Motor Fuels Tax Minute, Episode 53: Property Tax

In this week’s episode of Motor Fuels Tax Minute, our hosts introduce Stephen Arredondo, director of property tax services, who offers insight into property tax.

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Detailed Description of Weaver’s Motor Fuels Tax Minute, Episode 53

00:00:00
Emilda: Welcome to Weaver’s “Motor Fuels Tax Minute,” the vlog where we talk all things motor fuel. Today we have Stephen Arredondo, director of property tax, and he’s going to kick us off with some property tax.

00:00:11
Stephen: Thank you for letting me join the podcast today. I’ve seen it so many times on LinkedIn, so it’s very exciting to kind of be part of it today. I appreciate the time.

I think the big thing is, did you know Weaver did property taxes? I mean, we’re a full-service firm, from tax compliance to appeals to tax bill processing and reviews. We do it all for our clients. And I think that’s something that a lot of people don’t really know. As you get into these services as a CPA firm, we’re really trying to grow that brand. Part of it’s kind of through situations and opportunities to be able to speak and tell us a little bit about what we do.

00:00:50
Kelly: Tell us more about property tax. Let’s start with how many returns does your group file?

00:00:55
Stephen: Yeah, you know each year brings its own challenges. Overall we’ve grown probably 100% over the past year in return counts, in tax bill processing and appeals. It’s really just an endless kind of pathway that we have right now. And with so many great clients in the firm, and really just getting out there and meeting them, it really is setting a new path for our group.

00:01:21
Kelly: And you would say every company is affected by property taxes?

00:01:25
Stephen: Every company. Yeah, so inventory, it’s interesting because for inventory there’s only a subset of states, I believe it’s 13 off the top of my head. But there’s a subset of states that only tax inventory and there’s different ways of handling it. Some look at it at the fair market value. Some look at its cost. And there’s also different ways to adjust it right with reserves or obsolescence or anything like that. So, I really think that is a pivotal thing that when you go into the inventory and you really see what it does, I think there’s significant tax savings. You know, property tax is one of those things. It’s the number one unbudgeted, unaccrued type expense that they have. And it’s really hard to get it right because in inventory, we’ll use that as an example, one year it could be a million bucks, the next year could be 10 million bucks. That’s a pretty significant difference.

00:02:15
Leanne: Well, thank you Stephen. And for everybody watching, if you have inventory or anything else that touches property taxes, Kelly and Stephen said everything touches property tax. Please reach out. Stephen’s group is the leader in the industry, and we are growing from strength to strength.

That was this week’s Motor Fuels Tax Minute. We’ll see you next time.