The process of identifying and tagging assets is a crucial one. This service is a wall-to-wall review of your equipment and allows for floor-to-book reconciliation.
This process allows us to identify ghost assets, obsolete equipment, idle equipment, and other issues with your current asset listing.
“Ghost Assets”, Improper categorization of assets, assigning an incorrect “life” to an asset are all examples of issues we take into consideration when “cleaning-up” asset reports. This service covers a broad range of topics.
Business personal property tax audit firms, who are hired by county taxing authorities, know that the audit process is confusing and that most business owners will give up and pay the fines. Discoveries made during the audit process bring in a lot of money. Penalties can be as high as 60%.
If your business has equipment that you’re no longer using, you could be paying too much in business personal property tax. Idle equipment identification can reduce your business tax liability.
Identifying property tax savings opportunities has been at the center of Sharon H. Lyall, CPA and staff’s mission for over 20+ years.
Expertise and experience in this mostly misunderstood area of taxation is unique. We excel at finding tax savings opportunities for our clients.
Counties tax both business real estate and personal property. You should not be taxed on the same item, same building, or same parcel in both your real estate and personal property taxes.
At Sharon Lyall, CPA, we offer a free asset review. This service is a diagnostic review of your real and personal property taxes that have been assessed by taxing authorities.
DURING OUR FREE REVIEW, WE:
States, counties, and cities have identified some assets as exempt from personal or real estate taxes. Often, those assets require specific requirements and identification to qualify for exemptions. The process to obtain these exemptions are often overlooked or entirely unknown by clients.
