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State & Local Tax Compliance
Leasing Compliance Evaluation Case Study

Experience and Relationships Saves Client from Taxes & Penalty Exposure

Industry:  Leasing
Client Profile:  Fortune 500 Banking Leasing Organization.

The Challenge
The client was purchasing 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
The property tax compliance review identified non-reporting issues that included non-filing and back tax issues for several tax periods preceding the pending acquisition. Roughly 1,100 assets (10%) were not reported and subject to back assessment and penalties. An estimated tax and penalty exposure of $1,280,000 was identified. The purchaser minimized the exposure through purchase renegotiations to “carve out” the payment for potential back taxes caused by the negligence of the selling party.

OSG employed corrective actions to mitigated penalties through amended filings and negotiations with jurisdictions.

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