Filing personal property tax for commercial real estate owners is a legal requirement that demands meticulous attention to detail and significant time investment to satisfy all taxing authority criteria. Given that each state establishes its own regulations regarding taxable property and the applicable timeframes, navigating these obligations can be complex. Utilizing an internal employee for these services can be both costly and time-consuming. Outsourcing your business personal property tax compliance offers the benefit of freeing up your valuable time and potentially reducing overall expenses.
Sales and Use Tax Compliance is the process of businesses fulfilling their legal obligations related to collecting, reporting, and remitting Sales and Use Taxes to the relevant taxing authorities. This includes various aspects like collecting the correct tax. Accurately calculating and collecting the right amount of sales tax from customers based on applicable rates and rules in each jurisdiction is crucial. Filing returns and remitting taxes: Businesses must file sales and use tax returns and remit the collected taxes to the appropriate authorities on time.
Record-keeping: Maintaining accurate records of sales transactions, exemption certificates, and filed returns is essential for potential audits.
Property Tax Lowered understands the complexities of sales and use tax compliance and implementing best practices, helping businesses minimize risks, avoid penalties, and ensure they meet their tax obligations accurately and efficiently.
Taxing jurisdictions require the timely reporting and accounting of fixed assets and inventory annually for taxation. Meeting this requirement is deadline-driven, time intensive, and requires a full understanding of which assets are and are not taxable. Under or over-reporting of assets both results in the client overpaying their taxes or not paying the required amount of taxes. There are too many forms, depreciation schedules, exemption applications, tax codes, and deadlines to meet to go it alone.
Equipment
Fixtures
Furniture
Inventory
Supplies
We will review the fixed asset list for proper classification of assets to ensure maximum depreciation is achieved.
Manage assessment notices to ensure accuracy and correct value, appealing when necessary.
Identify which assets could be ghost assets.
Directly manage all requests for Audits from the taxing authorities on behalf of the Client
Ensure the preparation and timely filing of renditions, abatement applications, extensions when needed and classification exemptions.
When required, present all evidence in support of our valuation to the taxing authority and Boards of Equalization.
Of commercial real estate is over-valued
PTL’s Success Rate
Our Clients average savings per property ranges
Our compensation is success based. We only get paid after we reduce your property taxes