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State & Local Tax Compliance
Banking Compliance Evaluation Case Study

Timely Compliance Review Saves Organization Costly Tax Liabilities

Industry:  Banking
Client Profile:  Consumer Banking and Financial Services

The Challenge
The client was purchasing a portfolio from a leasing company and wanted assurance the portfolio was compliant with property taxes.

The Solution
OSG performed a property tax compliance review on the portfolio. A compliance review identifies any material or questionable deficiencies related to property tax administration. OSG reviews asset classifications, taxability, jurisdiction assignment and timeliness of tax payments. By comparing anticipated results to what actually occurred under the former service provider, OSG is able to identify potential deficiencies.


The Results
OSG identified approximately $800,000 in delinquent taxes. As a result of OSG’s findings, the purchaser avoided the liability and was able to reserve the delinquent tax amount from the purchase price.
 

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