DOR announces online reporting of business equipment
Last updated 1/4/2018 at 11:33am
HELENA — The Montana Department of Revenue recently notified business equipment owners to submit their annual report in 2018 online with the department’s TransAction Portal, or TAP. The department will no longer mail paper reporting forms.
“Electronic reporting is free, easy to use and saves time for businesses that are trying to work efficiently. It also makes processing the reports more accurate and cost effective,” said Shauna Helfert, Property Assessment Division Administrator with the Department of Revenue.
The department mailed letters in mid-December to business equipment owners who have reported in prior years and are believed to have a reporting requirement. The letter contains instructions on how to log in to their TAP account or set up an account at https://tap.dor.mt.gov.
Businesses that did not receive a letter still have a statutory reporting requirement if their statewide aggregate market value of equipment is over $100,000. Those businesses whose statewide aggregate market value of equipment is $100,000 or less are exempt from taxation and do not have a reporting requirement.
Business equipment reporting includes items such as furniture and fixtures, heavy equipment, manufacturing and mining equipment, farm and ranch equipment, oil and gas equipment, and miscellaneous equipment that businesses owned as of Jan. 1. Owners need to submit a report even if there were no changes to their business equipment or if they closed or sold their business.
All business equipment reported for 2017 is prepopulated to the 2018 online reporting system. Online reporting creates an electronic repository that lets businesses access submissions from previous years. Businesses can also use the sort and filter functions to quickly locate assets that need to be updated or deleted. Finally, online reporting provides businesses with immediate confirmation that the department received their report.
The reporting deadline is March 1 to avoid a 20 percent penalty.
For more information, visit http://revenue.mt.gov, or contact the department at 406-444-6900 or DORCustomer