State and Local Tax Challenges With Leases of Equipment and Other Assets

Navigating Differing State Approaches With Sales, Business Personal Property and Income Taxes

Recording of a 120-minute CPE webinar with Q&A


Conducted on Thursday, June 27, 2013

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will provide tax managers and advisors with a review of important trends in multi-state tax treatment of equipment and other asset leases. The discussion will include issues that have confronted lessors and lessees for years, some issues comparatively new on the scene, and some states' specific examples.

Description

Whether a company acts as a lessor or lessee, its tax specialists face thorny issues with leases of equipment and other assets, involving multiple state and local taxes and evolving and longstanding transactions. With sales tax, does a state treat a lessor as an exempt reseller or waive tax on the lease?

States differ widely on whether sales tax applies to leases, leases with an option to buy, or ancillary services. With business personal property taxes, some jurisdictions consider leased equipment the lessee's taxable asset. And, which party gets to depreciate the asset is a key corporate income tax question.

The list lengthens with newer challenges like taxability of leased servers for cloud computing applications, calculation of sales tax on financed capital leases, and leases based on costs per procedure. State tax professionals can benefit from a review of multi-state trends in taxability of asset leases.

Listen as our panelists provide a material overview that will help you keep pace with shifting state and local tax implications for both lessors and lessees.

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Outline

  1. Particular sales tax issues with leases of equipment and other assets
    1. Multi-state trends and state examples
  2. Particular business personal property tax issues
    1. Multi-state trends and state examples
  3. Particular state corporate income tax issues
    1. Multi-state trends and state examples
  4. Tax calculation and timing challenges
  5. Cloud computing servers involving leases
  6. New types of convertible and purchase-option leases

Benefits

The panel will explore these and other tough challenges:

  • Longstanding tax questions with leases: Who must collect sales tax on lease purchases or payments and when, do lessors or lessees pay property taxes, who claims depreciation benefits.
  • Arising tax questions: Leasing issues with cloud servers, taxability of cost-per-procedure equipment, etc.
  • Calculation and timing of tax payments: Cost-basis issues, up-front vs. ongoing tax payments, mid-term rollovers to a new lease, and more.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Valerie Pfeiffer
Valerie Pfeiffer

Managing Principal and Founder
Tax Coefficient

She has more than 30 years of experience in state, federal and international tax work. She is current chair of the...  |  Read More

Brian Strahle
Brian Strahle
Senior Manager of State and Local Taxes
Baker Tilly Virchow Krause

He is the SALT Leader in the firm’s Washington, DC office and has more than 17 years of multi-state tax...  |  Read More

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