Missouri Chemical Company Benefits from $175K of Personal Property Tax Savings
||National with headquarters in Missouri
|Number of Employees:
A chemical company in Missouri prepared Merchants and Manufacturer returns in-house for eight locations. With so many locations, the company wanted to verify that it was not over-reporting its assets on its personal property tax returns.
CBIZ reviewed the property tax returns and scrutinized the company’s fixed assets to identify any questionable assets. Our team worked closely with the company’s plant personnel and its accounting department to review old assets that were on the books and verify whether they were still on site at the facility, such as old and possibly outdated hazardous material masks.
We also met with the accounting department to review individual invoices to identify intangible costs such as freight, installation, and sales tax as well as other costs that should not have been included in the reportable cost.
The company discovered it had been over-reporting its property tax for all eight locations. CBIZ amended and filed the property tax returns, resulting in a tax savings of $175,000.
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