Episode 167: Strategic Timeline For Sales Tax Implementation

Summary

In this conversation, Ryan Johnson, Jason Parr, and Paul Johnson discuss the process of becoming sales tax compliant. They cover topics such as understanding  what is covered in sales tax compliance, recognizing the need for compliance, conducting a risk analysis, implementing compliance measures, considering the timeline for implementation, implementing an automated solution, simultaneously registering and implementing, switching providers and outsourcing, and more.

If you would like to discuss what is next for you with sales tax compliance come have a chat with us: https://peisnerjohnson.com/whats-next/

Takeaways

• Sales tax compliance involves understanding the changing landscape of sales tax laws and regulations.
• Recognizing the need for sales tax compliance is the first step in the process.
• Conducting a risk analysis helps identify the states where you have a responsibility to collect and remit sales tax.
• Implementing sales tax compliance measures can be done through a DIY approach or by outsourcing to a professional service provider.
• The timeline for implementation depends on the complexity of your business and the resources available.
• Implementing an automated solution for sales tax compliance can streamline the process and ensure accurate tax collection.
• Simultaneously registering and implementing compliance measures is recommended to avoid potential liabilities.
• Switching providers or outsourcing sales tax compliance can provide greater peace of mind and efficiency.
• It is important to regularly review and update your sales tax compliance measures to stay compliant with changing laws and regulations.

Chapters

00:00
Introduction and Holiday Banter

03:41
Understanding Sales Tax Compliance

08:09
Recognizing the Need for Sales Tax Compliance

10:40
Conducting a Risk Analysis

12:05
Implementing Sales Tax Compliance

16:48
Considering the Timeline for Implementation

20:25
Implementing an Automated Solution

25:18
Simultaneously Registering and Implementing

28:37
Switching Providers and Outsourcing

36:38
Summary and Call to Action