Forms571 organizes and manages business property information and generates the Business Property Statement forms 571 L, F and A . You enter the newly acquired or disposed of property for the tax year and it is automatically combined with data from previous years and printed on the forms in the appropriate columns.
California law requires businesses each year to file a Business or Agricultural Property Statement. The statement is a declaration of cost and other related information pertaining to all property owned by the business as of 12:01 AM on January 1st of each year. The forms 571-L and 571-A require property to be listed according to the year it was acquired and for as far back as 21 years. Every year data from the previous tax form must be hand-copied or “rolled forward” to the current tax form and filed along with any new acquisitions for the current year. Each year as a business grows, acquiring additional property, the reporting requirements become more and more time-consuming and tedious.