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OnDemand Course

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.

Learning Objectives

  • You will be able to recognize how preparedness for property tax audits through good record keeping can be achieved.
  • You will be able to recognize how assets are structured to properly be reflected in the financial records.
  • You will be able to differentiate between capitalized assets and expensed assets.
  • You will be able to "recognize the reporting and the steps in a Property tax audit. "

Runtime: 97 minutes
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Why Lorman?

Over 33 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 33 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 Course

This course was last revised on December 5, 2019.

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

  • CPE/NASBA - QAS Self Study 2.6 including Business Law 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Law for 2.6 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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 33 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: 407229
Published 2019
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