The SALTcast

Quick-Show Notes:

In this episode of The Millionaire’s Lawyer, JP, Jason Parr, and Paul Johnson discuss:

Jason and Paul mention how things have greatly changed in the Tax world over the last few years.

E-Commerce has made a great impact on how the government and states are looking at taxing businesses.

Sales Tax

• Tax on a transaction
• 6% to 12% depending on the jurisdiction
• Different per state
• Huge deal, aka, Margin Killer, if the sales tax is unpaid
• Can ruin selling your business should you not be compliant

In 2018 there was a Taxation case in the Supreme Courts in regards to where corporations are required to be registered and compliant

Jason and Paul state how important it is to have confidence regarding your taxation and make sure you have all jurisdictions covered in which you may be collecting tax.

Collaboration builds confidence, outsource what you are not an expert in

“What’s Next?” Call

1. Do I have Nexus?
2. Is what I have taxable in that jurisdiction? / Fully-taxable or partial?
3. How do I sell?
   1. Market place Facilitator
      • If you are using a place like Amazon, they do this for you.

Each state taxes differently, Jason provides the example of Supplements

• In some states, the Supplements are fully taxable
• In others, they are only partially taxable.
• You are responsible to know this.

Jason and Paul mention that there is software out there to help track

There are Monthly and Quarterly remittances

Make sure you are set up now for when you need to get there, prepare for the growth ahead of time.

Manage where you are and set up the automation for that, and then when you expand add that into the automated system.

State
And
Local
Tax

Scott LeTourneau

Both Jason and Paul feel like the Government is going to become a little bit more aggressive in regards to the corporations that are not compliant, and even those who are yet to be registered in the correct jurisdiction.

Remain consistent in your Core Values

It is hard to successfully multi-task, slow down and become really good at one thing.

Key Takeaways

From this episode of The Millionaires Lawyer with Jason Parr and Paul Johnson:

• You have to be registered and compliment in every jurisdiction your clients are
• Tax laws have greatly changed over the last three years with the introduction of successful e-commerce
• Taxes are not something you are able to push off

If this is a situation that you are dealing with don't hesitate let's chat! Schedule your What's Next Call here: https://peisnerjohnson.com/whats-next/

In a recent article from CPA Trendlines it states that 98% of small businesses are failing to fully comply to their sales tax responsibilities. Also, on top of that 71% of accountants falling short on helping their clients be sales tax compliant. Despite everyone knowing that sales tax is a requirement there are still many accountants and CPAs that are unaware on how they can help their clients. We work a lot with accountants, bookkeepers, and CPAs and I asked the team to come and talk about what a partnership with us looks like.

Additional questions answered:

How does Peisner Johnson help with sales tax?

Do we compete in an accountants world?

Why is it important to have sales tax knowledge?

Where can I get educated in sales tax?

Do I need to provide sales tax services for my clients?


A What's Next Call is for everyone, this includes accountants, bookkeepers, and CPAs. Schedule your free What's Next Call with us here: pj.tax

They are called many things like; sales tax refund review, a reverse audit, or sales tax recovery project etc. No matter what you have heard it called or maybe you have never heard of it. It is important to know what it is, who would benefit from it, and why you should conduct one for your business. Today I invited Paul Johnson to talk about just that and why we include it on almost every one of our subscription contracts.

Additional questions answered:

What is a sales tax refund review?

What are the benefits of a sales tax refund review?

Why should you consider a sales tax refund review?

Why would there be sales tax need to be refunded to me?

Who would benefit from a sales tax refund review?

When would it be beneficial to get a sales tax refund review?

How does a sales tax refund review work?

If you have considered getting a sales tax refund review done or you have never heard of it now is the time to get on a FREE What's Next call to see if this is an option for you. Schedule yours here: www.pj.tax

Because of economic nexus physical nexus often gets overlooked or even forgotten. With the pandemic a lot of businesses have allowed their employees to work remotely. Also, with todays technology, remote working is here to stay and will only become more popular in the future. This will trigger companies to have physical nexus and will require them to get registered for sales tax wherever they have employees. I invited Jason, Paul, and Danny to talk about this and more.

Additional Questions Answered:

What should I be looking at to determine nexus?

Should I be concerned about physical nexus?

What does a Free What's Next Call consist of?

Does inventory cause nexus?

Does every state have physical nexus laws?

What do I do if I do have nexus?

If you haven't explored your potential sales tax nexus schedule your FREE consultative discovery call here: www.pj.tax

There were only a few states that were holding out from enacting any marketplace place facilitator tax laws one of them was Kansas. I gathered Jason Parr, Paul Johnson, and Danny Wright to chat about what this all means.

Additional Questions Answered:

What are marketplace facilitator tax laws?

What is economic nexus?

Do I still need to worry about physical nexus?

What are the economic nexus thresholds?

If you are unsure whether or not you should get registered to collect tax in Kansas just get on a FREE consultative call with us and we can help you make that determination. 
Schedule your call here: https://peisnerjohnson.com/whats-next/

Having an online store is almost a necessity these days in order for your business to grow. Many use their online store to be able to sell their products globally! There are a lot of online shopping store software choices out there. All of your options have pros and cons to them but there is one feature that is almost never talked about that we find is essential. That is sales tax integration. Join us today as we talk about sales tax and what you should consider when you are trying to decide which provider to go with.


What is an online shopping software?

What are some sales tax benefits should I be looking for?

What integrations should an online shopping software solution have for sales tax?

What are ecommerce sellers looking for in a online shopping platform?

As a business what sales tax requirements do I have?

If you would like to talk about your sales tax responsibilities schedule a FREE consultation here: https://peisnerjohnson.com/whats-next/

There are really 3 different methods of sales tax compliance; in house, automated technology providers, and outsourcing of course. No matter how your sales tax compliance is handled a recent survey done suggests that 71% of people who are in charge of sales tax in their company are unhappy with their current solution. In today's episode we talk about the different methods of sales tax compliance and what would work best for you.

Additional Questions Asked:

What are my sales tax compliance options?

What are some difficulties do you run into with in house solutions?

What do I need to know about collecting and filing my sales tax returns?

What are some difficulties do you run into with automated technology solutions?

What are automated sales tax technology solutions?

What are the biggest complaints with sales tax technology solutions?

What does sales tax compliance look like if I outsource to Peisner Johnson?

If you are one of those that aren't happy with their current sales tax compliance solutions. Get on a Free What's Next consultative call with us here: https://peisnerjohnson.com/whats-next/

We love working with CPAs. Our relationships with CPAs are complimentary, since our area of expertise is in sales and use tax. In general, CPAs are looking for sales/use tax experts, since they typically like to focus on other tax matters. In today’s podcast, we are going to be talking with Jeff Bickel. Jeff has been with Tanner for over 15 years, and has spent the last 10 years acting as the managing partner in Salt Lake City, UT. As we commonly are talking about What’s Next, we thought it would be very helpful to learn from Jeff about what he and Tanner would cover in one of their own introductory calls with clients.


Additional Questions Answered:

What is your story?

What services does Tanner LLC offer?

How were you introduced to Peisner Johnson?

What are the common questions you get regarding income tax?

What are the common questions you get regarding accounting issues?


You can learn more about Jeff Bickel and Tanner LLC HERE.

E-commerce is expanding worldwide. Companies from all over the world are continually expanding their current company, and/or open e-commerce businesses in the USA. We speak daily with international companies that want to know what they need to do to start their business in the USA. Our guest for this episode is Scott Letourneau with NCP, the U.S. e-commerce expansion experts. We address a couple of the most common questions we get.

Questions Answered:

Is it recommended to set up a US entity in order to do business in the US?
Is it recommended to have a US bank account to do business in the US?
Do you need a US bank account to file sales tax returns?

You can learn more about Scott and NCP here: www.launchwithconfidence.com/

We have a lot of What's Next Call's each week and we see a lot of similar situations. In today's episode we will be covering the biggest hurdles we see when it come to filing sales tax returns.

Additional Questions Answered:

What is sales tax compliance?

What are the steps to becoming sales tax compliant?

What happens if I decide not to get compliant when I should?

What are some changes states make to filing requirement?

Has it gotten easier in some states to file sales tax returns?

What do I do next?

If that is your question, "What do I do next?" You can schedule your FREE What's Next call here: https://peisnerjohnson.com/whats-next/