If you believe managing personal property taxes requires nothing more than filling out the forms each year, you may be overpaying. BKD tax consultants can help guide you toward proper compliance.
BKD conducts an in-depth review of your tax return to look for changes that can reduce your tax liability. We also look to see that your adjustments, deductions and exemptions comply with the regulatory requirements of each jurisdiction.
We typically begin with an on-site tour—looking at the type and use of equipment, as well as the areas of exemption that might be overlooked. We check for “ghost assets,” special-use equipment and the method of inventory reporting.
We use the following procedures to look for ways you might reduce your personal property tax:
- Define the scope of our assignment
- Gather filing information
- Look over the asset list to determine potential erroneous assessments and conduct a tour, if necessary, to check assets and discuss current filing procedures
- Prepare and submit a findings report with our recommendations and your potential tax savings
- Prepare, if necessary, amended returns and refund claims for previous years’ overpaid taxes
- Represent you, as required, at formal and informal hearings to secure appropriate assessments and reductions
These services require minimal effort from your staff, and the performance-driven fee is based on the savings we find for you. At your request, and for a fixed fee, we also file your personal property railing of all returns, and you receive a copy of the personal property return and a revised asset listing noting any removals or reclassification of assets. You may choose to file your returns in-house, based on BKD’s recommendations. A final, year-end tax report notes your current-year taxes and tax savings.