Live Webinar

65-minute live streaming program
  • July 20
  • 1:00 - 2:05 pm EST

Tax Reporting of Business Property

July 20

Learn about the solutions available to owners of business personal property (BPP) to avoid gross over-assessment.

Business personal property is routinely valued at 150 to 200% of fair market value, with the exception of inventory and vehicles. Inaccurate appraisal district straight-line depreciation schedules and inclusion of intangible personal property (which is not taxable) are the primary causes of gross over-assessment.

Learn about the solutions available to owners of business personal property (BPP). These solutions will include rendering based on market value instead of rendering cost (as allowed by state law), excluding the value of the intangible personal property, and appealing excessive assessments using market value evidence.

Learning Objectives

  • You will be able to define type of property.
  • You will be able to discuss disadvantages of rendering cost/year of acquisition.
  • You will be able to explain why rendering an opinion of value is best option.
  • You will be able to review how to reduce BPP property taxes.

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Why Lorman?

Over 35 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

Types of Property
  • Real
  • Personal Property
  • Intangible Personal Property
Options to Render
  • Cost/Year of Acquisition
  • Opinion of Value
  • No Rendition
How Assessors Value
  • Prefer to Start With Cost and Year of Acquisition by Property Type
  • Use Straight-Line Depreciation
  • Don’t Consider Obsolescence
Problem With Assessor Valuation
  • BPP Is Grossly Over-Valued by Straight-Line Depreciation
  • Does Not Consider Market Value
  • Does Not Consider Intangible Personal Property Embedded in Personal Property
  • Often Values Ghost Property
  • Overstates Value Throughout Ownership Period
Recommended Approach
  • Render Opinion of Value If Possible
  • Exclude the Value of Intangible Personal Property
  • If Not Possible to Render Opinion of Value, Appeal If the Assessed Value Is Excessive
  • Continue the Appeal After the Administrative Hearings If the Value Is Excessive
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Why Lorman?

Over 35 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

Live Webinar Registration

  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • MN CLE 1.0 (Pending)
     
  • This program has been submitted to the Minnesota Board of Continuing Legal Education. Approval pending.
     
  • MO CLE 1.3
     
  • This program has been approved by the Missouri Bar for 1.3 hours of CLE.
     
  • MS CLE 1.1 (Pending)
     
  • This program has been submitted to the Mississippi Commission on Continuing Legal Education. Approval pending.
     
  • NC CLE 1.0 (Pending)
     
  • NH MCLE 1.0
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 60 Minutes.
     
  • NJ CLE 1.3
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
     
  • NV CLE 1.0
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
     
  • OH CLE 1.25 (Pending)
     
  • This course has been submitted to the Supreme Court of Ohio Commission on Continuing Legal Education for 1.25 CLE hours. Approval pending.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • TN CLE 1.08
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.08 hours of credit.
     
  • VT CLE 1.0
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hours of CLE credit.
     
  • WI CLE 1.0
     
  • This program has been approved by the Board of Bar Examiners for 1.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.3
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
     
  • CPE 1.2 including Finance 1.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Finance for 1.2 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure 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. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, tax managers, tax preparers, accounts payable professionals, CFOs, controllers, CEOs, operations managers, consultants, and attorneys.

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Why Lorman?

Over 35 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

Patrick O'Connor

Patrick O'Connor

O'Connor Tax Reduction Experts

  • President/Owner
  • O’Connor is among the largest property tax consulting firms in the United States, with areas of expertise including commercial and residential property tax, business personal property tax, cost segregation, as well as commercial and residential real estate appraisals
  • Author of What You Need to Know about Personal Property Valuation
  • MAI designated by the Appraisal Institute
  • M.B.A. degree, Harvard University
  • Can be contacted at [email protected] or 713-375-4215
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Why Lorman?

Over 35 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: 409721
Published 2022
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