Understanding State and Local Taxation Process 101
In this premiere episode of the SALTovation show, get to know some of the SALTovation members. They share their years of experience, when and how they joined TaxOps, and why they enjoy doing what they do.
Listen to hear answers to questions from both business and non-business owners about tax that are very useful.
Questions asked and answered in Episode 1:
- What do we need to do to comply with SALT? Why does this matter, and why should we care?
- What are the potential consequences of not understanding complex state and local laws across the U.S.?
- I've told my employer multiple times over that I'm not a tax expert, but as we get these nexus questionnaires daily, they all come to me. How do I get people to stop expecting me to know about state taxes, just because I'm a CPA?
- I travel to various states to train adults for a few days or to help solve a problem. Does distributing goods in a state during this period while the retailer pays the sales tax, create nexus?
- Is Square a marketplace?
What You Will Discover:
- [0:20] Tram Le is a member of SALTovation and has over 10 years of working in the state and local tax. She shares her journey in the tax sector, and why she enjoys working at SALT.
- [1:40] Judy Vorndran is the head of the state and local tax practice and has been practicing for 25 years. She shares her journey in the tax sector, and the transition she has seen in her 25 years of practice.
- [3:45] Alexander Korzhen has worked in the state and local tax for 15 years. He admits he’s had an interesting 15 years in the tax sector and is looking forward to the future.
- [4:32] Stacey Roberts is a member of the SALTovation team and has 24 years of experience in the state and local tax. She shares her journey from the federal tax compliant to SALT which she found way more interesting.
- [6:44] Judy explains why you need to understand the layers of the state and local taxes blueprint whether as a small or large business. Why it is critical to comply with tax.
- [14:26] Stacy addresses the assumption that all CPAs know about local and state tax. Look where you can add value to your client as a CPA.
- [17:48] The effects of crises in the tax sector and how the state governments are going to enforce laws post COVID-19.
- [22:09] How to understand Nexus when traveling for business from state to state.
- [26:27] Judy elaborates whether Square is a marketplace, how to handle sales tax, and the laws that handle these marketplaces.
Quotables:
- “SALT is navigating the gray area that exists when laws are not written specifically to business and are not keeping track with business.” -Alexander Korzhen
- “There are layers upon layers of taxes across our nation that apply to each and every business.” -Judy Vorndran
- “You might very well have to eat the tax you didn’t collect from your end-users.” -Judy Vorndran
- “A nexus questionnaire is really a fishing expedition from a state.” -Stacey Roberts
Relevant Links:
Website: https://www.saltovation.com/
Disclaimer:
This podcast is for educational purposes only and is not intended, nor should it be relied upon, as legal, tax, accounting or investment advice. You should consult with a competent professional to discuss specifics of your situation and the applicability of the information presented.
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TaxOps Website: https://taxops.com/contact/
Production Support
This episode was produced with support from Truth Work Media. www.truthworkmedia.com
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