Do you find the management and maintenance of recording your acquisitions, and their appropriate classifications, for book and tax purposes to be uncertain? Are the differences between recording for book and the requirements for reporting for federal, state and personal property confusing?
Through the years, many of our clients have benefited from tens of thousands to millions of dollars in recovery of overlooked deductions, for Federal and State income tax, and over or misreporting for Personal Property Tax.
First, we will provide a complimentary review of your Federal Depreciation Schedule, for correctness, to determine if you will benefit from correcting the schedule with a Form 3115 Change in Accounting method. Incorrect classifications, for tax filing purposes happen all the time. Simply, in the tax preparation process, it’s an area that is rarely well reviewed, and the application of Rev Proc 87-56 understood.
Second, we will help you maintain a clean, correct recording of acquisitions and disposals with our periodic reviews.
Where applicable, we will also provide our review and maintenance services to Personal Property Tax filings.
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