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Corporate tax departments within leasing and rental operations face numerous obstacles as they attempt to clear compliance and regulatory challenges spawned in part by Sarbanes-Oxley.

Specific issues facing lease tax professionals include: changes in taxation and banking laws; increasing customer demands; increases in state and local taxes; new fees and surcharges levied on equipment and vehicles; plus, the added pressure to do more work with fewer resources.

And then you have the everyday hurdles hindering lease tax professional in their efforts to keep pace with the changes in corporate tax objectives, while making sure basic government compliance requirements are still being met:

• Ensuring consistent and accurate tax is included on the many diverse leasing and rental transactions
• Staying current and researching the frequent changes in state and local rates as they apply to lease, conditional sales, and rental agreements
• Keeping up with special rules such as tax basis, exemptions, non-standard rates, tiered taxes, percent basis, and others
• Meeting returns deadlines for the multitude of jurisdictions to which your tax department remits taxes
• Being prepared and organized with the data and reports required to support audits.

All have contributed to underscoring the technical limitations of legacy systems and the inadequacies of manual processes for achieving lease tax compliance.

Vertex has developed a comprehensive solution that alleviates the tax compliance burden, and does it all while saving tremendous time, money and other limited resources.

Vertex partners with the major global leasing software vendors which enables Vertex^® Indirect Tax for Leasing to better meet the needs of companies in the equipment and vehicle leasing industries, by assuring that all tax calculations will be consistently accurate.

Experience what our other solutions, including our business income tax software - can help you and your organization accomplish today.

Lease Tax Solution Benefits

• Greater Operational Efficiency: Vertex® Lease Tax O Series® will significantly reduce the time and resources spent managing the complex tasks associated with lease tax compliance by exclusively handling the special situations unique to lease, rental and conditional sales agreements
• Smoother Audits with More Favorable Outcomes: An automated approach to lease tax provides a taxability blueprint that auditors use to evaluate the accuracy of the methodology behind the system before the detailed audit fieldwork starts, potentially reducing the scope of the audit itself.
• A More Productive Tax Department: A systematic approach to the calculation of complex lease taxes improves morale and the performance of over-burdened accounting and tax professionals who will be able to focus on more fulfilling and value-added activities.
• Sarbanes-Oxley Compliance and Audit Defense: Centralized tax results, activity and security logs, and SAS 70 certified data which supports process documentation procedures contribute to greater compliance with Sarbanes-Oxley
• A Quick and Perpetual Payback: Reduced expenses from more favorable audits, savings attributable to far less time your tax professionals spend researching rate and rule changes, and greater department-wide productivity, will collectively contribute to a prompt and continuous return on your investment

Lease Tax Solution Features

• Eliminates Need for Manual Research: Vertex research professionals provide taxability rules, tax basis rules, tax rates, fees and surcharges for all state and local jurisdictions in monthly updates; and, identifies tax jurisdictions at state, county, city and district level
• Supports Audit Processes: With standard reporting at detail and summary levels, as well as flexible data analysis tools for ad-hoc reporting that can be tailored to meet your company's needs.
• Completely Customized for Lease Tax Compliance: Complete rules and leasing taxability drivers are accounted for as well as the ability to create specific taxability rules for special circumstances
  • Support for 60,000 lease specific rules
  • Sales tax calculation logic for short and long term vehicle leases/rentals
  • Product categories supporting standard and nonstandard rules, rates, surcharges, and fees
  • Ability to return multiple impositions of taxes, fees, and surcharges for lease or rental transactions to the calling program
  • Capacity to apply or create appropriate rules for a variety of leases
• Flexible Web-Based Architecture: Built on the same Web-based platform as other Vertex O Series lines of tax solutions, the system affords maximum customization to accommodate your needs today and growth tomorrow.
• Easy Implementation: Vertex O Series seamlessly integrates with leading ERP and leasing software.
• Complies with regulatory requirements: Vertex Central Home, the browser-based, single-access point for Vertex Lease Tax O Series enables administrators to handle security, user access through role-based security, and data movement tasks.