Episode 168 - What Is A Nexus/Risk Analysis?

The SALTcast

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