software/programming
- Intangibles
- Real property
- Idle assets
- Economic/functional obsolescence
- Complete valuation analysis
- Review any exposure issues
Recommendation
- Present and discuss tax reductions opportunities
- Review tax impact and filing considerations
- Obtaining final client approval
Implementation
- Preparation of returns, including inventory and abatements
Ongoing Support
- Full audit/appeal support
- Future compliance services
- Future planning and tax reduction
- Provide accrual and reporting information as necessary
- Tax abatement, exemption & IFT opportunities
- Periodic review