find your solution.

search for solutions by category, industries, insights, and people.

Case Study
June 6, 2024

Helping a manufacturer recover tax overpayments and reduce future taxation

No items found.

insights

elliott davis

Table of Contents

Text Link

Share with network

Related Insights

What ESOP sellers need to know about Section 1042 rolloversWhat ESOP sellers need to know about Section 1042 rollovers

What ESOP sellers need to know about Section 1042 rollovers

Lorem ipsum dolor set

Responsible AI starts with governance: Building trust, controls, and accountability into AI adoptionResponsible AI starts with governance: Building trust, controls, and accountability into AI adoption

Responsible AI starts with governance: Building trust, controls, and accountability into AI adoption

Lorem ipsum dolor set

Your next CFO probably isn't looking for a jobYour next CFO probably isn't looking for a job

Your next CFO probably isn't looking for a job

Lorem ipsum dolor set

Replay: Responsible AI Starts Here: Governance & Controls in ActionReplay: Responsible AI Starts Here: Governance & Controls in Action

Replay: Responsible AI Starts Here: Governance & Controls in Action

Lorem ipsum dolor set

Managing state tax exposure for growing businesses: When to consider a voluntary disclosure agreement (VDA)Managing state tax exposure for growing businesses: When to consider a voluntary disclosure agreement (VDA)

Managing state tax exposure for growing businesses: When to consider a voluntary disclosure agreement (VDA)

Lorem ipsum dolor set

Elliott Davis was asked: “Our personal property tax bill has steadily increased over the past couple of years – is there anything we can do about it?”

‍

Context
  • North American based manufacturer of plastic products
  • Headquartered in South Carolina
  • Wanted to identify if company was in a position to lower their annual personal property tax bill

‍

Our Approach
  • Elliott Davis State and Local Tax (SALT) team was introduced
  • Team completed a no-cost opportunity review and determined that the company was overpaying on personal property taxes
  • Asset classification and taxability review of previously reported costs were completed
  • Correspondence with the SC DOR was handled entirely by Elliott Davis team members

‍

Customer Impact
  • Also identified South Carolina port volume credits not previously taken
  • Overall, amended 2021, 2022 & 2023 PT-300 personal property tax returns Implemented same changes on the initially filed 2024 return
  • Reduced annual property tax bills by 20%
  • Amended returns generated refund claims of approximately $350,000
  • Tax saving measures will continue to be realized in future filings!

‍

We Can Help

For more information on how Elliott Davis can assist you and your business, contact a member of our team below.

‍

The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.‍

contact our team

contact our team

contact our team.