Important Notices for Colorado Businesses 
August 20, 2013


     We are sending you this newsletter to inform you of a couple of important items affecting businesses in the state of Colorado right now. These two items involve personal property valuations and board of director minutes. You can read more detail about each of these below.

Personal Property Notice of Valuation

Personal Property Valuation


    Every year about this time the Larimer County Assessor's office sends out personal property valuation notices to business owners. Recently, one of our clients asked us to review their 2013 Larimer County valuation to make sure it seemed reasonable. The issue we were reviewing was whether the county had listed property that had been sold/abandoned, or the valuation for an item of personal property was incorrectly posted on the County's valuation Taxschedule. The first thing we did was log onto the county website to obtain the personal property detail list compiled by the county. This listing is based on the personal property declarations filed each year by the taxpayer. After comparing the detailed worksheet to our client's tax records, it was noticed that the assessor's office failed to pick-up over $400,000 in asset deletions that were reported on the 2011 declaration schedule. As a result, our client was overtaxed for two years. We immediately filed a protest of the valuation and our client is now due a substantial refund. Although this error should not have occurred, we do wish to note the Larimer County's Assessor's office was very helpful and courteous in helping resolve this valuation error.
    The purpose of informing you of this situation is that it is 
our experience that many businesses do not review the County records for their personal property valuations. We hope this experience will prompt you to review your valuation or engage us to help you review the accuracy of the County records for your personal property tax valuations. Please contact us if you are concerned about your personal property tax valuation and you would like us to review it for accuracy.

Don't Get Scammed!

Compliance Services Notices


    We also want to advise you of a scam that is targeting various Colorado companies. A business claiming itself as "Compliance Services" is sending out forms requesting companies to complete an "Annual Minutes Requirement Statement." The statement cites various Colorado statutes discussing the rules regarding shareholder meetings,

minutes, and other recordkeepingrequirements. The form requests the name of a contact person, corporate officers, corporate directors, and shareholder information. The company claims that sending this completed form along with a $125.00 check will allow Compliance Services to prepare documents that will satisfy the annual minutes requirements.


    If you receive one of these forms, do not complete the form or send a check to the listed mailing address. Please disregard the form and all of the content. To view an example of a notice from Compliance Services, please click here.

     Each of these items is important and could impact your business. If you encounter either of the items discussed above, please do not hesitate to contact us with any questions you may have or any way that we may be able to assist you.
 Firm Signature
Soukup, Bush & Associates, P.C.
(970) 223-2727