Whether your tax team needs outside assistance or you’re finally hiring dedicated internal resources to focus on property taxes, it’s critical to find someone knowledgeable who fits with your team. The right person will not only have property tax knowledge, but also be able to help you make good business decisions concerning this niche tax area.
Filing income and property taxes have always been laborious tasks for businesses of any size, even when everything is organized. Collecting information and filling out forms is time-consuming, and even if you choose to use an outside tax filing service, you must meet with a tax preparer in person to walk through documents and answer questions.
The role of a corporate property tax manager is multifaceted and includes leading your tax team, training and mentoring staff members, consulting with upper management on complex tax matters, and building and maintaining relationships with other departments. Somehow in the midst of all this, you also need to be on top of:
Having worked with some of the largest corporate tax teams around, we can say with certainty that most tax workflows are time-consuming and resource-draining operations, and otherwise burdensome. This is because, as humans, we have limits. Even as the volume of data increases, no amount of knowledge or professional experience can enable us to move or process information as quickly as a computer. Hence why today’s leaders are exploring tax workflow automation, the use of digital tools to increase the efficiency of tax practice.
Cloud services are expected to be the backbone of almost all organizations by the year 2025, with the public cloud market estimated to be $124 billion by that time. A public cloud is one where multiple organizations share third party-managed computing services and infrastructure. Software-as-a-service (SaaS) solutions such as cloud tax software fall under this domain. This software provides tax teams, consultants, and individuals with tools and features that help address a multitude of tax concerns.
How has technology changed accounting? Whether you’re a tech enthusiast or used to doing things the old-fashioned way, you can benefit from knowing the answer. The role of technology in accounting has become critical in recent years as more organizations go through digital transformations.
The holidays are meant to be a time of joy. While that may be true in our personal lives, work is another matter. Businesses are often scrambling to handle last-minute tax matters and plan for the year ahead.
Michigan business personal property taxes, when compared to other states, are fairly straightforward. For example, while some states have hundreds of different return forms—one for each county—Michigan is one of several states with a single standardized return form for all jurisdictions.
Filing return after return (by hand!) is probably last on your team’s list of favorite tax to-do’s. It’s right down there with entering data from the tax assessor’s notice of valuation. Would you believe there’s something that could push these to-do’s to the top of the list? It’s automated tax compliance—and here are a few key reasons for diving into this tax approach.
The concepts of an assessment and property tax have proven to be a point of confusion for some business owners—are they one and the same, or two different things? In fact, assessment is an integral function of the tax cycle, but taxation and assessment are two distinct things. The rationale behind the separation: It protects property owners from possible unfair treatment. As a taxpayer, that’s good for you, but there’s more you need to know to ensure you’re being taxed fairly.