COPIES OF THE FOLLOWING DOCUMENTS REQUIRED
FOR EACH YEAR UNDER AUDIT
LARGE ACCOUNTS
Shelby County’s Audit Contractor isubject to the requirements of TCA §67-5-402 regarding confidentiality of
Taxpayer records obtained during a Business Personal Property Tax Audit.
Please note that the Business Personal Property Tax Return is based on records as of
December 31st of the previous year. EXAMPLE: A 2014 return utilizes account balances
as of December 31, 2013.
If records are based on a fiscal year end other than December 31st, items #1, #4 and #5
below may be presented as of the company’s fiscal year-end. Item #2 should reflect
account balances as of December 31st for each year under audit.
Copies should be made available to the Auditor for inclusion in the Audit File. To the
extent practical, copies should be made ahead of the Auditor’s arrival.
1. Fixed Asset Listing (i.e., Depreciation Schedule). This listing should include a
description of the assets, acquisition dates, & original cost to reconcile to the General
Ledger. If the listing can be emailed to us prior to the tour date, that would be
preferable. Otherwise, a “hard copy” will be acceptable.
2. Trial Balance (General Ledger Summary) or Balance Sheet.
3. “Chart of Accounts” utilized for the General Ledger. (if Trial Balance is not provided)
4. Financial Statement (Income Statement i.e. Profit and Loss Statement).
5. Tennessee Business Franchise Excise Tax Return and supporting schedules
(including schedules G & N), or Federal Income Tax Return if the only business
location is in Tennessee. If the taxpayer is a sole proprietorship, only the schedules
pertaining to the business operations will be necessary.
6. Copies of the leases of equipment, furniture and fixtures, and vehicles at this
location. Please include both Capital and Operating Leases, but please identify the
Capital Leases, in order to avoid being “double assessed”.
7. Copy of the physical inventory taken closest to December 31, 2013. Also, if your
company has a site map, plant schematic, floor diagram, etc., please provide a copy.
(11 x 17 or smaller, not blueprint size) (These items are requested from Manufacturers only)
8. If the company has been purchased within the last four years, please also provide a
copy of the purchase agreement, including allocation of asset cost. Please also
provide copy of journal entry or initial accounting entry “booking” the purchase.