As COVID-19 continues to spread throughout the U.S. and around the world, we’ve heard from numerous clients concerned about whether the disruption will adversely affect our property tax software and data extraction service, and by extension, their tax practices. The foundation of our business has always been about giving you, our customers, the digital tools you need to thrive in any situation. Today, that mission has become more important than ever, as so many tax teams need support in continuing to work effectively away from the office, on their own terms.

Companies are known to have multiple sets of books when it comes to depreciation, and it’s not only legal but required to meet all of your tax and accounting compliance requirements. The first two sets of books companies are required to keep are for income tax purposes (IRS) and accounting depreciation (financial accounting). In property tax we primarily deal with accounting depreciation and what is known as appraisal depreciation.

A consistently high-ranking state for business competitiveness, Virginia is known for having a steady tax rate and a relatively business-friendly environment. Unfortunately, however, when it comes to business personal property taxes across the Commonwealth, the only consistent thing about Virginia is its inconsistencies. This article offers a round-up of information about Virginia business personal property tax for companies doing business—or planning to do business—in the state.

When even toothbrush manufacturers now claim to use artificial intelligence (AI) in their products, it’s a sign—not that AI has come so far as to be ubiquitous, but that there’s definite confusion about the meaning of the term.

Without a doubt, all tax departments—income, sales and use, and property tax—make a unique contribution to a company’s bottom line. But as a former director of property tax at a large corporation, I can also attest to the fact that all corporate tax functions are interrelated. In fact, I’d argue that joint strategizing between all tax departments can actually have a greater impact on profitability than any one single tax department can make on its own.

If you haven’t yet read about it on our blog, you’ve surely heard it elsewhere: Enterprises around the world are heavily investing in digital transformation tools and services. And it’s pretty clear their efforts are paying off—research shows that companies committed to digitizing (converting information and processes to digital) are growing faster and have higher net profits after two to three years compared to those who didn’t make a similar investment. No wonder nearly eight in 10 companies in the U.S. are currently in the process of a digital transformation.

Do you do business in the Sunshine State? If so, you’ll need to get familiar with its policies regarding property tax. This article highlights some important information about Florida business personal property tax and property tax. For even more details, check out the Florida Department of Revenue’s Property Taxpayer Bill of Rights.

Compared to other states, Wisconsin consistently ranks on the high end when it comes to property tax. Why are Wisconsin property taxes so high? Because the state law has tax restrictions that make it difficult to collect funding for public services from any other source. Only the state can levy an income tax, and sales tax is reserved for the state, counties, and a few select municipalities that qualify as “premier resort areas.” (The Badger State also receives less federal aid than other states.) As a result, local governments rely on property tax to provide a significant portion (42%) of their revenue.

Business personal property tax is no simple matter—certainly not one that can be covered by a single blog post. There’s always more to learn and do in order to improve your compliance processes and make sure you’re paying the right amount. (Check out our blog for a ton of information on those topics.) But at a foundational level, personal property tax compliance hinges on a few important basics. Get these pieces right and you can feel confident you’re fulfilling the requirements correctly.

Tax research is a very important part of a property tax professional’s agenda. Knowing which tools to use will improve your process, and staying up to date with the industry’s new tools is beneficial. However, some resources are better than others. The more research you do, the better you’ll get at determining which ones work for you and your specific cases—this is key to streamlining your practice and enhancing your work product.