Episode 64

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Published on:

25th Apr 2023

A Conversation with Wendy Walker, Solution Principal at Sovos: Part 2

Meredith Smith and Judy Vorndran continue their conversation with Wendy Walker, a Solution Principal at Sovos, in the latest episode of the SALTovation podcast. They talk about the state of the IRS, federal tax legislation, and how the current policies are trickling down into states. Ohio, Colorado, the District of Columbia, and Maryland eliminated paper processing for withholding taxes, 1099s, and W-2s, drastically reducing electronic filing threshold requirements. Wendy, Meredith, and Judy discuss the challenges that come with trying to stay on top of different reporting regulations across different legal entities, both at the federal and state levels.

 

Topics discussed in this episode:

  • Tax compliance challenges for businesses and governments
  • Tax Reform in Colorado 
  • Understanding the challenges of the IRS caseload

 

What You Will Learn:

  • 03:20 The Challenges of Tax Reporting and Government Iteration
  • 15:31 Tax Compliance Challenges for Businesses
  • 25:02 Practical Solutions to Simplify Taxpayer Systems
  • 33:06 Cybersecurity and Taxation



Quotables:

  • “We see the IRS reducing the electronic filing threshold requirement so that they can get at paper processing. They're trying to eliminate paper, they're kryptonite according to the taxpayer advocate. Even the IRS recognizes that there's a subset of the population that's never going to get off paper so they do need to offer that.” -Wendy Walker [01:23]


  • “There is no happy medium. It's like the government's forcing businesses into sending it into their formats and their requirements. But on the flip side, business needs to conform to gap rules and other regulations and legal requirements. So it is very difficult, particularly when there's such disparity across so many agencies.” -Wendy Walker [05:09]


  • “Small startup businesses are not complying for good reasons. They can't they don't have the wherewithal, and they don't have the tools. But here they are taking a chomp out of the native businesses, taking away from all the bricks and mortar, but they're not fully compliant. So they're taking tax dollars away from governments to change the character of how you and I do business. And all those legacy companies are gone.” -Judy Vorndran [05:36]


  • “The IRS is promoting more bank account reporting or expanded bank account reporting for certain taxpayers. So if we're going to fix them, let's fix the problem. If they need transparency, let's find a way to give them transparency instead of giving them more information that just sort of directionally gets them there from a compliance perspective.” -Wendy Walker [23:10]


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About the Podcast

SALTovation: Making Sense of State and Local Tax
Welcome to SALTovation. The SALTovation show is a podcast series featuring the leading voices in state and local tax (SALT). Here we talk about issues, strategies, and planning tools to help you make sense of SALT. Because, in SALT, there is no “one and done.” SALT is a puzzle of ever-changing pieces. Solving that puzzle is our business at SALTovation. Tens of thousands of listeners know they won't get tax talk as usual with the SALTovation team. Our team is known for straight-talk with a flair for fun, providing clarity and opinions that move businesses forward with confidence.

Attorney, CPA, speaker, and writer Judy Vorndran leads the SALTovation team as they go inside business to help deal with the daily operations and long-term strategies of making SALT less “taxing.” Judy has spent more than 25 years advocating for businesses with innovative strategies, renowned knowledge and experience. She has helped guide thousands of taxpayers across the nation and globally through the morass of SALT, freeing them to concentrate on growth. Joining Judy are the wickedly smart members of the SALTovation team, who have seen, worked with and tamed some of the most prickly issues in SALT. They enjoy sharing their stories and knowledge with listeners.

Solving the SALT puzzle doesn’t happen in a vacuum; it takes a community. So, we invite leaders in business and state and local tax to share their stories, challenges and successes on this show. Drop us a line at SALTovation.com if you'd like to join the conversation and tune into our regular series at TaxOps.com.