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. 

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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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