Local Reporting Compliance by the Lyall CPA Firm
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.
Compliance is the most commonly used term for the general reporting of business personal property.
Here Are the Steps We Take to Help Our Clients Add to the Bottom-Line:
1. Analysis of Client’s Prior Year Filing
When we look at a prior year filing, we are looking for mistakes that were made as well as refund potential. Additionally, analysis of a prior filing gives us an idea of the values the county previously accepted. This helps inform us of how we will file for the current year.
2. Analysis of the Value as Accepted by County
When we look at the value that the county accepted for business personal property assets, first we look at which assets have been correctly categorized. Identifying miscategorized assets is crucial to creating tax saving opportunities.
Since different categories depreciate at different rates, ensuring your assets are correctly categorized is imperative.
3. Filing of Property Return(s)
Did you know there is not a single standard filing date for business personal property taxes in the United States? In fact, it varies by state and even county. In North Carolina, every county has a filing deadline of January 31st (unless you file for an extension).
Regardless of your location, we ensure that your returns are filed on time or, if needed, an extension is filed on your behalf.
4. Tax Tracking
Whether we file for you by mail or online, we verify that the county or state has received and accepted your business personal property return. Tax tracking and verification includes:
- Filing extensions on time
- Filing returns on time
- Confirmation of Filing
- Reviewing Bills or Assessments for Accuracy
- Approval to Pay Tax Bills
5. Assessment Appeals
Occasionally, when reviewing your business’s tax bill or assessment, we find that we need to appeal the bill. We will always advise you in accurate ways to save your business money. This means we do not offer our approval to your business to pay your tax bill until we can get it to the appropriate amount. .
At this juncture, we would appeal your tax bill with the county or state, on your behalf. We will notify the assessor’s office, conduct appropriate research, and file the appeal.
Without the help of a business personal property tax professional, you may find yourself with little time or inclination to appeal your tax bill. At Sharon Lyall, CPA we have the expertise to conduct a successful appeal.
Extra Compliance Steps We Take
Tax Planning & Budgeting
Business personal property taxes are not a fixed cost - they are fluid and change year over year. We can help your business accurately budget by providing property tax forecasting.
Client Web Access
We offer access to a safe and secure (encrypted) client portal. Some states require encrypted communication when handling financial transactions or data. While North Carolina is not one of those states, we believe it is important to handle your financial data with the utmost care.
In North Carolina, South Carolina, Virginia, and Tennessee (and many more) every county decides how they tax particular assets.
The state sets “guidelines” however, the counties are not required to follow them.
Business license applications can be more difficult in some areas than others. For instance, South Carolina business licensing is very complicated. If you own a business with multiple locations, you must apply for a business license in each specific municipality or county.
On the other hand, North Carolina does not require business licenses for most industries. When you work with us we stay educated on when this applies to your business.
Ultimately, knowledge of what counties expect and building a rapport with the tax assessors offices give us the advantage.
Some common questions about local reporting compliance.