Missouri property owners: Recent tax law revisions will change the way 2009 assessment notices look and the procedures for appeal. Call us today to make sure you’re ready for the ’09 re-assessments.
Changes to tax law will affect Missouri property owners
In the wake of huge increases in real property assessments in 2007 and subsequent larger tax bills, Missouri tax laws have been revised to protect taxpayers and prevent local taxing authorities from gaining windfall profits as a result of large increases in property values. Changes include a requirement for the County to print projected tax rates and an estimate of the current year taxes on the reassessment notice. The notices will also show the previous year’s tax rates, and the tax ceiling for each levy proposed. In addition, controls are being put in place so that if assessments increase dramatically, tax rates will be lowered accordingly, and the actual increase in taxes from one year to the next will be equitable.
What do these changes mean for you? How should you project tax liability expenses for 2009? While The Brennan Group doesn’t have a crystal ball to see into the future, we do have knowledge and years of experience to back up our educated estimates. Give us a call to discuss the recent tax law changes and their implications for your business.
Sales & Use Tax Procedures are More Important Than Ever
Current economic conditions are making it more and more difficult for businesses to simply hold the bottom line steady, much less improve their profit margin. Making certain your sales tax and use tax procedures are correct is one way to tighten up expenses and reduce your risk.
If you are a manufacturer, have a printing business, or are in construction, you would very likely benefit from a sales and use tax review. The advantages are two-fold. First, a review will identify areas with exposures. No one likes surprises and with states drastically increasing sale and use tax audits, there is a greater risk of the state auditor finding something you owe. A review can find that exposure and help you correct your procedures going forward. Second, you may be making payments on items where tax is not required. A review will uncover those overpayments and you can apply for refunds going back three years, which will add to your bottom line.
With thousands of tax codes and statutes, it’s impossible for anyone to know all the ins and outs of your state’s sales and use taxes. The Brennan Group’s network of experts has knowledge and experience in all industries and across the country. One client, who felt comfortable that they were reporting correctly, agreed to a sales and use tax review simply as a check-up on their procedures. TBG identified over $90,000 in refunds!
Are you wondering if there are any refund opportunities in your returns? Do you know where you have exposures? Call The Brennan Group today to discuss a review and see how it can bring your company above-the-line-savings with no cost to you.
Michigan manufacturers face increasing tax pressures
If you live in Michigan, you’re acutely aware of the challenges your economy is facing. Lower real estate values, coupled with the shipping of manufacturing overseas, have spiraled Michigan’s economy into a recession. Although the Headley Amendment has protected taxpayers from drastic increases in real estate taxes, it can also act against them when assessors choose not to lower values during these economic downturns.
Michigan is a primary market for The Brennan Group. We have represented all types of industries; from companies that manufacture auto parts to baking cookies, from real estate developers to newspapers, and everyone in between. We can help you determine whether now is the appropriate time to challenge your real estate and personal property assessments. The businesses that survive this recession will be those that analyze every line item to be sure that they’re not paying too much, whether it’s taxes, worker’s comp premiums, utility costs, or sales and use taxes. You need every advantage to keep your company strong. Let us give you those advantages.
Personal Property Declarations aren’t carved in stone
The entire personal property system is out of sync. To begin with, the county wants you to use an asset listing that was compiled for federal tax purposes, and their inaccurate depreciation schedules, to determine what the value of your assets were on January 1st. Then, most companies complete their return the day before it is due, with an asset listing that they inherited, and without a complete understanding of all the exemptions that can be taken. It’s easy to see why companies are overpaying on their personal property taxes.
Having a good base-line asset listing for personal property tax use, and understanding all of the exemptions available to you, is just good business sense. If your staff is stretched too thin, you can rely on The Brennan Group to put the time and energy into guaranteeing that your declarations are done properly and on time, securing the most favorable tax liabilities.
The Brennan Group's technical advice and service delivery rates among the best in our SALT professional network.
Rodney H. Gingrich
Manager, Sales/Use and Property Taxes
Graham Packaging Company, L.P.