04/25/2025
California Businesses: It’s 571-L Season — Are You Ready?
If you own or lease tangible personal property in California, it’s that time again — the Business Property Statement (Form 571-L) is due!
Many business owners overlook this important filing, but counties use the 571-L to assess business personal property taxes on items like machinery, equipment, computers, and even backhoes (yes, those count too).
Key tips:
• File by May 7 to avoid penalties.
• Double-check your Schedules A1, A2, A3 — correct classification matters.
• Leased, rented, or fully depreciated assets may still be taxable.
• Talk to your CPA or property tax advisor to make sure you’re covered.
Compliance might feel like a formality, but it can have real financial consequences if skipped or misfiled. Don’t let this fly under the radar!
