By Ryan Johnson, Jason Parr CEO, Paul Johnson, VP
Welcome to "The SALTcast," your go-to podcast channel for unraveling the intricate world of sales tax. If you're a business owner seeking clarity on sales tax regulations, or a seasoned CPA
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The podcast currently has 177 episodes available.
This conversation discusses Voluntary Disclosure Agreements (VDAs) as a way for businesses to come into compliance with state sales tax requirements. The conversation covers the benefits of VDAs, why businesses should voluntarily disclose sales tax, and the availability of voluntary disclosure programs in every state. The main focus is on the steps involved in the VDA process, including contacting the state, waiting for a response, submitting information, and signing the VDA agreement. This conversation discusses the process of entering into a Voluntary Disclosure Agreement (VDA) with a state tax authority. The conversation covers the steps involved in the VDA process, including the initial request, state response, signing the agreement, providing data to the state, reviewing the tax bill, and making the payment. The conversation also highlights cautionary tales and best practices for successfully navigating the VDA process. The hosts emphasize the importance of working with a tax professional and provide contact information for further assistance.
Takeaways
- Voluntary Disclosure Agreements (VDAs) allow businesses to come into compliance with state sales tax requirements.
- VDAs offer benefits such as waiving historical tax obligations, penalties, and interest.
- Every state has some form of voluntary disclosure program.
- The VDA process involves contacting the state, waiting for a response, submitting information, and signing the VDA agreement. The VDA process involves several steps, including the initial request, state response, signing the agreement, providing data, reviewing the tax bill, and making the payment.
- It is crucial to work with a tax professional who can guide you through the VDA process and ensure compliance with state requirements.
Caution should be exercised when entering into payment agreements, as failure to comply with the terms may result in additional penalties and interest.
- Proper record-keeping and understanding the taxability of sales are essential for a successful VDA process.
Submitting a VDA letter anonymously through a tax professional can help maintain confidentiality and avoid potential issues.
Chapters
00:00 Introduction to VDAs
03:07 Benefits of VDAs
06:57 Why Voluntarily Disclose Sales Tax
10:36 Voluntary Disclosure Programs in Every State
15:25 Steps of the VDA Process
24:46 Signing the VDA Agreement
26:15 Introduction to Voluntary Disclosure Agreements (VDA)
27:02 Step 1: Initial Request
27:46 Step 2: State Response
28:11 Step 3: Respond to the State's Response
29:06 Step 4: Sign and Countersign the Agreement
29:39 Step 5: Provide Data to the State
31:24 Step 6: State Review and Tax Bill
34:05 Step 7: Pay the Tax Bill
36:23 Cautionary Tales and Best Practices
45:27 Submitting a VDA
48:03 Conclusion and Contact Information
In this conversation we discuss amnesty programs, non-compliance, and remedies for businesses that need to become compliant with sales tax regulations. We emphasize the importance of understanding nexus and taxability, as well as seeking second opinions to avoid bad advice. We explore the pros and cons of registration and voluntary disclosure agreements as methods for achieving compliance. Our conversation concludes with a discussion on the value of educational and informative calls to help businesses make informed decisions and find peace of mind in their sales tax compliance.
Takeaways
Chapters
00:00
Amnesty Programs and Limited Look Back
06:22
Recognizing Non-Compliance and Bad Advice
08:23
Understanding Nexus and Taxability
14:43
Remedies for Non-Compliance: Registration and Voluntary Disclosure Agreements
25:17
Avoiding Bad Advice and Seeking Second Opinions
28:20
The Importance of Facing Compliance and Getting a Second Opinion
32:38
Choosing Between Voluntary Disclosure Agreements and Registration
33:06
Educational and Informative What's Next Calls
34:09
Promoting Peace of Mind and Contacting The Sales Tax People
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
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
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
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
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
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 [email protected]
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/
Exploring Peisner Johnson's Values and Purpose
Collaboration and Confidence Building
Authenticity and Abundance Mentality
You can learn more about us by visiting our website https://www.peisnerjohnson.com/
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 podcast currently has 177 episodes available.