2. SCOPE OF SERVICES: a. The selected firm will perform audits of Town of TRUMBULL businesses selected by the Town Assessor. The Assessor will make available Personal Property Declarations of selected taxpayers for all audit years in question along with any other pertinent information as deemed useful by the Assessor. The selected firm shall determine reporting accuracy by conducting a comparison of the Personal Property Declaration to the taxpayer’s Federal Income Tax Records, to the taxpayer’s Books of Account, or any other pertinent data necessary to complete the audit. Specifically, the firm will be reviewing the following schedules: Schedule L, the Balance Sheet, Form 4562 Depreciation and Amortization, Location Fixed Asset/Depreciation Ledgers, General Ledgers and location fixed asset schedules showing original cost and acquisition year including Section 179 property, Trial Balances, Schedules of “Other Deductions” and any other schedule or books of account that is necessary to successfully complete the audit. Additionally, we shall review the taxpayer’s lease agreements to determine reporting accuracy. b. At the Assessor’s request, the selected firm will arrange for a physical inspection of the selected taxpayer’s business location that will include visual inventory of all taxable personal property. c. The Selected firm will review any and all listings of fixed assets recorded as Leasehold and/or Building Improvements that the taxpayer claims to be included as realty and determine if any items should have reported as personal property. d. The selected firm will deliver to the Assessor a written Report of each account summarizing the procedures used in conducting the audit, and the results. Such Report shall be required to be filed with the Assessor regardless of whether the audit process discloses any reporting discrepancies. e. The selected firm may be asked to participate in any discussions with the taxpayer seeking to resolve disputes or disagreements as to the valuation of the taxpayer’s personal property. Participation in such discussions is at the sole discretion of the Assessor. f. The selected firm may be asked to serve as a witness in any formal administrative or judicial hearing in connection with the appeal of any audit. Participation is at the sole discretion of the Assessor. g. The selected firm will meet with the Assessor formally or informally upon request at a mutually agreed upon time throughout the duration of the audit program.
