Sales tax and due diligence in an M&A
Those involved in mergers and acquisitions often get understandably excited about the deal,...
Depending on whether you provide an operating lease or a finance lease, and in which state you are leasing into, the taxability of when and whether you apply sales tax to your charges will vary. Maintaining this across multiple states and jurisdictions can be quite the task.
The situs is the location in which a taxing event occurs. Maintaining this information for a leasing company can be difficult as the initial deployment of a piece of equipment is known; however, over time the equipment can move and thus the sales tax requirements can change.
Leasing companies by definition own products wherever they are being leased. As a result, they will need to comply with the sales tax rules in multiple states including filing sales tax returns everywhere they have a product.
Listen to why our client, Mark Kost of Force of Nature Clean, chooses to UPSOURCE their sales tax management to TaxConnex!
Interested in learning more about how TaxConnex can conquer the chaos of sales tax management? Ready to get started? Have more questions? Fill out the form to the right and one of our Sales Consultants will be in touch!
Our company does online sales and having the sales taxes in multiple states is so easy with the TaxConnex. Their service and support with all the filings and their knowledge of the various state sales tax laws is a huge relief every month.
Working with TaxConnex has been an amazing experience. Our relationship has allowed me to maintain my sales and use tax duties while also being able to tackle other projects without us having to hire an additional full-time employee to manage compliance and filings.
It’s important to have a partner that is open and honest with you. [Our practitioner] really does go above and beyond to handle everything for us. When I send them our monthly reports, they examine our data, ask me questions to double check that there aren’t any gaps or errors, and then file our reports. [Our practitioner] also goes the extra mile to make sure I understand everything and is always willing to jump on a call to simplify things for me when needed.
I can’t say enough about their service. 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.
Those involved in mergers and acquisitions often get understandably excited about the deal,...
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