The SALTcast
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 aiming to provide your clients with impeccable guidance, this podcast is tailored just for you.
Hosted by industry experts from Peisner Johnson, the SALES TAX PEOPLE, with decades of experience in the field, "The SALTcast" is a comprehensive resource designed to demystify the complexities of sales tax and empower you with actionable insights. Our mission is to equip you with the peace of mind, knowledge, tools, and strategies necessary to navigate the ever-evolving landscape of sales tax regulations, ensuring compliance while optimizing financial outcomes.
What You Can Expect:
In-Depth Discussions: Dive into thought-provoking conversations that break down sales tax concepts, regulations, and challenges. Our experts delve into the nuances, sharing real-world scenarios and practical solutions.
Guidance for Business Owners: Whether you're a small business owner or a large enterprise, understanding sales tax is pivotal. "The SALTcast" offers advice to help you grasp the essentials. And, give you the peace of mind you need.
CPA Insights: If you're a CPA, you understand the vital role you play in guiding your clients through the intricacies of sales tax compliance. Join us as we explore different topics you need to know to help your clients.
Real World Examples: Learn through real-world examples and case studies that illustrate how businesses have successfully managed their sales tax obligations. Uncover strategies that you can implement to enhance your own practices.
Why "The SALTcast"?
Subscribe to "The SALTcast" today and embark on a journey towards understanding sales tax. Whether you're looking to enhance your business's financial health or provide exceptional guidance to your clients, our podcast will empower you to make informed decisions and thrive in a complex tax environment.
Tune in to "The SALTcast" on your favorite podcast platform and embark on a transformative learning experience. Your sales tax journey starts here!
The SALTcast
Podcast Interview with JP McAvoy with The Millionaire's Lawyer Podcast
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
- Do I have Nexus?
- Is what I have taxable in that jurisdiction? / Fully-taxable or partial?
- How do I sell?
- Market place Facilitator
- If you are using a place like Amazon, they do this for you.
- Market place Facilitator
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
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/