- Automate the complex lease tax calculation and collection required for leasing and rental transactions
- Automatically capture state and local rate changes that affect lease, conditional sales, and rental agreements
- Stay abreast of special rules—including lease tax basis, exemptions, non-standard rates, tiered taxes, and percent basis
- Maintain data and reports to support prompt, accurate returns and solid audit defense
Any company with leasing or rental operations faces unique tax management challenges. While calculating, collecting, and reporting on taxes on diverse and complicated agreements, your tax department must also address Sarbanes-Oxley and other regulatory requirements. Amid this complexity, it can be difficult to support corporate tax goals—especially if tax department resources are spread thin. Vertex has designed transaction tax solutions to help leasing and rental operations overcome these obstacles by simplifying, streamlining, and automating management and compliance. Vertex offers a variety of deployment options—including an on-demand hosted model that accelerates implementation and reduces hardware, database, and other support requirements.
- Automatic monthly updates on taxability rules, tax basis rules, tax rates, fees, and surcharges for all state and local jurisdictions
- Support for 150,000+ lease-specific rules, sales tax calculation logic for short-term and long-term vehicle leases or rentals, and support for returning to the calling program of taxes, fees, and surcharges for lease or rental transactions
- Standard reporting at detail and summary levels—plus flexible data analysis tools for ad hoc reporting
- Open, flexible infrastructure that uses web services to harmonize with multiple platforms, databases, ERP, and leasing systems
- Role-based security
- Drive operational efficiency. Automating the special situations unique to lease, rental, and conditional sales agreements reduces the time and resources required for complex tax management activities.
- Improve compliance and audit performance. An automated approach results in consistent and accurate lease tax calculations—as well as a taxability blueprint that auditors can use to evaluate the accuracy of your underlying tax methodology. Having a taxability blueprint may lead to an audit with reduced scope. Centralized tax results, activity and security logs, and SAS 70-certified data also improve compliance with Sarbanes-Oxley and other regulatory requirements.
- Enhance tax department productivity. A systematic approach to calculating complex lease taxes is a significant win for your accounting and tax professionals—who can redirect their focus to more fulfilling and value-added activities.
- Achieve rapid—and perpetual—payback. Vertex leasing tax software solutions deliver ROI in a number of ways—including reduced expenses from more favorable audits, reduced demand for in-house research into rate and rule changes, and greater overall productivity in your tax department.