Seeing green: States learn the importance of sales tax
Economic nexus is now pretty much the law of the land for all states with a statewide sales tax....
Sales tax is complicated no matter the industry you are in. But the leasing industry brings out even more complicated nuances depending on the type of lease, support activities and even the leased item itself. That’s why this equipment finance division of a regional bank had chosen a large sales tax provider to manage their compliance. But, they weren’t getting the results they wanted.
Issues were being left unresolved, and more and more sales tax discrepancies were popping up, leaving the company in charge of paying penalties and interest due to mistakes made by the sales tax provider.
Luckily, they got a call from TaxConnex, selling their new concept of sales tax outsourcing that put service first.
TaxConnex was just coming on to the scene when they reached out to this business. It was the right message at just the right time. TaxConnex’s business concept of aligning their clients with a dedicated practitioner to provide one on one support was just what this company was looking for.
“I was really intrigued by the model and we thought long and hard about it, because it’s not always easy to switch providers,” explained the company’s Controller. “I liked that we would be getting a dedicated, experienced CPA or accountant to manage our account, all of which would be backed up by a team of seasoned experts at the main TaxConnex office, it just made sense for us.”
The business transitioned their sales tax compliance over to TaxConnex and they’ve never looked back. They’ve now been working with TaxConnex for close to 10 years!
“As soon as we started working with them (TaxConnex) things were so much better,” said the Controller. “The transition was relatively painless and working with TaxConnex is really turn key, once I send over my data and funds, I don’t have to think about it!”
The fact that TaxConnex’s process takes the burden off of their clients, allows them to focus on more needed work items. All the client has to do is send the data and funds on time, TaxConnex manages the rest. From registrations, jurisdictional correspondence, tax calendar and more.
“I can’t say enough about their service,” exclaimed the Controller. “I’ve been in the industry for a long time, and I’ve supervised people that do tax returns, even done them myself, but this (TaxConnex) is as good as it gets! Our core accounting system spits out two reports. We send them to our practitioner, we get a funds request within a day or two, and then I don’t think about it again. We went from no sales tax customer service to total customer service.”
An equipment finance division of a large, regional bank in the Northeast US. As a subset of a larger bank, the equipment finance division helps businesses grow by enabling the to manage cash flow, preserve lines of credit and stay current with changing technology by leveraging the purchase power of leasing the equipment they need to succeed.