Vehicle and Equipment Leasing Companies

Helping to Achieve Your Fullest Potential 

MichaelSilver has served the needs of privately-held vehicle and equipment leasing companies since the Firm was founded in 1944. During this period, leasing businesses have relied on MichaelSilver’s experts as their trusted advisors to help them take advantage of the many tax and accounting benefits to maintain competitive and to achieve their fullest potential. Our leasing clients rely on us to not only provide high quality tax compliance/consulting and accounting and assurance services, but also other specific services that help them realize their short and long-term financial goals. Services include, but are not limited to:

  • Annual and Long-Term Planning for Leasing Companies and Owners
  • Business Structure Consultation
  • Choosing the Most Beneficial Accelerated Depreciation Methods for Your Leased Assets
  • Federal, State, Municipal Income, Sales, and Other Tax Audits Representation
  • Due Diligence, Consulting and Other Assistance in Leasing Company Purchases and Sales
  • Proactive Advice Regarding Tax Law Changes
  • Succession Planning
  • Estate, Gift, and Trust Planning for Owners and Families
  • Business Valuation and Litigation Support

 

Our financial statements help optimize the
opportunity for competitive rate financing.

Philip Kent

Philip J. Kent

CPA, Partner



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Joseph P. Roznai

Joseph P. Roznai

CPA, CGMA, Partner



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Quinn Harris

Quinn Harris

CPA, Partner



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Silver Advantage Alerts

Illinois Sales and Use Tax Applies to Leased or Rented Tangible Personal Property

In 2025, Illinois is expecting changes to take effect, including easier gym membership cancellations and the introduction of digital driver’s licenses. One significant change that became effective on January 1, 2025, impacts those who lease or rent tangible personal property to others in the ordinary course of business. Lessors are now considered to be retailers subject to Illinois’ Sales and Use Tax, and are required to register with the Illinois Department of Revenue (IDOR) and pay tax on lease or rental receipts.

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The Importance of Due Diligence in Buying a Business

Buying a business is like picking a spouse from a dating app. The picture looks good, the bio reads well, and the prospects seem favorable. Then you sit back and think, “Hey, pictures can be doctored; that person authored his/her bio, and you have no idea if this person has lifetime friends, comes from a good family, is in debt up to their eyeballs, or has a history of stable relationships.”

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