38 States require annual reporting of tangible personal property for taxation. The definition and exemptions for “personal property” vary by state, the Internal Revenue Service, and generally accepted accounting standards, creating confusion and often resulting in overstated “taxable” personal property fixed assets, costing businesses thousands of dollars in overpaid personal property taxes.
CPTM’s property tax consultants can perform a comprehensive review of your asset listing(s) to identify exemptions, ghost assets, proper depreciation, etc.. If savings are identified, CPTM’s consultants will file the correct assets to obtain a reduction or file an appeal if necessary to successfully secure your tax savings.
Many accounting and tax departments filing 1,000 (+) personal property tax renditions each year, lack the resources to effectively review and minimize the taxable assets. CPTM’s consultants can timely and accurately file the personal property renditions for you, freeing up valuable corporate resources to focus on their core responsibilities.
If your company is notified of an audit or is facing escaped assessments with tax increases, CPTM will manage your audit and identify the correct information to provide to the auditors, when requested. CPTM’s goal is to minimize your taxes and avoid penalties. An audit may also provide the opportunity for CPTM’s consultants to include over reported assets to offset any potential audit assessment. We have a proven record of success with reducing personal property taxes in all states.
CPTM’s team of seasoned tax consulting professionals bring diverse industry expertise guaranteeing premium level service maximizing tax savings opportunities.
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