It’s time for businesses to report the equipment they own to the Montana Department of Revenue. Owners can report online using the department’s TransAction Portal (TAP) at https://tap.dor.mt.gov.
The reporting deadline is March 1, 2020, to avoid a 20% penalty.
All businesses must report the equipment they owned as of Jan. 1, 2020, if the market value of their business equipment is more than $100,000 statewide. Owners must file the report even if there were no changes to their business equipment or if they closed or sold their business.
Those businesses whose statewide market value of equipment is $100,000 or less are exempt from taxation and do not have a reporting requirement.
Business equipment includes items such as furniture and fixtures, heavy equipment, manufacturing and mining equipment, farm and ranch equipment, oil and gas equipment, and miscellaneous equipment.
Online reporting creates an electronic repository that lets businesses access submissions from previous years. All business equipment reported for 2019 is prepopulated to a business owner’s 2020 report. Businesses can use the sort and filter functions to quickly locate assets that need to be updated or deleted. After the report is submitted, the department will send an immediate confirmation receipt.