Personal Property Tax School

Transcription

1 Personal Property Tax School Classification Compliance Audits & Appeals Valuation AT&T Executive Education and Conference Center Austin, Texas September 23-27, 2018 Institute for Professionals in Taxation

2 Personal Property Tax School At-A-Glance (For full program, please see page 4) 2:00-4:00pm 4:00-4:40pm 4:40-4:50pm 4:50-5:50pm SUNDAY September 23, 2018 Registration Mandatory Student Orientation Course Introduction and Objectives Brief Highlights of IPT Ethics* 6:00-7:00pm Concurrent Breakout Session: Number 1 8:00-11:15am 11:30am- 12:30pm 12:30-1:30pm 1:45-4:00pm MONDAY September 24, 2018 Cornerstone 1: Classification Concurrent Breakout Session: Number 2 Cornerstone 2: Basic Valuation of Machinery and Equipment 4:00-5:00pm Concurrent Breakout Session: Number 3 6:00-10:00pm 8:00-8:30am 8:30-11:10am 11:15am- 12:15pm 12:15-1:15pm 1:15-2:45pm Case Study Group Preparation/Study Hall TUESDAY September 25, 2018 Review/Quiz Cornerstone 2: Valuation, continued Advanced Depreciation Concepts Concurrent Breakout Session: Number 4 Cornerstone 2: Valuation, Advanced Depreciation Concepts, continued 3:00-5:00pm Concurrent Breakout Session: Number 5 8:00-8:30am 8:30-10:15am 10:30am- 12:00pm 12:00-1:00pm 1:00-3:00pm 3:00-3:15pm WEDNESDAY September 26, 2018 Review/Quiz Cornerstone 3: Compliance Concurrent Breakout Session: Number 6 Cornerstone 4: Audits and Appeals Wrap Up 3:30-6:00pm Concurrent Breakout Session: Number 7 6:00-10:00pm 8:00-8:15am 8:30-11:15am 11:30am-12:30pm 12:30-1:00pm 1:00-1:15pm 1:15-2:00pm 2:00pm Case Study Group Preparation/Study Hall THURSDAY September 27, 2018 Submission of Amended Returns Case Study Hearings Case Study Review Awards Presentations Final Quiz Course Concludes * In order to receive a letter indicating successful completion of a school, attending this Ethics session is required to be reflected on the Certificate of Attendance Summary. In order to verify attendance, attendees must make sure to scan their barcoded badge. The current policy requires attendance at an ethics session at a face-to-face school. 6:00-10:00pm Case Study Group Preparation/Study Hall

3 About IPT s Personal Property Tax School The Personal Property Tax School is a comprehensive school, which will provide an in-depth investigation of personal property taxation. It is designed for property tax personnel who have a basic knowledge of the property tax area. Successful completion or challenge of the Property Tax School is a prerequisite requirement to attend the Personal Property Tax School. Institute for Professionals in Taxation The Institute, founded in 1976, is a 501(c)(3) not-for-profit educational association serving more than 4,500 members who represent approximately 1,500 businesses throughout the United States and Canada. It is the only professional organization that educates, certifies and establishes strict codes of conduct for state, local, state income, property, sales and use tax, VAT, and credits and incentives professionals who represent taxpayers (government officials or organizations do not qualify for membership). 3

4 2:00-4:00pm Registration 2018 Personal Property Tax School ~ SUNDAY ~ September 23, 2018 ~ MONDAY ~ September 24, :00-4:40pm Mandatory Student Orientation Course Introduction and Objectives Charles Alan Long, CMI Program Chair 2018 Personal Property Tax School 4:40-4:50pm Brief Highlights of IPT Rick H. Izumi, CMI President Institute for Professionals in Taxation 4:50-5:50pm Ethics* Instructor: Bruce J. Stavitsky, Esq. Attorney Stavitsky & Associates LLC Fairfield, NJ 6:00-7:00pm Concurrent Breakout Session: Number 1 Students will be divided into groups and will actively participate in the session. Refer to registration list for Group Assignment. Identify the goals of the course Recognize the overall purpose of the Case Study Identify Sub-team placement and project goals * In order to receive a letter indicating successful completion of a school, attending this Ethics session is required to be reflected on the Certificate of Attendance Summary. In order to verify attendance, attendees must make sure to scan their barcoded badge. The current policy requires attendance at an ethics session at a face-to-face school. 8:00-11:15am Cornerstone 1: Classification Recognize what makes up personal property Distinguish the difference between Real Property and Personal Property Apply three-pronged test Identify and utilize personal property classifications Define the concept of situs Identify financial statements affect property tax reporting Indicate is in the company s capitalized costs and why it s important for property tax reporting Recognize what s lost in translation between fixed asset accounting and personal property reporting Classify adjustments Instructors: Diane D. Brown, CMI Senior Property Tax Representative II Kinder Morgan, Inc. Houston, TX David H. LeVan, CMI Senior Director of Property Tax Walmart Stores, Inc. Bentonville, AR 11:30am-12:30pm Concurrent Breakout Session: Number 2 At the end of the session, the participant will be able to: Recognize the decisions that must be made to classify personal property assets Discuss the variable treatment of assets Classify assets as taxable and non-taxable 12:30-1:30pm Personal Property Tax School

5 Classification Valuation 1:45-4:00pm Cornerstone 2: Basic Valuation of Machinery and Equipment Recognize the basic fundamentals of valuation List three approaches of valuation applied to personal property Apply the cost approaches of valuation to personal property Calculate potential tax savings and apply valuation methods to defend and challenge your value Instructors: Renea Linton Director Altus Group McLean, VA MONDAY (continued) William O. Ryan, CMI, CPA Owner Wayfinder Tax Relief, LLLC Gilbert, AZ 4:00-5:00pm Concurrent Breakout Session: Number 3 At the end of the session, the participant will be able to: Formulate a value of related equipment using the cost approach Complete selected problems using the IRV formula Identify various outcomes and tax liabilities using a given scenario 6:00-10:00pm Case Study Group Preparation/Study Hall 8:00-8:30am Review/Quiz: Number 1 ~ TUESDAY ~ September 25, 2018 TUESDAY (continued) 8:30-11:10am Cornerstone 2: Valuation, continued Advanced Depreciation Concepts Recognize the importance of functional obsolescence in personal property taxation Recognize conditions that lead to loss in value from all causes Utilize methods to estimate the impact of negative influences on property values Analyze important aspects of inventory reporting including definitions, listing of inventories, assessors reporting requirements, company cost methodologies, exemptions, and exclusions Identify and distinguish Functional Obsolescence and External Obsolescence Determine the causes and sources of Functional Obsolescence Quantify Functional Obsolescence for excess capital costs and excess operating costs Instructors: Todd R. Barron, CMI President Barron Corporate Tax Solutions, Ltd. Wheaton, IL Tommy L. Twomey, II, CMI Director, Property Tax Andeavor San Antonio, TX 11:15am-12:15pm Concurrent Breakout Session: Number 4 Identify functional obsolescence and its result on value Calculate excess capital costs and physical depreciation effects on capital cost Calculate Excess operating costs and the results on reproduction and replacement costs 2018 Personal Property Tax School 5

6 Audits & Appeals TUESDAY (continued) WEDNESDAY (continued) 12:15-1:15pm 1:15-2:45pm Cornerstone 2: Valuation, Advanced Depreciation Concepts, continued Instructors: Todd R. Barron, CMI President Barron Corporate Tax Solutions, Ltd. Wheaton, IL Tommy L. Twomey, II, CMI Director, Property Tax Andeavor San Antonio, TX 3:00-5:00pm Concurrent Breakout Session: Number 5 Identify economic (external) obsolescence and its result on value Calculate economic obsolescence as it relates to a given scenario Recognize the effects the principle of substitution and advanced depreciation concepts have on value 6:00-10:00pm Case Study Group Preparation/Study Hall 8:00-8:30am Review/Quiz: Number 2 ~ WEDNESDAY ~ September 26, :30-10:15am Cornerstone 3: Compliance Analyze important aspects of inventory reporting, including definitions, listing of inventories, assesors reporting requirements, company cost methodolgies, exemptions, and exclusions Outline reconciling assessment reporting requirements with financial records Recognize assessor valuation methods Identify ways in which over-assessment of assets and inventory occurs with assessor valuation methods Instructor: Samuel C. Kinslow, CMI Executive Director, Property Tax Ernst & Young LLP Alleyton, TX 10:30am-12:00pm Concurrent Breakout Session: Number 6 Use the LIFO and FIFO approach to value inventory Consider the differences that LIFO and FIFO have on inventory valuation Identify assessor preferences when using LIFO and FIFO 12:00-1:00pm 1:00-3:00pm Cornerstone 4: Audits and Appeals State the steps required to effectively respond to an audit Identify the typical course of an audit Develop strategies to utilize when working with auditors Review the actions involved in an appeal Discuss the appeal function and the preliminary steps involved Personal Property Tax School

7 Compliance Recognize the differences in administrative and judicial appeals Apply the legal aspect of discovery motions, the document review process, and inspection of appealed assets to keeping the appeal alive Determine the application of case and statutory laws Recognize the importance of exhibit exchange Assist in preparing for a settlement conference with opposing legal counsel Identify the protocol and procedures of a formal hearing Instructors: Robyn P. Bowen, CMI Director Ryan, LLC Nashville, TN Bruce J. Stavitsky, Esq. Attorney Stavitsky & Associates LLC Fairfield, NJ 3:00-3:15pm WEDNESDAY (continued) Wrap Up Instructor: Charles Alan Long, CMI Executive Director Ernst & Young LLP Charlotte, NC 3:30-6:00pm Concurrent Breakout Session: Number 7 Work as a team to finalize Case Study Presentations for Thursday morning Meet with the designated assessor to discuss objective issues regarding the return 8:00-8:15am Submission of Amended Returns 8:30-11:15am Case Study Hearings Present amended return to Board of Review including an assessor, a community chairman, and commissioners Demonstrate the proper techniques when meeting with a review board Apply knowledge obtained during the school to final hearing 11:30am-12:30pm 12:30-1:00pm Case Study Review Discuss various ways to approach assessing boards Weigh the pros and cons of each approach Recognize key points presented during breakout sessions and their applicability to case-study project 1:00-1:15pm Awards Presentation 1:15-2:00pm Final Quiz ~ THURSDAY ~ September 27, :00-10:00pm Case Study Group Preparation/Study Hall 2018 Personal Property Tax School 7

8 Committee/Instructors Chair Charles Alan Long, CMI Executive Director Ernst & Young LLP Charlotte, NC Co-Vice Chair Diane D. Brown, CMI Senior Property Tax Representative II Kinder Morgan, Inc. Houston, TX Co-Vice Chair Tommy L. Twomey, II, CMI Director, Property Tax Andeavor San Antonio, TX Todd R. Barron, CMI President Barron Corporate Tax Solutions, Ltd. Wheaton, IL David H. LeVan, CMI Senior Director of Property Tax Walmart Stores, Inc. Bentonville, AR Robyn P. Bowen, CMI Director Ryan, LLC Nashville, TN Renea Linton Director Altus Group McLean, VA Michael Dimitt, CMI Director - Property Tax Plains All American Pipeline Houston, TX David P. Porter, CMI, MBA Property Tax Manager Kinder Morgan, Inc. Houston, TX Samuel C. Kinslow, CMI Executive Director, Property Tax Ernst & Young LLP Alleyton, TX William O. Ryan, CMI, CPA Owner Wayfinder Tax Relief, LLC Gilbert, AZ Matthew K. Kuhl, CMI, MBA Supervisor, Property Tax Compliance Chevron Corporation Houston, TX Bruce J. Stavitsky, Esq. Attorney Stavitsky & Associates LLC Fairfield, NJ Personal Property Tax School

9 Registration Registration Fee (applicant or someone from company must belong to IPT): By August 31, 2018 $895 includes printed course notebook (applicant personally belongs to IPT) After August 31, 2018 $945 includes printed course notebook (applicant personally belongs to IPT) By August 31, 2018 $1,395 includes printed course notebook (non-member whose company has members in IPT) After August 31, 2018 $1,445 includes printed course notebook (non-member whose company has members in IPT) Join Today! If non-members so elect, they may join as a Member (applicable 2018 calendar year dues required) and save the $500 differential by taking advantage of the lower registration fee. To apply for or renew membership, please visit the membership section of the IPT website Consultant Membership Dues are $375. For those qualifying as a Corporate Member (not a Consultant), check the website to determine cost of joining under your company s fee tier. Membership Dues are non-refundable even if registration is cancelled. Please note that registrants who have not paid their membership dues for 2018 will not be granted the reduced registration fee. NOTE: In cases where local registrants from the Austin area are not residing at the AT&T Executive Education and Conference Center, there is an added supplemental fee of $ This fee must be paid by anyone not listed under the IPT block of rooms. See page 9 of the Hotels & Accommodations section for further information. There are separate costs for the hotel package. All registration forms must be completed in advance of the School through the IPT office. There are 3 ways to register: 1. Online: / sign in to your account - or - 2. Complete a registration form and to: tmiller@ ipt.org ( ed/Faxed registrations may not be secure and it is recommended to register online) - or - 3. Mail to: 1200 Abernathy Road, N.E., Suite L-2, Atlanta, GA There is also a substitution charge of $40 before September 23, 2018, or $50 after that date (substitute must be someone from your company). Full refunds will be issued for any applications not accepted. Confirmation of acceptance will be sent via . Quizzes will be given during the week, with a final quiz on Thursday. Students are expected to attend 90% (i.e., earn 30.6 CE credit hours) of the school including the one-hour ethics session. The 90% attendance, including the required ethics session must be reflected in the official certificate of attendance. Certificates of completion and result letters will not be sent unless this requirement is satisfied. In addition, a cumulative passing score must be realized on the quizzes and required credit for group Case Study for successful completion of the school. The Institute will the official results letters to attendees. If you do not receive this within 10 business days following the end of the program, please contact the IPT office. Attendance Attendance will be electronically recorded for all sessions. Participants must arrive no later than 4:00pm on Sunday, September 23rd. The registration desk will be open from 2:00-4:00pm on Sunday. Registrants should pick up their materials at this time. Note: Hotel check-in is not available until 3:00pm. Orientation, scheduled for 4:00pm on Sunday, September 23rd. Attendance is required for all registrants. All participants are required to complete a final quiz on Thursday, September 27, 2018, that will be administered from 1:15-2:00pm. (Please make your travel arrangements accordingly). School Notebook An integral part of the school is the notebook that contains all of the learning materials. As part of the registration fee, participants will receive a printed version of the notebook at the school s registration desk and will be granted access seven days before and during the school. Accessible power outlets are not available in the general session rooms to power a computer if the materials are stored on a hard drive. Registrants should bring along a batteryoperated calculator, scratch pads, pencils, pens, etc. A laptop computer and portable jump/flash drive are helpful for working on the case study presentation in the breakout sessions Personal Property Tax School Cancellation/Substitution Fee The cancellation fee is $100 for any filed registration. After September 14, 2018, no refunds will be made. No cancellations will be valid unless submitted in writing to IPT. For more information regarding administrative policies, such as complaint and refund, contact our office at (404) Substitution Fee Prior to (including) September 14, 2018 $40.00 After September 14, 2018 $50.00 (plus the cost of delivery of any materials, etc.) 9

10 Hotel Accommodations All students must bring a battery-operated financial calculator; calculators are not available at the course site. The HP12C is the preferred financial calculator for the course. No phones are permitted on the table during the quizzes. Using your cell phone with a downloaded calculator application is not authorized. Hotels & Accommodations Registrants for this program are expected to reside under the group block at the AT&T Executive Education and Conference Center which is located at 1900 University Avenue, Austin, TX The daily package rate for this program is $ plus applicable state and local taxes. For one occupant, the $ plus tax, nightly package for Sunday to Thursday provides: Overnight guest room accommodations includes [Monday - Thursday] 4 continental breakfasts served outside the General Session room, 4 lunches, continuous refreshment breaks, hotel room WiFi, on-site fitness center and the daily participant fee charged by the hotel that is applied to audio visual and meeting room space costs. Please contact the hotel directly for double occupancy rates. Check-in time is 3:00 PM and check-out time is 12:00 PM. Reservations requested after the room block is filled or beyond the cut-off date (August 31, 2018), whichever comes first, are subject to availability and not necessarily at the group rate. All reservations are subject to the appropriate state and local tax. The hotel accepts all major credit cards. In order to guarantee a reservation, a deposit equivalent to one night s room and tax or the guarantee of the same by a major credit card is required. Austin area registrants are encouraged to stay at the hotel. The peer interaction that takes place is an essential part of the program as well as the group case study preparation during the night sessions where instructors are available for questions and groups work on their case study. Should election be made, however, to stay at home or not under the Package Plan of IPT s block of rooms, there is a supplemental fee of $ to cover some of the overhead costs that are a part of the hotel package. For each local attendee or attendee outside of the IPT block of rooms, the supplemental fee covers Monday - Thursday continental breakfast, Monday - Thursday lunch, refreshment breaks, wireless internet and the daily participant fee charged by the hotel that is applied to audio visual and meeting room space costs. Reservations should be made in a timely manner with the hotel by using one of the following options: 4. Go directly to the following website and enter your arrival and departure information: 5. Go to the IPT website and click on the hotel link that appears under the 2018 Personal Property Tax School heading. 6. Call the AT&T Executive Education and Conference Center reservation office at (reference the IPT room block) to secure the appropriate package rate. Overnight self-parking and valet is available for hotel guests driving to the AT&T Executive Education and Conference Center. Guests may purchase a parking card at the front desk for $18 per night. For any additional nights needed before or after the posted group dates, please contact the hotel reservation office at the above phone number to check availability. The rate will not include the meal package. Reservations should be made with the hotel as soon as possible and by August 31, After this date, or once the room block is filled, whichever comes first, reservations requested will be on a space available basis. All reservation dealings are with AT&T Executive Education and Conference Center and not the IPT Atlanta office. Only your school registration form and registration fee should be sent to the IPT Atlanta office. The AT&T Executive Education and Conference Center requires credit card information when making reservations. A one night s deposit of $ will be charged at the time the reservation is made. Upon arrival, each guest will also be required to present a valid credit card on which an amount of sufficient pre-authorization can be obtained to cover the anticipated use to AT&T Executive Education and Conference Center s services with full payment charged at the end of your stay. Hotel Cancellations A cancellation notification must be given 72 hours prior to arrival (Monday, September 17, 2018) or you will be charged the full package rate. Facts about the AT&T Executive Education and Conference Center and Location and Ground Transportation The AT&T Executive Education and Conference Center is located at the south entrance of The University of Texas at Austin, and four blocks from the State Capitol. The Conference Center offers stylish and comfortable accommodations for business travelers which is situated just steps across the courtyard from the meeting space. The hotel provides a fitness center, outdoor pool, two on-site restaurants/lounges, room service and complimentary Wi-Fi in guest rooms and meeting space. The Complex is located eight miles from Austin-Bergstrom International Airport. Cab fare is estimated at a minimum of $35 one way. Self-parking is available for overnight guests of the hotel at $18 per night with in/out privileges. Valet parking is currently $28 per night with in/out privileges Personal Property Tax School

11 Further Information IPT s Property Taxation 4 th Edition is your go-to resource to help resolve property tax issues. It s an essential reference material for every business property tax practitioner and is designed to provide you with comprehensive coverage on key issues, statues and case law. And it acts as an excellent resource to help you get reacquainted with unique and unusual topics that occasionally surface. For your convenience, the book is available on a flash drive format, which is user-friendly, easily searchable and highly portable. The flash drive costs $100. You can order Property Taxation 4 th Edition (December, 2014), on your registration form for the Personal Property Tax School. Dress Code Studies have shown that the optimum classroom temperature is 65. The AT&T Executive Education and Conference Center maintains an optimum learning environment. Please bring appropriate sweaters or long-sleeved shirts to class. Attire during the day is business casual. Photos Photos will be taken at this event. These may be published in IPT publications, multimedia presentations, website, LinkedIn and Facebook pages, and other IPT related social media sites. Registration and attendance at or participation in, IPT meetings or other activities constitutes agreement by the registrant/speaker/attendee to IPT s use and distribution of the registrant s, speaker s, or attendee s image or voice in photographs, videotapes, electronic productions, and tapes of such events and activities. Continuing Education Credit The Institute for Professionals in Taxation is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: org. Approximately thirty-four (34) continuing education credits including one (1) IPT Ethics credit hour are available for full attendance. In accordance with the standards of the National Registry of CPE Sponsors, CPE credits have been granted based on a 50-minute hour. CMIs will obtain hourfor-hour continuing education credits for attendance up to a maximum of 30 credit hours. IPT has filed with the Texas Department of Licensing and Regulation for Texas Property Tax Consultants Credit. IPT also files for Continuing Legal Education in the program s host state so therefore has filed for CLE in the State of Texas. Many other CLE states and accrediting organizations have reciprocal agreements with other states. It is the responsibility of the attendee to file with any other organization/agency. Any fee imposed by an individual state based on an individual s credit hours is the responsibility of the individual. The Institute provides a standardized Certificate of Attendance that may be presented to other organizations two weeks after the program. Please contact the IPT office for assistance as needed. Prerequisites: Property Tax School Program Level: Intermediate Field of Study: Taxes (Property Tax) & Regulatory Ethics Instructional Method: Group Live Advance Preparation Required: None As required by regulatory agencies, IPT must verify individual attendance at sessions in order to grant Continuing Education Credits. Each registrant s name badge has a unique bar code that identifies that individual. In order to obtain CE credit, the individual must have his or her bar coded badge scanned during the first 15 minutes of each session. No credit for the session will be given to unscanned registrants. Each attendee will be able to obtain a copy of his or her scanned attendance (Certificate of Attendance) through the IPT website on the My Participation tab approximately two weeks after the end of the program. Students will receive their official results and scanned attendance data by . CMI Designation - Property Tax The Institute for Professionals in Taxation s designation, Certified Member of the Institute (CMI), is available to anyone who meets specific educational requirements, has five or more years of property tax experience, and is an active member of the Institute in good standing. Successful completion of both the written and oral CMI examinations is required. The educational requirements to achieve the CMI Property Tax professional designation include attendance and successful completion of the Personal Property Tax School and the Real Property Tax School. Successful completion or challenge of the Property Tax School is a prerequisite for both the Personal Property Tax School and Real Property Tax School. The CMI requirements and the CMI Candidacy Application can be downloaded from the IPT website at: Personal Property Tax School 11

12 2018 Personal Property Tax School Sponsors Ernst & Young LLP Gangloff & Gangloff, Attorneys at Law Marvin F. Poer and Company National Association of Property Tax Attorneys Property Tax Assistance Co., Inc. R.E. McElroy, LLC Tax Advisors Group, LLC The generosity of our sponsors allows us to deliver industry-recognized, top-level educational programming and IPT s Board of Governors and members thank all of the sponsors for this program. If you are interested in learning more about how to become a sponsor, visit the following link from our website: Sponsorship Opportunities Personal Property Tax School

13 Institute for Professionals in Taxation 600 Northpark Town Center, 1200 Abernathy Rd., Suite L-2 Atlanta, GA Phone: (404) Fax: (404)