We minimize exposure at the time of an audit to either reduce the supplemental tax bill or generate a refund. We offset taxes on unreported assets by documenting over-valuation in other areas.
A plastic goods manufacturer located in the Western United States received an audit deficiency notice from the local County Assessor. This audit covered several back years and stipulated that additional personal property taxes of $317,000 were now due.
The company retained the National Bureau to minimize this exposure. We reviewed the work of the County Assessor's auditor and challenged many of the methods and conclusion. Additionally, the National Bureau discovered numerous non-existent or "ghost assets" still listed on the company's ledgers.
As a result of our efforts, the audit liability was reduced to $80,000 from the $317,000. Further, the same plastic goods manufacturer contracted with us to perform reverse personal property audits on several more of their locations throughout the United States. These reverse personal property audits generated an additional annual tax savings in excess of $200,000.