(McMinnville, OR, May 27, 2015) - Today, TTR announced the addition of over 400 leased asset buyout sales tax answers.
TTR, working with the finance industry, has added over 400 tax answers on buyouts of capital and operating leases, greatly reducing time spent on research by tax and accounting professionals.
A capital lease, sometimes referred to as a conditional sale or installment sale, requires the lessee to purchase an asset at the end of the lease term for a nominal amount. An operating lease, or true lease, may allow the lessee to purchase the asset at the end of the lease term, but does not require it.
Some states tax all payments on a capital lease at the start of the lease, and tax operating leases on each payment as it is made. In addition, motor vehicle leases are often subject to different rules than leases of other tangible personal property.
These varied state laws combined with complex lease arrangements, leave sales tax and accounting professionals with questions such as:
TTR now answers these questions with over 400 tax answers on leased asset buyouts and regular payments for motor vehicle leases, capital leases, and operating leases.
For the first time ever, tax and accounting professionals can quickly determine when tax is due on leased asset buyouts.