Weaver: Beyond the Numbers

The tax assessor’s notice isn’t always the final say on what taxpayers must remit. Companies can easily appeal these decisions with a proactive appeal strategy for their real and personal property taxes .

Property tax can encompass a large portion of your company’s tax burden and with rising assessments there is a feeling of uncertainty in an already unpredictable economy. Weaver’s state and local tax professionals, Jason Armstrong, Senior Manager, and Shane Stewart, Partner-in-Charge, join Tyler Kern for an episode of Weaver Beyond the Numbers to discuss how and why organizations should take a second look at their property tax appeal process.

Both Armstrong and Stewart bring a wealth of knowledge and experience to the topic. First, Armstrong explained, “Businesses receive the appraisal and projected amount due. If you don’t agree with this, you have the right to appeal.”

“The tax is not yet due, and you have a period of time to reduce it,” Stewart added. 

The process can be as simple as a tax professional talking with the assessor and sharing information to disputes the value. Some appeals will need go to a board hearing. Armstrong explained, “It’s high-level, and you have only 15 minutes to state your case. Then the board makes a decision, which can also be appealed.”

In appealing, Stewart noted, “You want to have someone with the technical ability to present the facts, and someone with relationships with jurisdictions.”

Mistakes are also made in the assessment process, and having a professional who can uncover these oversights can help with the appeals process. So, what are the top mistakes in assessments? Armstrong highlighted several: “The assessor can make a mistake of course, but I see errors in understanding the useful life of assets. Obsolescence, either functional or economic, is another area where mistakes are made. Functional describes the loss of value due to the inefficiencies of an asset. Economic refers to loss of value due to external factors.”

Not looking at an assessment can mean overpaying for years. Stewart explained, “Most taxpayers don’t even know they can appeal, so be aware of this as a way to save money.”

With Weaver’s expertise in dealing with complicated property tax issues along with a deep understanding of the property tax appeal process, the team is equipped to make sure your business is minimizing its tax liability.  

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As most in the industry know, a QSA must get certified by the PCI Security Standards Security Council to audit merchants for Payment Card Industry Data Security Standard (PCI DSS) compliance. Created in 2004 by major credit card brands, such as Visa and American Express, the council acts as a form of self-regulation.

So, how did Weaver become an expert on PCI, and what types of solutions does it offer its clients?

On this episode of Weaver: Beyond The Numbers, host Tyler Kern talked with Trip Hillman, Director of Cyber Security Services at Weaver, and Kyle Morris, Manager of IT at Advisory Services at Weaver. The trio dug into insights from Weaver’s Quality Security Assessor and explored how Weaver dove headfirst into PCI.

The PCI DSS applies to organizations that store, process, transmit or could affect the security of cardholder data. Companies that fall under this standard could do a variety of things, such as an annual self-assessment questionnaire, or bring in a third-party, independent QSA to do a full-blown report on compliance audit.

Morris is a QSA and started at Weaver about eight years ago. A few years into his career, they had a client, a service provider, start getting asked by their customers if they knew anything about PCI and the report on compliance. At the time, they hadn’t done anything with it, but decided to figure it out. That morphed into Weaver diving headfirst into PCI.

“We help people with self-assessment questionnaires or SAQs and everything from full-on ROCs for Fortune 50 Cloud Providers to small merchants to SaaS solutions,” Morris said.

Rafael Ferrales, a managing director in Weaver's fixed asset advisory practice, joins Howard Altshuler and Aaron Grisz on Weaver: Beyond the Numbers: Location Cubed to look into the intricacies of cost segregation in real estate and discuss its benefits for property owners and investors.

Key Points:

• Utilize cost segregation for immediate tax savings on property investments

• Employ an engineered approach for accurate tax classification of property components

• Consider property hold periods to maximize cost segregation benefits

The discussion centers around cost segregation, a tax strategy that accelerates depreciation deductions, reduces taxable income, and enhances cash tax savings. Rafael brings insights from his engineering background and explains the significance of an engineered approach in accurately classifying property components for tax purposes. Rafael regularly consults with clients on tangible property capitalization issues and helps with the challenges and issues that arise in capital intensive industries.

“By accelerating those deductions, you reduce your taxable income, and you have cash tax savings. So, it's a really basic cash tax savings play,” said Rafael. “But the methodology that goes into actually doing a cost seg—that's where some of the magic happens.”

Subscribe and listen to future episodes of Weaver: Beyond the Numbers: Location Cubed on Apple Podcasts or Spotify.

In this episode of Weaver: Government Impact, host Todd Hoffman, along with Weaver IT experts Brett Nabors and Morgan Page, explores the critical challenge of preparing the future workforce in government sectors. The discussion revolves around adapting to rapid technological changes, addressing skill gaps, and evolving compensation models to stay competitive. This episode is a must-listen for those interested in workforce development and technology integration in the public sector.

Key Points:

• Bridging skill and competency gaps in government workforces is achieved through targeted cross-training and strategic external hiring.

• Maintaining legacy systems while integrating new technologies balances traditional and modern IT needs in government.

• Adapting compensation models helps governments remain competitive and attract skilled professionals in a rapidly evolving tech landscape.

The podcast delves into the complexities of preparing a future-ready government workforce. It highlights the challenges of retiring employees, the lack of succession planning, and the rapid pace of technological advancement. The conversation with Nabors and Page provides insights into how governments can bridge skill gaps internally through cross-training and externally through strategic hiring while addressing pay pressures to compete with the commercial sector.

“Your Gen AI is now your level one... Your level one with Gen AI is no longer necessary because you can take Joe Bob off the street, pair him with Gen AI, and say, how do I insert a question here,” Page said. “And it gives you a three, five, seven-step process to fix it.” This shift towards leveraging technology like Gen AI redefines the government workforce's skill levels and roles.

Subscribe and listen to future episodes of Weaver: Government Impact on Apple Podcasts or Spotify.

©2024

In the latest episode of Weaver: Government Impact, host Todd Hoffman, along with experts Brett Nabors and Morgan Page, discuss enhancing the constituent experience in government services. This episode offers valuable insights into how governments can better meet the evolving expectations of their constituents, leveraging technology and innovative processes to create more efficient and user-friendly services.

Key Points:

• Prioritizing current constituent needs on government websites, such as Real ID inquiries, ensures direct and efficient support, enhancing the digital experience

• Fostering interagency data sharing and collaboration creates a unified and seamless experience for constituents across different government services

• Balancing automated digital solutions with human-centric processes caters to diverse constituent preferences, improving service accessibility and satisfaction

This episode focuses on the transformation of constituent experiences in government services. Nabors discusses constituents’ heightened expectations, influenced by private sector advancements. The conversation also covers the importance of knowing the constituents through digital interfaces like apps and effective interagency collaboration. This holistic approach ensures a more personalized and efficient service delivery.

“What are people coming to our website to try to find,” Page said. “What's new? We've got Real ID that's hitting everyone right now... How do we have that be the person of your digital frontage that goes, are you here for Real ID?” This quote emphasizes the need for governments to proactively address constituent queries and streamline their digital platforms for better service delivery.

Subscribe and listen to future episodes of Weaver: Government Impact on Apple Podcasts or Spotify.

©2024

In this episode of Weaver: Government Impact, host Todd Hoffman, Brett Nabors, Partner in IT Advisory Services, and Morgan Page, Partner-In-Charge of Digital Transformation and Automation Services, explores the vital topic of legacy modernization for enhancing customer services in government. The discussion focuses on integrating emerging technologies like AI and blockchain into existing systems and the strategic approach needed for successful implementation. This episode is essential for understanding the role of technology in transforming government services.

Key Points:

• Choosing the right emerging technologies for government services requires a strategic, not necessarily first-mover, approach

• Effective legacy modernization hinges on aligning technology with organizational goals and customer needs

• Assessing organizational readiness for technology adoption is crucial, focusing on both process and workforce capabilities

The podcast delves into the complexities of modernizing legacy systems in government to improve customer services. Hoffman, Nabors, and Page discuss the importance of strategically selecting emerging technologies like AI and blockchain, ensuring they align with the organization’s goals and enhance customer experiences. The conversation also highlights the need for a comprehensive plan considering the organization’s readiness, including process and workforce capabilities.

"No technology is going to be a silver bullet,” Page said. “You can buy the world's greatest application, most well-designed, fantastic one, and implement it, and it will fail miserably if you don't have the right processes in place, and you don't have the people skilled in the right way."

"With the emerging technology piece, it's also about identifying how you're going to use what's existing and not trying to credit yourself,” Nabors said. “It's being more exploratory... if you've got the in-house capabilities, by all means do it. But a lot of these emerging technologies, the technologies aren't sitting in necessarily the government today, doesn't mean that won't be the way tomorrow."

Subscribe and listen to future episodes of Weaver: Government Impact on Apple Podcasts or Spotify.

©2024