Filing requirements can vary by state, by county, by city — even by township. As the number of returns multiplies, the complexity becomes mind-bending. Personal property tax is also one of the largest areas of tax expense and opportunity for tax savings. Crowe Horwath LLP can help you gain greater control over managing the personal property tax administrative process.
It’s time to improve a complex process.
Now that your tax staff has recovered from the deadlines of personal property tax compliance, what have you learned to improve the process for next year?
Look to Crowe as an extension of your tax function.
Crowe can help mitigate your risk and lower your overall cost of compliance by allowing your people to focus more time on items of greater value to your company.
Service plan.
We are flexible in our outsourcing arrangements. Your company can choose to have Crowe perform virtually the entire compliance process or retain certain parts of it within your tax department. Our plan comprises the following steps:
- Review prior-year tax returns and fixed asset information to confirm that the current assessment is accurate and reconciles to the general ledger;
- Request current-year fixed asset and inventory data in an electronic format for uploading into the property tax management software;
- Classify and report all personal property in the correct jurisdictions, reporting only the assessable personal property;
- Process all personal property tax returns;
- Review assessment notices against filed returns, verifying assessment matches return filed;
- Process tax bills and tax payments.
Realize the benefits.
Property tax savings improve the bottom line and boost shareholder value. As your outsourcing adviser, Crowe can help you:
- Reduce the burden on your tax staff during the most difficult time of the year, while improving results by outsourcing to professionals who specialize in personal property taxes;
- Comply with the laws of multiple taxing authorities;
- Leverage technology to automate the process and reduce filing time;
- Identify and remove components of the assessable tax base that do not contribute to market value;
- Eliminate penalty and interest amounts for late filings and payments;
- Eliminate Sarbanes-Oxley/conflicted service issues.
