Selected for a Business Personal Property Tax Audit...Now What?

Many prospective clients call me in a panic regarding an ominous business personal property audit notice.  This article is a synopsis of the basic steps one should take if ever selected for audit.  


http://goarticles.com/article/Selected-for-a-Business-Personal-Property-Tax-Audit-Now-What/6655808/

Kennesaw State University SBDC ABC's Fair 2012

Equity Tax Consultants will be participating in the ABC's Fair sponsored by Kennesaw State University's Cole College of Business on June 28, 2012 from 4-7 p.m.  ABC stands for Attorneys, Bankers, and CPA's.  Come join us for light refreshments, information, and door prizes!

http://coles.kennesaw.edu/centers/small-business-development/ABCsFair.htm

Business Personal Property 101

Tip #2:  Software is NOT taxable as business personal property unless it is inventory.

The Official Code of Georgia (48-1-8) defines computer software as:

“ any program or routine, or any set of one or more programs or routines, which are used or intended for use to cause one or more computers or pieces of computer relate peripheral equipment, or any combination thereof, to perform a task or set of tasks.  Computer software shall include operating and application programs and all related documentation.”

Software is only considered taxable if it is held as inventory ready for sale at retail.

Taxable?

NO      Microsoft Office software is purchased and installed on company computers for work
             purposes.

YES     Wal-Mart sells Microsoft Office software in its retail stores for consumers.*

*With the passage of HB 41, retail inventory may no longer be taxable in the near future.