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September 14, 2018

Missouri Chemical Company Benefits from $175K of Personal Property Tax Savings

Client Profile

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Industry: Manufacturing
Annual Revenue: $2.7 Billion
Geographic Footprint: National with headquarters in Missouri
Number of Employees: 10,000+

Chemicals on a conveyor builtIssue

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.

Solution

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old assets that were on the books and verify whether they were still on site at the facility, such as old and possibly outdated hazardous material masks.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.

Outcome

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.

Prioritizing Property Tax

Discover how we can help evaluate your assets and optimize your personal property tax obligations.

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Copyright © 2018, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).

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