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Brunswick County NC CPA discusses the 2012 Business Personal Property Listing

Brunswick County NC CPA discusses Personal Property Tax Listing

Gary Bode, CPA: need a free initial phone consult with a Brunswick County CPA? 399-2705.

All Brunswick County, NC businesses must file the 2012 Business Personal Property Listing by January 31st, 2012. And, any Brunswick County CPA has stories of how well the County finds non-compliant companies. Don’t be confused by the personal property designation. Personal property just means all company assets, except real estate.

The NC Department of Revenue produces a generic Business Personal Property Listing for use by all 100 Counties, and can be accessed on their website. But, after your first year in business, Brunswick County mails you a partially completed form. While we generally prepare it the first year, many clients handle this task in-house after that.

If you want your Brunswick County, NC CPA to prepare, sign and send it for you, the State requires Form AV-59 to be on file with them. This is just a permission slip, like high school sorta kinda.

The 2012 Business Personal Property Listing is a three page form reporting the company’s assets by group, year acquired and original cost. It’s detailed enough to require listing of trivial things, like janitorial supplies. The company adds assets obtained during the year and deletes assets disposed of during the year, to the report. For companies operating as S Corporations and Partnerships, where the NC return requires a balance sheet, syncing the Business Personal Property Listing and the balance sheet is prudent. This is an informational tax return, as it does not calculate a tax per se. Because of the January 31st deadline, your Brunswick County CPA has to hustle to submit on time, so have your prior year acquisition and disposal information ready ASAP.

We’re a Brunswick County NC CPA firm with a virtual office that provides greater convenience for local clients. We prepare Brunswick County Personal Business Property Listings. For a free initial phone consult, please call (910) 399-2705

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