Our Approach to High VOlume Rendition Filings
Businesses that deal with a large volume of personal property tax renditions are more than likely overpaying their property tax liabilities. We have found that many businesses do not have the bandwidth to file a large volume of personal property renditions year-over-year, as well as manage the many aspects of the property tax administration process. This process includes but is not limited to the ability to communicate with the over 14,000 jurisdictions across the U.S., managing the multiple filing deadlines, identifying and reporting assets to the correct jurisdictions, reviewing values for accuracy and appealing if necessary, removing incorrectly assessed late filing penalties, ensuring the jurisdiction is accounting for all assets across the appropriate accounts, and responding to and defending audit results.
Internal bandwidth restrictions and the ever-evolving nuanced tax law makes the need for a reliable high volume business personal property tax compliance outsource solution a beneficial endeavor. Invoke Tax Partners has developed a best-in-class system for optimizing outsourced compliance, providing our clients both increased business personal property tax savings and access to best-in-class technology and methodologies to timely and efficiently file mass renditions and exemption forms.
Benefits of Full Outsource
A full outsource approach to high volume compliance allows our team of property tax consultants to level set your property tax liabilities and streamline the consulting, compliance, budgeting, and tax bill functions. Within the first year of service, we will get your program running at 100% efficiency, while achieving maximum property tax savings. Our processes and procedures are designed to account for and resolve clerical errors, missed and closed accounts, duplicates, overvaluation, and returns not received, creating a plan to recover these often-costly mistakes within initial onboarding. Upon completion of onboarding, Invoke Tax Partners assumes the responsibility of all complexities regarding business personal property tax compliance, including:
- Consulting on both real and personal property and the subsequent appeal opportunities that present themselves
- For manufacturers, performing site visits at your plants to uncover ghost assets, obsolescence issues, duplicate taxation, under and over reported equipment etc.
- Proactively embedding tax savings opportunities into your personal property tax returns and filing them to the local jurisdictions accordingly
- Reviewing annual assessment notices to ensure they are in line with our rendered values on an annual basis
- Providing audit support and defense services in the applicable states
- Procuring, transmitting, and potentially even paying your real and personal property tax bills
- Handling accruals and budgeting needs on an annual basis in conjunction with accounting departments
Agile Business Personal Property Tax Solutions
Invoke Tax Partners’ business personal property tax department is organized in such a way that our clients are working directly with the consultants that are handling their accounts. We are not a group that sends return preparation or tax bill processing overseas, providing our clients with the satisfaction of knowing that an open line of communication exists between them and those who are touching their renditions.
Our processes and procedures allow us to manage a high volume of accounts in all asset classes (ie. retail, leasing). This allows our clients direct access to the property tax consultants with asset specific field expertise working their accounts. This expertise is also apparent as it pertains to our relationships with jurisdictions. Our team has a reputation for being proactive, responsive, and thorough with our accounts, alleviating research efforts by the assessors’ offices. We ensure that assets are being valued and assigned to accounts/billing jurisdictions correctly by requesting asset breakdowns from jurisdictions and doing in depth analysis to reconcile and confirm. Having established these great working relationships with jurisdictions has allowed us to resolve issues quickly and file renditions timely, regardless of volume.
By The Numbers
High Volume Business Personal Property Tax Compliance
Returns Filed Annually
Tax Bills Processed / Paid Annually
Tax Bills Processed / Paid Annually
Invoke Tax Partners utilizes a full suite of best-in-class technology solutions. We utilize both PTMS and OneSource for our compliance solutions, and have created a proprietary in-house software solution, iAccrual, for our tax bill and accrual functionalities.
Our technology suite provides full visibility and dashboard access to our clients. Cloud-based and updated in real-time, these programs allow for the receipt of automated notifications of completed tasks and pending deadlines, and the ability to monitor progress with key performance indicators. This software utilization streamlines the overall compliance and rendition process, eliminates manual data entry, manages documents, and provides analytical tools to save both time and money.
Invoke Tax Partners has also built out a system of edits and customized reporting solutions that attach to the back end of our software. These automated controls verify staff adherence to internal policies and procedures, assure that all steps are completed, and provide a tailored level of reporting to each client engagement. All of this ensures unparalleled transparency and 24/7 access to client data in real time.
Consult with Our Experts
Complying with personal property tax rendition filings is very time consuming and expensive, particularly at a high volume. Missing deadlines, or failing to file completely, can be extremely costly to your bottom line. Contact Invoke Tax Partners’ high volume business personal property tax compliance team today to learn more about how a fully outsourced approach to your compliance can provide immediate tax savings and operations efficiencies for your business.