California law requires an annual tax based on business property owned as of 12:01am on January 1st, 2025. The tax is assessed by the County in which the business property is located. Assessed business property consists of any property which you owned, claimed, possessed, controlled, or managed on the tax lien date. The property statement form titled “571-L Business Property Statement” is used to report these business assets.
Form 571-L Business Property Statement
You must file this form if:
- You receive the 571-L Property Statement Notice from the County, which is generally sent in January via mail, or
- You have taxable business property with a total cost of $100,000 or more as of the tax lien date.
Due Date:
The initial filing due date of the Form is April 1, 2025, but the return will be considered timely filed without incurring any penalties if filed by May 7, 2025.
Do you need assistance?
If you would like Wheeler Accountants to prepare the required form and schedules for you, please send us your 571-L Property Statement Form via ShareFile, email, fax, or mail. If you did not receive the form and have taxable assets of $100,000 or more, please notify us, and we will advise you.
For Wheeler Accountants to guarantee your forms are filed timely, we must receive all necessary information no later than April 1, 2025. If available on the corresponding County’s website, Wheeler Accountants will file the form electronically on your behalf by May 7, 2025.
Our minimum fee for the preparation of this form is $600, or our standard hourly rates, whichever is higher. Due to our compressed workload, we will begin preparation of these forms in April 2025.
Please contact our 571-L team at 571L@WheelerCPA.com or call the office if you have questions.
408-252-1800
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