The sales tax implications of lease re-writes and modifications are additional ongoing challenges facing financially distressed lessees and equipment finance companies due to the COVID-19 pandemic. Immediate concerns with lease re-writes, strategic planning for marketplace facilitator laws and audit resolution were among the topics discussed to meet these challenges during the Equipment Leasing and Finance Association’s webinar, “Best Practices for Managing Sales Tax in Turbulent Times.”
The presentation was the latest in the series of ELFA Wednesday Webinars, which have attracted nearly 3,000 participants to date. Presenters David W. Machemer, partner at Horwood Marcus & Berk; C. Eric Fader, managing director and use tax central region leader at BDO USA; and Linda O’Donohue, tax manager at Wells Fargo Equipment Finance provided guidance and best practices designed for attendees to implement immediately to help their practices. They also engaged with participants throughout the session by conducting a number of quick polls to better tailor their discussion points.
As equipment finance companies consider the range of issues pertaining to their processes and management of sales tax, below are five highlights from the webinar.
Scott Riehl, vice president of state government relations for the ELFA, reminded the webinar audience that ELFA monitors state tax legislation, including changes to tax rates, collection and administration, and the Streamlined Sales Tax Project in addition to other legislation pertaining to the equipment leasing and finance industry. For more information, click here.
A recording of the webinar and webinar slides are available here.
The June 24 webinar was part of ELFA’s “Wednesday Webinar” series created to provide critical information to equipment finance professionals on essential hot topics. The free webinars include live Q&A sessions so participants can connect with experts and colleagues on the issues they are grappling with. Click here to register for upcoming webinars or view recordings of past events.
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