Portfolio Management: Taxation

The LeaseWave® lease accounting software system has an inbuilt tax database, which users can choose to maintain on their own or to integrate with third-party tax information providers. If used on its own, users update rate information in centralized tax rate tables directly from within the system. The LeaseWave® lease accounting software system ensures full compliance with tax rules and regulations. Tax rate and rules changes are recorded centrally and automatically impact all affected leases, without any further intervention. Business rules and other tax-driven rules, no matter how complex, are handled by the LeaseWave® leasing system, all at the asset level.

If the LeaseWave® lease management suite is used in conjunction with a third party tax-information provider, such as Taxware or Vertex in North America, then the system fully integrates with such systems. Everything from tax rate maintenance, business rules management (such as tax exemption information), tax returns generation and filing, etc., is integrated with the LeaseWave® lease accounting software system. Because the LeaseWave® leasing system is built to work with any combination ofthird party systems, the user has the flexibility to mix and match their tax products. Of course, they can also choose to use the tax-related tools offered by the LeaseWave® lease management suite that allows for comprehensive compliance with tax regulations.

The LeaseWave® leasing system is also compatible with Canadian tax laws and the tax regulations of other countries that are based on a ‘goods and services’ tax methodology. The system also has the capability to deal with VAT tax structures prevalent in international markets (such as Europe, Asia, etc.)

The LeaseWave® leasing system allows for compliance with both FASB as well as IAS rules, conventions and regulations that affect lease/loan/finance accounting.

• Maintain tax information for City, County, State and any other tax authority
• Centrally store all tax information
• Update tax changes once to affect all relevant leases.
• Automatically maintain historic tax information, both as it affects the leasing portfolio as well as at the specific asset-level.
• Maintain detailed tax received records and balances
• Automatically calculate tax receipts during payment posting
• Interface with Taxware data files for hands-free tax updates
• Automatically generate Tax Assessed (accrual based) and Tax Collected (cash based) taxing reports for remittance to government authorities
• Manage taxation in Canada based on the ‘goods and services’ tax methodology
• Manage taxation in international markets based on VAT calculations
• Ensure compliance with FASB as well as IAS regulations that affect leases and loans.