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Client profile

Discount store retailer and distribution centers focusing on high quality merchandise, sold at attractive prices in clean, spacious stores.

Challenge

  • Inventory¬†Review
    • Identifying areas for savings in the previously filed returns that were being overlooked. Analyzing corporate inventory cost adjustments and how they are allocated, as well as analysis of non-reportable inventory included on returns.
  • Valuation Reduction
    • Presenting a case with enough evidence to an Appeals Board to prove the fair market value of the property was not being properly calculated by standard tables. This was achieved through a third party appraisal performed on the properties, in addition to other industry research and trend data delivered.

Results

  • Inventory Review
    • An inventory review study performed on previously filed returns found recently sold inventory was being reported erroneously. Altus also identified overlooked cost adjustments for inventory at the location level. These findings produced $1.7M in tax savings for the client.
  • Valuation Reduction
    • Altus Group appealed two years of assessments and was eventually forced to attend an Appeals Board Meeting. By presenting a case supported by a fair market value appraisal, common industry research and downward trending data, Altus was able to successfully argue the reduction. This produced $500,000 in tax savings for the client.

Services provided

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Last updated on July 29th, 2019 at 04:47 pm

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