Sales & Use Tax
Sales and use tax compliance automation will save time and help with efficiency in lending.
Sales tax compliance can be a daunting task for any company.
It is especially difficult for an equipment leasing company because it is a complicated area made even more complex by the types of business activities leasing companies encounter every day.
There are variations on sales, use and rental tax for the types of equipment a company is financing, and the complexity grows exponentially as a leasing company branches out with leased equipment located in multiple states. Each state’s laws are different and require a thorough understanding to properly assess, report, file and pay the correct amounts to the proper jurisdictions. Companies also must deal with a myriad of exemptions that may apply within each state or jurisdiction. A leasing company must consider all of these issues when deciding to expand operations with customers located across the country.