Nickel & Company has a reputation for providing the most detailed and personalized service in our industry in regard to personal property. We believe that the detail of our work provides our clients with the lowest possible property tax exposure. Not only do we manage your personal property compliance issues but thoroughly review your data to minimize your tax liability in a defensible manner. Our aim is to function in the same capacity as an in-house property tax department.
Asset Classification, Depreciation & Appeals
Personal property assessments are often an overlooked potential for savings by most multi location companies. We have created a personal property software system to maintain client data as well as depreciation tables from taxing jurisdictions across the United States. Client and depreciation data is updated yearly for reporting purposes and is used for comparison with valuations returned by the taxing authorities. Using this information as a base of comparison, incorrect assessments are easily identified, appealed and valuations reduced resulting in savings to our clients.
We have found ghost assets to be one of the single most costly problems for multi-location retail clients. Therefore, we have developed a mathematical method of eliminating the ghost assets from our clients fixed assets and their personal property declaration to the county, thus saving our clients significant tax dollars. Most importantly auditors have accepted our methodology across the country.
In recent years personal property filings have been audited on a much more frequent basis. In some cases the states and counties have engaged outside companies to perform their audits. As part of our basic services we represent our clients at all audits. These audits may be performed in our offices or at our client’s corporate headquarters.
Nickel & Company reviews for accuracy and approves for payment all tax statements. Tax approvals are then forwarded to our clients in sufficient time to take advantage of any discount options or payment options that may be offered.
We provide estimate reports for budgeting the future year as requested by our clients. Also provided are estimates for the current year after the filing of the personal property returns.
Our website provides clients access to their value history, tax history and estimated tax liability on each property. Our clients also have the ability to access their property tax reports, estimates and personal property returns on-line.
Personal Property Scope of Work
Gather information from Client
Address of each location
Store open date
Building square footage
Year end date
Fixed asset information from client as of January 1
Fixed assets should be in computer file
Supplies as of January 1
General ledger information matching fixed assets
Copies of personal property declarations
Copies of current year tax statements
Copies of last year tax statements
Authorization letter for Nickel & Company
Set up each location in our system
Review information obtained from client
Enter information into our database
Import fixed assets into personal property program
Analyze fixed assets
Categorize all assets for each location
Determine personal property value for each location
Ghost asset analysis by reverse trending
Appeal review of personal property
Compare county personal property value to internal value
Identify areas of differences
File appeals to counties
Negotiate values with assessor
Prepare information for hearing
Attend hearings where necessary
Need above information for all years under audit
CIP Accounts used
Provide estimates for budgeting future year
Update estimates for current year after filing declaration