Our client was a local media company that operated several newspaper publications in a number of small markets across the United States.
This client engaged GenFi because they were worried their previous personal property tax compliance provider was doing nothing more than putting numbers on returns and were not taking the time to verify the information was accurate.
To ensure that both their books were accurate and that they were paying the appropriate amount in personal property taxes.
During our initial analysis of their fixed asset information, our compliance team identified a number of discrepancies between the taxable amounts on their tax returns compared to the values in the client’s fixed asset ledger. GenFi conducted a comprehensive review of various sources of information including purchase orders and capitalization policies. Our team also communicated with staff at each of our client’s locations to verify our sources of information and confirm our findings.
Not only were we able to correct multiple asset misclassifications, but we were also able to identify a significant number of assets that were still on our client’s books that had been sold or scrapped in prior years. Our client would have continued to pay taxes on these assets had we not determined they no longer existed and could be removed from their records.
As the result of our work, GenFi was able to provide significant savings for our client, a reduction of approximately 25% in property taxes.