As we continue to deal with the fallout from a global pandemic, this has been a difficult time for all businesses. Stay at home orders throughout the country have helped flatten the curve and prevent over-crowding at hospitals; however, they have taken their toll on companies in every industry. While businesses are scrambling to try to reduce overhead to retain employees, accountants are examining the books with magnifying glasses.
Banking is a vital industry for individuals and businesses to manage their money. From storing interest generating cash to approving life-changing loans, banks are fundamental to our economy. Bankers are viewed as some of the best financial minds in our society. Yet, banks are not exempt from these difficult times, and there are many tough days ahead. One means by which banks may reduce overhead is by having a CPA with property tax expertise review their assets and bills. Many banks are unwittingly paying more than necessary for their property taxes. In this article, we want to show banks how they can save money during this critical time.
It seems like everything we know about business changed in a very short amount of time. An unprecedented national shutdown has led to many businesses throwing their 2020 projections out the window. Unfortunately, throughout the country, many companies have had to furlough and layoff employees, while some have had to call it quits altogether. For those that have survived, there is still likely a need to reduce expenses and find ways to improve the bottom line, even with states slowly reopening their economies.
What is your business’s property worth? North Carolina state law requires counties to revalue property every eight years; however, some choose to perform valuation more often. Wake County, for instance, has historically done revaluations every four years. For companies in Wake, you have likely received a letter with your new valuation and found it is much higher than you expected. Therefore, your business property tax liability has increased in a time when you are likely doing everything you can to cut costs.
This has been one of the most challenging seasons for businesses and individuals in American history. Many companies were forced to furlough employees as they went on hiatus to comply with stay-at-home orders, while others who were able to remain operational have served fewer clients and struggled to meet goals and projections. With business owners and executives scrambling to figure out how to cut costs and preserve profit margins, it has never been more important to reduce overhead and shed unnecessary expenses.
In this article, we are discussing some of the ways you can lead your business to reduce business property tax spending.
Tax season is well underway for businesses, and Tax Day is approaching in earnest. While business owners and managers scramble to collect mountains of paperwork in preparation for it, the day-to-day challenges of running a company do not pause for you to catch up. At the same time, several counties in North Carolina have announced a revaluation of commercial real estate properties. At Sharon Lyall CPA, we are here to help you with your business property taxes. We can help you navigate revaluations, and if necessary, walk through the appeals process.