AFLA Conference Archives-Emerging Accounting & Tax Trends for Fleet

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Video Summary

In a session on emerging accounting and tax trends for fleet management, Jeremy Giblin, Faraz Khan, and Brad Howitt addressed pivotal changes in lease accounting and sales tax. They highlighted the importance of understanding new lease accounting standards like ASC 842, which mandates recognizing virtually all leases on balance sheets to improve transparency for investors. Key discussions included the historical context of lease accounting, impacts of the new standards on balance sheets, and the importance of determining the correct lease term for accounting purposes. The speakers noted the diversity of lease terms among companies and the complexity introduced by multiple leases when handling fleet vehicles. They also touched on the significance of new systems that integrate lease data, encouraging the use of a simplified data requirement approach for efficiency.<br /><br />A portion of the discussion focused on the nuances of property and sales taxes across various jurisdictions and their implications on fleet management. Khan broadly outlined key regional differences in property tax compliance and sales tax handling for leased vehicles. Meanwhile, the guidance on taxable fringe benefits for personal use of company vehicles was covered, with a focus on ensuring accurate tax reporting.<br /><br />As the session concluded, Khan addressed future mobility trends and their tax implications, including electronic vehicles, ride-sharing, and autonomous vehicles. He emphasized potential new tax structures and the importance of preparing for changing regulations. The session ended with an invitation for further discussion during an upcoming roundtable, encouraging ongoing engagement on these pressing issues.

Asset Subtitle

Brad Howatt, Jeremy Giblin, Faraz Khan

Meta Tag

Location Orlando, FL

Year 2018

Keywords

lease accounting

ASC 842

fleet management

sales tax

property tax

taxable fringe benefits

electronic vehicles

autonomous vehicles

tax regulations

mobility trends

Orlando, FL

2018