The SALTcast

By: Ryan Johnson Jason Parr CEO Paul Johnson VP
  • Summary

  • 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!



    © 2024 The SALTcast
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Episodes
  • Episode 170 VDA Process Step By Step
    Apr 26 2024

    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

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    44 mins
  • Episode - 169 How To Correct Past Sales Tax Non Compliance
    Mar 14 2024

    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

    • Amnesty programs that offer limited look back periods and waive penalties and interest are not commonly seen in the current sales tax landscape.
    • Businesses often find themselves in non-compliant situations due to lack of awareness or denial of their sales tax responsibilities.
    • The two main remedies for non-compliance are registration and participation in voluntary disclosure agreements.
    • It is important to seek second opinions and collaborate with trusted advisors to avoid bad advice and make informed decisions.
    • Facing compliance and getting a second opinion can help businesses achieve peace of mind and mitigate potential liabilities.

    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

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    30 mins
  • Episode 168 - What Is A Nexus/Risk Analysis?
    Feb 6 2024

    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

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    29 mins

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