Property tax departments are challenged more than ever before to perform tasks with fewer resources and reduced budgets. The property tax process can be costly, especially if the paperwork is handled manually. Oftentimes, property tax bills are misplaced or property tax bills are paid more than once. Automating the property tax payment process significantly reduces the cost and time associated with the old fashioned way of AP processing.
Based on the lobbying efforts of many multi-national companies Delaware has taken a major first step in liberalizing its unclaimed property provisions. The concern among the Delaware legislature was that many of the large corporations who might fall subject to a Delaware unclaimed property audit would re-incorporate outside of the state, and erode the tax base the state receives from its franchise taxes paid based on the number of issued shares issued by a Delaware incorporated entity. The franchise tax is the largest revenue base for the state, with unclaimed property collections comprising the second largest revenue source. On June 29, 2010, the Delaware legislature passed a bill reforming the state's unclaimed property provisions.
Duff & Phelps’ Gregory Burkart published in Infrastructure US.
Duff & Phelps’ Gregory Burkart published in Area Development magazine.
Duff & Phelps’ Gregory Burkart published in Smart Grid News.
In this byline article, Greg Burkart emphasizes that the key to pulling off a solar project in 2010 is the ability to obtain financing quickly.
The Michigan State Tax Commission (STC) has introduced new personal property multiplier tables for certain automotive manufacturing equipment that yield much lower values when compared to the previous tables (Section B of form L-4175) for these assets. Historically, the Michigan business personal property tax filing form classified all manufacturing equipment, regardless of industry, ownership or type of equipment, using the same one-size-fits-all STC Personal Property Multiplier Tables.
The Massachusetts legislature has passed significant changes to the Commonwealth's Economic Development Incentive Program (EDIP), which was recently signed into law by Governor Deval Patrick and took effect on January 1, 2010.
One of the major challenges corporate tax departments face is ensuring the incentives secured are actually realized.
Securing a piece of the $67 billion American Recovery and Reinvestment Act (ARRA) funds designated for alternative energy initiatives is not a task for the faint of heart.
This article cautions that budget-strapped states have begun to eye uncashed rebate checks as a source of revenue under unclaimed property laws.
Duff & Phelps managing directors, Greg Burkart and Jerry Schwartzman, discuss the long-anticipated guidance on payments for specified energy property in lieu of tax credits (Section 1603 Grants).
Duff & Phelps managing director, Scot Butcher, discusses the new incentives in place at the federal level as well as the state and local levels that will help stimulate growth of life sciences companies and affect their location and investment decisions.
Duff & Phelps reduced a client's property tax liability even as the taxable basis increased.
This webcast replay highlights critical tax issues that require specific attention during the M&A due diligence process, deal closing and post-acquisition time frame to avoid unnecessary and costly tax "surprises".
Over the past several years uncashed rebate checks, commonly referred to as "slippage", have become a growing concern for companies that offer rebates for their products as well as the companies that process and issue them. Although not technically a tax, states have embarked on an aggressive campaign, stepping up the collection of unclaimed property from all corporations. Uncashed rebate checks have become their most recent area of pursuit. When states collect this unclaimed property, there is technically no one to forward it to. These collections oftentimes go directly into the state coffers to fund general budget expenditures.
The frozen credit markets have prompted many debt issuers to explore debt exchanges in lieu of refinancings.
The increase in commercial property values in Colorado since the last valuation cycle will cause most commercial property assessments in the state to increase substantially when compared with those for 2008. This increase will be driven primarily by the real estate reassessments being issued by Colorado County Assessors on May 1, 2009.
Duff & Phelps managing director, Timothy Reichert, discusses the controversy around buy-ins and the high level of scrutiny tax authorities are placing on cost sharing agreements.
The US Department of Energy has a new grant opportunity for energy efficient building and industrial retrofits.
In this economic environment, more and more companies are recognizing asset impairments, including those pursuant to SFAS 144-Accounting for the Impairment or Disposal of Long-Lived Assets.
Read the latest edition of our publication covering recent developments in transfer pricing.
Last week, the U.S. Department of Treasury released its long-anticipated guidance on payments for specified energy property in lieu of tax credits. Along with the guidance, the Treasury released a sample application that eventually will form the basis of an electronic, online application as well as standard terms and conditions.
The American Recovery & Reinvestment Act ("ARRA") is providing a number of tax benefits and related incentives to encourage companies to decrease energy consumption, and concurrently produce environmental benefits.
Bob Peters, managing director, and Matthew Beintum, vice president, discuss how states are actively pursuing unclaimed property to mitigate budget shortfalls. Businesses need to include unclaimed property as a vital and necessary consideration for sound financial reporting.