“Today, the presence of economic obsolescence when assessing fair market value has become more widespread,” said Scott Tyler, a Principal in SC&H Group’s State & Local Tax practice.
Baltimore, MD (PRWEB) October 14, 2014
SC&H Group, a leading audit, tax, and consulting firm, launched a new online assessment to help determine if your organization may reduce its personal property tax expense due to economic obsolescence.
Hosted by SC&H Group, the “Economic Obsolescence Opportunity Assessment” Decisionaire offers a series of questions that cover a wide-range of issues to see if economic obsolescence is potentially affecting a participant’s business environment. If so, there is a high likelihood that opportunities may exist to ultimately reduce personal property tax liabilities for these assets.
Economic obsolescence is a form of depreciation that may be used to reduce personal property taxes by demonstrating that outside forces – like escalating costs of materials and fluctuating demand – have negatively impacted the value of a company’s personal property.
“Today, the presence of economic obsolescence when assessing fair market value has become more widespread given new changes in government regulation, technology, environment, and other factors,” said Scott Tyler, a Principal in SC&H Group’s State & Local Tax practice. “These changes have made it more important than ever to identify its existence within your company’s operations.”
Ranging from regulatory challenges, to changes in the demand for products and services, to natural disasters that can impact the business, this comprehensive assessment will help accurately point to the need to update valuation strategies and quantify economic obsolescence for personal property tax assessments.
To find out if economic obsolescence exists in your business, take SC&H Group’s simple online assessment here.
About SC&H Group
SC&H Group is an audit, tax, and consulting firm applying “expertise that works” to minimize risk and maximize value. SC&H Group’s practices advise leading companies from emerging businesses to the Fortune 500 on accounting, tax, profitability, and strategy solutions. Clients in all states and worldwide benefit from SC&H Group’s commitment to delivering powerful minds, passionate teams, and proven results on each and every engagement. http://www.scandh.com