Logo

    Mastering Sales Tax Compliance: Navigating the Complexities with Confidence

    en-usJune 06, 2023
    What was the main topic of the podcast episode?
    Summarise the key points discussed in the episode?
    Were there any notable quotes or insights from the speakers?
    Which popular books were mentioned in this episode?
    Were there any points particularly controversial or thought-provoking discussed in the episode?
    Were any current events or trending topics addressed in the episode?

    About this Episode

    Managing sales and use tax obligations is no easy task. It requires careful attention to detail, a deep understanding of complex rules and regulations, and a significant investment of time and resources. Yet, despite the challenges, many businesses continue to handle these obligations in-house. In fact, most companies still manage various aspects of sales tax internally.

    So, why do businesses choose to shoulder this burden themselves? There are several reasons, ranging from a lack of trust in external partners to a desire to maintain control over critical financial processes. However, it's essential to recognize that the right sales tax compliance experts can alleviate these concerns and become trusted partners, reducing risk and liability.

    But first things first. Let’s talk about what sales tax compliance is. 


    Recent Episodes from The SALTcast

    Episode 168 - What Is A Nexus/Risk Analysis?

    Episode 168 - What Is A Nexus/Risk Analysis?

    In this conversation, Ryan Johnson, Jason Parr, and Paul Johnson discuss the complexities of sales tax and the importance of compliance. They emphasize the need for businesses to understand their sales tax responsibility and the various terms and concepts related to sales tax, such as nexus and taxability. The conversation highlights the significance of conducting a thorough risk analysis and collaborating with experts to ensure compliance. The speakers also discuss the different remedies available for businesses to address sales tax liabilities, including voluntary disclosure agreements. They stress the value of seeking second opinions and collaborating with professionals to make informed decisions. The conversation concludes with a reminder of the resources available on the Peisner Johnson website and the importance of educating businesses about sales tax.

    Takeaways:

     - Understanding sales tax compliance is crucial for businesses to avoid penalties and liabilities.

     - Conducting a thorough risk analysis and collaborating with experts can help businesses determine their sales tax responsibility.

     - Properly understanding terms like nexus and taxability is essential for accurate compliance.

     - Businesses should consider different remedies, such as voluntary disclosure agreements, to address sales tax liabilities.

    Chapters:

    00:00
    Introduction and New Year's Update

    01:05
    The Complexity of Sales Tax

    02:23
    Getting Started with Sales Tax Compliance

    03:19
    Identifying Sales Tax Responsibility

    04:46
    Understanding Nexus and Risk Analysis

    08:01
    The Importance of Proper Nexus Study

    10:25
    Taxability and Risk Analysis

    13:48
    Remedies for Sales Tax Compliance

    17:12
    Amnesty Programs and Second Opinions

    19:02
    Collaboration and Peace of Mind

    23:40
    The Importance of Nexus Analysis

    25:20
    Educating Businesses for Informed Decisions

    26:09
    Resources and Conclusion

    The SALTcast
    en-usFebruary 06, 2024

    Episode 167: Strategic Timeline For Sales Tax Implementation

    Episode 167: Strategic Timeline For Sales Tax Implementation

    Summary

    In this conversation, Ryan Johnson, Jason Parr, and Paul Johnson discuss the process of becoming sales tax compliant. They cover topics such as understanding  what is covered in sales tax compliance, recognizing the need for compliance, conducting a risk analysis, implementing compliance measures, considering the timeline for implementation, implementing an automated solution, simultaneously registering and implementing, switching providers and outsourcing, and more.

    If you would like to discuss what is next for you with sales tax compliance come have a chat with us: https://peisnerjohnson.com/whats-next/


    Takeaways

    • Sales tax compliance involves understanding the changing landscape of sales tax laws and regulations.
    • Recognizing the need for sales tax compliance is the first step in the process.
    • Conducting a risk analysis helps identify the states where you have a responsibility to collect and remit sales tax.
    • Implementing sales tax compliance measures can be done through a DIY approach or by outsourcing to a professional service provider.
    • The timeline for implementation depends on the complexity of your business and the resources available.
    • Implementing an automated solution for sales tax compliance can streamline the process and ensure accurate tax collection.
    • Simultaneously registering and implementing compliance measures is recommended to avoid potential liabilities.
    • Switching providers or outsourcing sales tax compliance can provide greater peace of mind and efficiency.
    • It is important to regularly review and update your sales tax compliance measures to stay compliant with changing laws and regulations.


    Chapters

    00:00
    Introduction and Holiday Banter

    03:41
    Understanding Sales Tax Compliance

    08:09
    Recognizing the Need for Sales Tax Compliance

    10:40
    Conducting a Risk Analysis

    12:05
    Implementing Sales Tax Compliance

    16:48
    Considering the Timeline for Implementation

    20:25
    Implementing an Automated Solution

    25:18
    Simultaneously Registering and Implementing

    28:37
    Switching Providers and Outsourcing

    36:38
    Summary and Call to Action

    The SALTcast
    en-usJanuary 02, 2024

    Episode 166 - Improving Your Sales Tax Systems in 2024

    Episode 166 - Improving Your Sales Tax Systems in 2024

    In this podcast episode, the hosts discuss sales tax planning for 2024. They emphasize the importance of including sales tax in overall tax planning strategies and highlight how sales tax can significantly impact a business's financial success. The conversation covers topics such as nexus and business operations, reviewing nexus for the next year, taxability of goods and services, exemption certificates, and choosing the right sales tax return process. The hosts provide valuable insights and encourage listeners to reach out for further assistance.

    Takeaways

     - Sales tax planning is crucial for businesses to ensure financial success and compliance.

     - Businesses should regularly review their nexus and consider the impact of their operations on sales tax obligations.

     - Understanding the taxability of goods and services is essential to avoid under or overtaxing customers.

     - Managing exemption certificates effectively can help businesses avoid audit issues.

     - Choosing the right sales tax return process can simplify compliance and reduce frustration.

    Chapters

    00:00
    Introduction and Podcast Structure

    00:50
    Importance of Sales Tax Planning

    02:51
    Nexus and Business Operations

    06:14
    Reviewing Nexus and Planning for the Next Year

    08:21
    Taxability of Goods and Services

    12:02
    Exemption Certificates
    13:09
    Choosing the Right Sales Tax Return Process
    20:58
    Conclusion and Contact Information

    The SALTcast
    en-usDecember 06, 2023

    Episode 165 - Interview With Young Han, Founder of Owner's Club

    Episode 165 - Interview With Young Han, Founder of Owner's Club

    Young Han shares his entrepreneurial journey and the lessons he learned from failures. He discusses the importance of courage and vulnerability in starting a business and finding purpose through the concept of Ikigai. Young Han also talks about his experiences working at Starbucks, Apple, Phil's Coffee, and Limelight Health. He introduces the Owner's Manual Framework and the benefits of joining Owner's Club. The conversation highlights the significance of supportive communities and the Girl Dad Show. Young Han emphasizes the value of networking and learning from others.

    Takeaways

     - Starting a business requires courage and vulnerability, as it involves showcasing oneself to the world and taking a leap of faith.

     - Failures can be valuable learning experiences that teach humility, resilience, and the importance of hard skills.

     - Surrounding oneself with supportive communities and like-minded individuals can lead to personal and professional growth.

     - The Owner's Manual Framework, developed by Young Han, provides a system for running businesses effectively and achieving success.

     - Networking and building relationships with others in the industry can be instrumental in business growth and personal development.

    Chapters

    00:00
    Introduction and Technical Difficulties

    01:16
    The Joy of Promoting Owners Club

    03:02
    The Courage and Vulnerability of Starting a Business

    04:50
    Discovering Ikigai and Finding Purpose

    06:27
    Young Han's Entrepreneurial Journey

    11:36
    Lessons Learned from Failures

    15:28
    Working at Starbucks and Apple

    17:46
    Working at Phil's Coffee and Limelight Health

    20:06
    The Owner's Manual Framework

    21:20
    Joining Owner's Club

    25:22
    The Importance of Supportive Communities

    28:13
    The Girl Dad Show and Networking

    31:52
    Where to Find Young Han

    To find out more about Young Han and Owner's Club visit his website: 

     www.owners.club

    The SALTcast
    en-usNovember 07, 2023

    Episode 164 - How To Handle Zero Dollar Sales Tax Returns and Sales Tax Notices

    Episode 164 - How To Handle Zero Dollar Sales Tax Returns and Sales Tax Notices

    In this podcast episode, we discuss two topics related to sales tax filing and notices. The first topic revolves around what to do if a business has had zero sales. We emphasize that regardless of sales volume, registered taxpayers are required to file returns. Failure to file can lead to penalties, even for zero sales.

    The second topic we discuss focuses on handling notices from tax authorities, especially in cases where businesses receive notices despite filing returns correctly. We stress the importance of not ignoring these notices. Even if the business has filed on time, states might issue automated notices due to various reasons like processing delays. Ignoring notices can lead to complications and additional penalties.

    We then share insights on how to address notices, including providing necessary documentation and communicating with tax authorities promptly. We also touch on occasional filing statuses in certain states, where businesses only file returns when tax is due. Throughout the discussion, we emphasize the significance of proactive communication with tax authorities and not disregarding any notices, even for zero sales, to maintain compliance and avoid unnecessary penalties.

    If you would like to submit a notice to try and stump us sent it to info@peisnerjohnson.com


    The SALTcast
    en-usOctober 31, 2023

    Episode 163 - Massachusetts’s Attempt to Retroactively Collect Sales Tax

    Episode 163 - Massachusetts’s Attempt to Retroactively  Collect Sales Tax

    On this episode of the SALTcast, We discuss a controversial issue regarding Massachusetts attempting to retroactively collect sales tax from out-of-state retailers. They delve into the background of the problem, detailing how certain states passed legislation in 2017 in anticipation of the Wayfair decision, hoping to require out-of-state sellers to collect sales tax. Following the Supreme Court's decision in 2018, several states, including Massachusetts, sought to enforce these laws retroactively, leading to legal challenges from companies. The Jason and Paul express their concerns about the fairness and constitutionality of this approach, highlighting the complexities and potential financial implications for businesses. They also touch upon Massachusetts' creative methods to increase tax revenues, including taxing digital products and intangibles, and ponder the possibility of affected companies receiving refunds if the legal challenges succeed. 

    If you would like assistance in sales tax compliance please visit us here: https://peisnerjohnson.com/whats-next/

    The SALTcast
    en-usOctober 06, 2023

    Episode 162 - What Makes Peisner Johnson Unique?

    Episode 162 - What Makes Peisner Johnson Unique?

    Exploring Peisner Johnson's Values and Purpose

    • Jason has been with Peisner Johnson for over 25 years.
    • Jason explains his journey at the company and how his "why" has evolved over time.
    • The core value of "we over me" is discussed, emphasizing building relationships over transactions.
    • The importance of helping people and providing peace of mind regarding sales tax issues is highlighted.
    • Danny shares his experience and how Peisner Johnson assists businesses in managing sales tax complexities.
    • The concept that sales tax can affect various aspects of a business and individual well-being is emphasized.


    Collaboration and Confidence Building

    • The principle of "collaboration builds confidence" is introduced.
    • Jason talks about how collaborating with trusted individuals enhances decision-making and confidence.
    • The "What's Next Calls" are explained as free consultations to educate and provide confidence to clients.
    • Danny shares an example of how collaboration and informed decision-making helped a complex business situation.
    • Finding the intersection between perfect compliance and practicality is emphasized.
    • The value of information and sales tax consulting in providing peace of mind is discussed.


    Authenticity and Abundance Mentality

    • The authenticity of Peisner Johnson's approach is highlighted.
    • We emphasize our commitment to helping people over a transaction-focused approach.
    • An abundance mentality is discussed, focusing on the belief that helping others will ultimately benefit the company.
    • The impact of Peisner Johnson's services on businesses and individuals facing sales tax challenges is emphasized.



    You can learn more about us by visiting our website https://www.peisnerjohnson.com/

    The SALTcast
    en-usSeptember 28, 2023

    Episode 161 - Which States Require a State Specific Resale Certificate?

    Episode 161 - Which States Require a State Specific Resale Certificate?

    In this podcast episode, Paul Johnson and Ryan Johnson discuss the complexities of resale certificates and sales tax regulations across different states. They highlight the variations in rules and requirements, emphasizing the importance of understanding the specific regulations in each state. The conversation covers topics such as when and how to issue resale certificates, the significance of nexus, and the potential challenges faced by drop shippers. Paul and Ryan also mention the need for businesses to stay organized and up-to-date with resale certificates to avoid compliance issues. They caution against accepting incomplete or invalid certificates and stress the importance of collaboration and seeking professional advice when navigating these complexities.

    As we discussed in the episode here is the Multi-Jursidictional Resale Certificate link: https://www.mtc.gov/wp-content/uploads/2023/01/Unif-Resale-Cert-revised-10-14-22.pdf

    The SALTcast
    en-usSeptember 27, 2023

    Episode 160 - What's the Deal With Sales Tax on Rentals and Leases?

    Episode 160 - What's the Deal With Sales Tax on Rentals and Leases?

    In this podcast episode, we discuss the complexities of rentals and leases, particularly in relation to sales tax. We cover various aspects of this topic, including different types of rentals (e.g., property, clothing, cars), the complexities of sales tax laws across different states, and the unique considerations for lessors.

    Key points discussed include:

    1. The variety of rentals and leases, from short-term to long-term, and the different tax implications they may have.
    2. The complexity of sales tax laws in different states, including the options for lessors to pay tax upfront or based on lease flow or payments.
    3. Different types of leases, such as financing leases and capital leases, and how they can affect tax obligations.
    4. The importance of understanding property tax for lessors and how it relates to their inventory of leased items.

    We emphasize the need for businesses to be aware of their tax obligations when engaging in rentals and leases, including considering physical nexus, the base for tax calculation, and the specific tax rates in different states. They also touch on the issue of double taxation in vehicle leasing and private party transactions.

    Overall, the podcast highlights the complexity of rental and lease taxation, with a focus on providing valuable insights and considerations for businesses. We encourage listeners to schedule a "What's Next Call" for personalized guidance on their specific tax situations.

    The SALTcast
    en-usSeptember 08, 2023

    Understanding Trailing Nexus and Sales Tax Compliance

    Understanding Trailing Nexus and Sales Tax Compliance

    Navigating the ever-changing landscape of sales tax compliance can be a challenging endeavor for businesses. As sales patterns evolve and business circumstances change, it's crucial to stay on top of your sales tax obligations, even when you no longer meet the criteria for nexus. This is where Peisner Johnson comes in. With expert guidance and a personalized approach, Peisner Johnson can assist you in understanding and managing trailing nexus, ensuring your compliance with sales tax laws.

    Here are some questions we cover in this episode:

    What is Trailing Nexus?

    How Long Does Trailing Nexus Last?

    When Can I Cancel My Sales Tax Registration?

    What About Online Sellers?

    How Do I Know If My Business Has Trailing Nexus?


    If you have questions regarding your business and whether or not you should be register let's chat here:
    https://www.peisnerjohnson.com/whats-next/

    The SALTcast
    en-usAugust 23, 2023
    Logo

    © 2024 Podcastworld. All rights reserved

    Stay up to date

    For any inquiries, please email us at hello@podcastworld.io