#7 - Navigating State and Local Taxes

Empowering Healthy Business: The Podcast for Small Business Owners

Are you ready to conquer the labyrinth of state and local taxes in the United States? We'll arm you with the knowledge you need in our conversation with Greg Reed, the tax partner at SmartBooks Tax and Advisory. With each of the 50 states brandishing unique tax rules, business owners can be facing a sizeable obligation. Listen in as we dissect the multitude of taxes - from sales to income and the seemingly infinite list that follows.
A simple venture into tax compliance can quickly turn into an uphill climb. Together with Greg, we unveil the challenges in registering and sustaining state registrations, the repercussions of non-compliance, and how to steer clear of these traps. We also delve into the implications of the Wayfair decision and its potential to hold businesses accountable for back taxes, penalties, and interest across multiple states.
State and local taxes are a fundamental aspect of conducting business. Join us as we unpack the nitty-gritty of these taxes, including minimum taxes, use taxes, property taxes, and payroll taxes. We investigate the tactics employed by states and the impacts of upholding tax compliance in multiple jurisdictions. We'll hear Greg's insights on the best strategies for managing tax compliance, avoiding penalties, and maximizing potential credits and apportionment strategies. Don't miss this opportunity to safeguard your business from weighty compliance issues.
Connect with Greg at:
smartbookstax.com

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Sponsored by SmartBooks. To schedule a free consultation, visit smartbooks.com.

Thanks for listening!
Host Cal Wilder can be reached at:
[e-mail]
https://www.linkedin.com/in/calvinwilder/

Chapters

1. #7 - Navigating State and Local Taxes (00:00:00)

2. Why conducting business in the U.S. can be surprisingly challenging (00:01:30)

3. Why state and local tax compliance is timely to address now (00:02:41)

4. What are the different types of state and local tax (00:05:30)

5. What is Nexus? Determining which states you should file in. (00:06:49)

6. Managing state tax registrations and annual reports (00:09:38)

7. The importance of de-registering from states (00:14:16)

8. Sales tax (00:15:34)

9. Use tax (00:24:46)

10. Franchise, excise, and income taxes (00:28:01)

11. Property tax (00:32:21)

12. Payroll taxes, payroll services, and verifying your good standing (00:35:06)

13. Voluntary disclosure programs for honest mistakes (00:42:31)

14. Pass-through entity tax election (00:43:11)

15. Nonresident tax withholding (00:48:11)

16. Where to start assessing your state and local tax requirements (00:49:16)

17. Apportioning taxable income between states (00:52:21)