McMinnville, OR, May 29, 2015 --(PR.com
)-- 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:
What happens when a leased asset is purchased?
What if the lease was a capital lease where tax was paid up front on the value of all lease payments?
What amount is taxable if the asset is bought out before the end of the lease?
What about an operating lease where the lease term has ended?
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.
Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.
TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.
TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.
Please visit TTR on the web at www.ttrus.com
or call 866.578.8193.