Episode 92

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Published on:

9th Jul 2024

In the Halls of Power & More: Hot Topics with Diane Yetter (Part 2)

In this episode of the SALTovation podcast, Diane Yetter, President and Founder of YETTER Tax and the Sales Tax Institute shares insights on streamlining tax administration, the impacts of COVID-19 on tax enforcement, and the critical importance of choosing the right tax automation solutions. Diane also addresses the complications arising from differing taxability rules within Colorado, Louisiana, and Arizona, highlighting the need for conformity and how the current tax automation tools often fall short. 

SALTovation listeners can get 10% off Sales Tax Institute training with discount code: SALTovation10

Key Takeaways:

  • Streamlining Tax Administration: The necessity for states, particularly those with home rule jurisdictions like Colorado, to simplify and unify taxability rules and compliance processes.
  • Impact of COVID-19 on Tax Enforcement: Post-pandemic changes in audit practices and enforcement highlight the need for businesses to stay vigilant and prepared.
  • Tax Automation Pitfalls: Common mistakes businesses make when implementing tax automation solutions without adequate consultation, and the importance of ensuring that tax software meets the specific needs of a company.
  • Transaction Due Diligence: Insights into the due diligence process, especially in M\&A activities, emphasizing the risks of unknown liabilities and the benefits of voluntary disclosure agreements.
  • Global Tax Compliance: Financial and administrative burdens faced by businesses selling internationally, with specific focus on VAT compliance in the EU and other regions.

Quotables

  • “A lot of these newer, smaller platforms don't realize the complexities and are setting up their taxability rules based solely on what the state rule is.” -Diane Yetter [01:40]
  • "Ignorance is never an excuse. If you are in business, you have an obligation to know all of the laws that apply to your business.” -Diane Yetter [24:15]

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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.