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Property Tax Audits from A to Z

Positive results from a property tax audit start at the very beginning.

The possibility of a property tax audit is often overlooked in the normal course of operating a business. The capitalization and expenses policies of your firm, including minimal descriptions of fixed assets in the detailed fixed asset register, can lead to additional unforeseen tax assessments. Company management should not wait until a time of merger or acquisition to determine if there are hidden liabilities likely to increase purchase price reserves.

Runtime: 97 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Data - Always Keeping Audits in Mind

  • Data Is the Foundation Where All Audits Begin
    • Company's Asset Capitalization Policy
    • Company's Expense Policy
    • Good Asset Descriptions
    • Ghost Assets
    • Supplies
    • Physical Inspection to Insure Books and Records

Location - State and County Locations Are Important

  • Each State May Have Its Own Requirements
    • States Can Treat Similar Assets Differently
    • Length of Period Between Audits
    • County Auditor or Outside Auditor

Working With the Auditor - a Collaborative Approach Tends to Yield the Best Results

  • Keeping a Positive Relationship With the Auditor
    • The Audit Letter
    • What Information Is Truly Needed?
    • Request for Site Inspection
    • Auditor Coming to Your Office
    • Desk Audits

Audit Results - What Comes out of the Auditor's Review

  • Were the Results What You Were Expecting at the Beginning of the Audit?
    • Always Request the Auditor's Workpapers and Notes
    • If the Audit Was Collaborative There Should Be No Surprises
    • Review State Schedules
    • Make Sure There Are No Transcription Errors
    • Is an Audit an Opportunity to Correct Prior Year Assessments in the Favor of the Property Owner?

To Appeal or Not to Appeal

  • What Do You Do When You Don'T Agree With the Results?
    • Asset vs. Schedule
    • State Statutes
    • Requirements of the Appeal
    • Could You Win the Battle but Loose the War?
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on October 25, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Lidia Bedoy

Lidia Bedoy

BDO USA, LLP

  • Property tax experienced manager with BDO USA, LLP
  • More than 15 years of experience in ad valorem taxation
  • Has successfully managed multiple large engagements, with responsibilities ranging from property tax compliance, consulting, audit support/defense and payments/accruals
  • B.S. degree, University of Houston Clear Lake
  • Can be contacted at 713-960-1706 or [email protected]
Jeffrey Shamma, CMI

Jeffrey Shamma, CMI

BDO USA, LLP

  • Property tax services senior director with BDO USA, LLP
  • STS-SALT senior director with over 27 years of experience in ad valorem taxation, and has obtained a broad range of experience in many sectors of the property tax arena
  • Has significant commercial and industrial property tax experience including industrial plants, manufacturing facilities, warehouse properties, retail, apartments, machinery & equipment, inventory, telecommunication, and general business personal property
  • Directs multiple teams for large outsourcing engagements while working in tandem with client management to accomplish their property tax compliance and consulting functions
  • Certified Member of the Institute (CMI) for the Institute for Professionals in Taxation (IPT) and a licensed property tax consultant with the state of Texas, Tennessee, Arizona, and County of Los Angeles, California
  • B.B.A. degree, finance, Texas A&M University
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406951
Published 2019
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