SOURCE: Transaction Tax Resources Inc.
MCMINNVILLE, OR--(Marketwire - Oct 30, 2012) - TTR, the industry leader in providing accurate, current, supported and easy to find sales and use tax answers, has just announced the release of leasing and rental tax answers.
Whether you are a lessor, a lessee or a third party financer, leasing arrangements can create significant sales and use tax challenges for all parties. These challenges stem from several sources:
- The terms used in the leasing industry are confusing and often vary from one state to another.
- "Sale," "lease" and "rental" definitions are not consistent from state to state.
- True (or operating) leases are often impacted by timeframes.
- When does a lease become a capital or purchase lease?
- There are often special rates for leases & rentals.
- State and local sourcing rules vary.
- Tax application may depend on buyout options and amounts.
- How are interest charges and other fees taxed?
- There are often special rules for motor vehicle lease transactions.
TTR worked with industry leaders in the area of leasing to identify over 50 items specific to leases and rentals. "This research represents a giant leap forward for companies that lease equipment and motor vehicles in the U.S. Many of the items researched by our team were never before brought into a single, easy to navigate library to obtain clear answers for leases and rentals," said Jon Peed, TTR Senior Vice President of Tax Research & Policy. "We spent months working with industry leaders to identify the relevant items and correct terminology used in practice to make this library truly valuable."
TTR (Transaction Tax Resources, Inc.) is the industry leader in providing accurate, current, supported and easy to find sales and use tax answers. Headquartered in McMinnville, Oregon, TTR maintains tax answers for nearly 5 million products and services. TTR created the first ever online solution for finding sales and use tax answers. TTR customers receive valuable tax answer updates, not just notifications of when laws change. TTR provides unlimited support at no extra charge and provides an industry first -- audit defense assistance for all TTR tax answers. More information about TTR may be found at www.ttrus.com.
For More Information
To learn more about TTR, please visit www.ttrus.com or call 866.578.8193.