Personal Property Tax Compliance and Audit Management
Our Approach and Guarantee
General Financial (GenFi) takes great pride in customizing a compliance process that fits your individual needs and requirements. We guarantee we will reduce your compliance costs and tax liability, while increasing your Income and Cash Flow. If we ever make an error, we will pay all related penalties and interests. We only ask that we be given the opportunity to provide you with a quote.
The GenFi Solution
GenFi offers several customized approaches to assist clients with personal property tax compliance. We provide you with comparative pricing which allows you to choose which process is best suited for your company’s goals and objectives. Whether you currently perform all of the services internally, or if you outsource some or all of these services, we can design an option that will reduce costs.
Filing Option 1 - Full Service
In addition to preparing and filing all tax returns and paying all tax bills, GenFi will review all assets to ensure each asset is properly coded for accurate filing. GenFi will also handle all routine correspondence, audits and appeals as well as prepare tax accruals. All administrative costs are included in this service (such as: printing, mailing, etc.). GenFi will:
- Work with you to populate all your existing locations into our PTMS software
- Prepare and file all tax returns, and pay all tax bills
- Prepare the tax accruals
- Conduct a thorough analysis of your fixed asset ledger, and review all assets to ensure they are properly coded for filing
- Provide online access to PTMS for monitoring
- Create customized reports for you
- Handle and respond to all routine correspondence with assessors
- Manage and handle all audits and appeals for personal property tax
- Work with you in customizing all reports and reporting schedules pertaining to personal property and tax accruals
Filing Option 2 - Preparation of Returns Only Using PTMS Software
For those clients that wish to continue to handle all of the services mentioned in Option 1, with the exception of preparing the returns, GenFi will prepare and submit the returns to you, in PDF format, ten days prior to the filing deadline.
Filing Option 3 - Preparation of Returns Using Your Software
For those clients that want to continue to maintain their current system, GenFi’s trained compliance staff can be given access to your system, and GenFi compliance experts can provide the services offered in Option 1. Under this option, you may have GenFi prepare returns and you can continue to manage all payments and accruals and your real estate function.
How You Will Benefit
Regardless of the option you choose, GenFi’s personal property tax compliance, bill payment and audit management services can enable you to maximize the value of your company’s time and resources. Benefits also include:
- Accurate and timely filed tax returns
- Audit management resources
- Reduced risk of incurring late filing fees, interest and penalties
- Reduced tax expense
- Option of direct access to the PTMS software
- Eliminates annual cost for tax software and the time to implement software
- Access to experienced resources and elimination of training costs
- Increased time for internal resources to work on priority projects