Now is the ideal time for manufacturers to develop the right strategies and tactics for effective inventory reporting for personal property tax purposes.
And, for large manufacturers with diverse operations, while there may just be a few general ledger accounts that inventory rolls up into, both the underlying source data and the jurisdiction-specific reporting requirements can vary greatly from one manufacturing plant to the next. As such, it is critical to ensure that correct costs are being reported, and that sufficient information is provided to facilitate assessment at fair market value.
These are a few of the key insights from a recent podcast with Selena Longway, Senior Manager at SC&H Group, who provides a comprehensive perspective on how manufacturers can best manage inventory reporting for personal property taxes.
To hear more insights from Selena about inventory reporting for retailers, be sure to listen to this podcast interview. In addition, to learn more about how SC&H Group provides manufacturers with highly specialized accounting, tax, and consulting expertise, click here.