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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Corporate Tax

Date & Time
  • event Date

    Tuesday, December 8, 2020

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$247.00
CPE
ALL

This course will provide tax professionals and advisers an in-depth analysis of state sales tax treatment of lease, purchase, and finance transactions for certain assets. The panel will discuss the taxation of tangible versus intangible property, sourcing rules for leases, available tax elections, exemptions, and some state-specific examples.

Faculty

Stacey L. Roberts
State and Local Tax Director
TaxOps

Ms. Roberts has been making state and local tax (SALT) less taxing for thousands of businesses over the last 25 years. As a director of the SALTovation team at TaxOps, she guides dynamic businesses through compliance and strategic planning focused on minimizing risk and strengthening tax positions. Ms. Roberts honed her specialty at Andersen Worldwide/Andersen LLP, KPMG and Deloitte before moving in-house with a Fortune 500 company to administer state and local tax. She has also led the national SALT practice at a regional firm. Ms. Roberts is a member of the Colorado Legislative Task Force Concerning Tax Policy and a frequent speaker, instructor and author on SALT issues for industry and professional organizations.

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Judith B. Vorndran
Partner
TaxOps

Ms. Vorndran helps clients and tax professionals navigate the morass of state and local tax issues with the goal of making it less “taxing!” She is a nationally recognized thought leader and award-winning instructor with a steady focus on finding ways to simplify complex state and local tax issues and resolve areas of state tax controversy.

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Description

The rental or lease of tangible property can create unforeseen sales tax implications. Sales taxes on these transactions are complicated and vary from state to state requiring tax professionals to regularly obtain facts around each transaction and monitor applicable state tax law.

Generally, if tangible personal property is taxable when purchased, it is also taxable when leased. Additionally, if an exemption applies to the purchase, it will also apply to the lease. Thereafter, the application of sales taxes to rental or lease transactions aren't as easy to determine. Tax advisers must consider various factors, such as the lease or rental agreement, the inclusion of ancillary charges, available exemptions, and other critical matters.

Also, since ownership title is not transferred, having property in another state creates sales tax and possibly income tax nexus. This will require the owner of the property to collect sales taxes. Depending on the type, rented or leased property may create a property tax obligation.

Listen as our panel discusses the application of sales tax to tangible versus intangible property, sourcing rules, and exemptions, as well as techniques for accurate sales tax reporting and maintaining compliance.

Outline

  1. Overview of state tax rules for rental and lease transactions
  2. Determining what constitutes a rental or lease of property
  3. Tangible vs. intangible property
  4. Sourcing rules, tax elections, and exemptions
  5. Recent state developments
  6. Best practices for reporting and maintaining compliance

Benefits

The panel will discuss these and other crucial issues:

  • What constitutes a rental or lease of property for sales tax purposes?
  • How is sales tax paid on rentals or leases of tangible personal property?
  • How does the application of sales tax to rental or leased property differ in certain states?
  • Are there any exemptions available for certain transactions?
  • How can taxpayers maintain state sales tax compliance and accurate reporting?

NASBA Details

Learning Objectives

After completing this course, you will be able to

  • Determine what constitutes a rental or lease of property for sales tax purposes
  • Ascertain how sales tax is paid on rentals or leases of tangible personal property
  • Identify applicable exemptions for certain transactions
  • Recognize methods for accurately reporting sales tax and maintaining compliance

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years plus business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of practical guidance to avoid the most common and costly risk areas in sales and use tax compliance.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.