What Now After Wayfair? #032

08/07/18 • 43 min

Confusion has been swirling after the recent U.S. Supreme Court ruling on South Dakota v. Wayfair, Inc. (Wayfair). Guest Ken Taylor joins host Damien Martin to break down this landmark decision, clear up misconceptions and explain the potential effects on businesses large and small.

TIME STAMPS OF WHAT’S COVERED

[1:26] The significance of the U.S. Supreme Court decision in Wayfair
[8:44] Nexus?
[12:14] A lot has changed since Quill Corp. v. North Dakota , 504 U.S. 298 (1992)
[15:07] The difficult business decision
[18:30] You need good information to comply with sales and use tax rules
[21:15] What Wayfair means for purchasers
[23:32] Now is the time make changes to your systems and processes
[26:00] Failing to properly address sales and use taxes can affect mergers and acquisitions
[29:54] Advice for businesses and their owners in responding to Wayfair
[34:51] What happens if you wait to comply?
[38:21] That's a lot to consider, and you need perspective

BIO FOR GUEST

Ken Taylor is a senior managing consultant in BKD’s State & Local Tax Services (SALT) division. He provides indirect tax consulting services to both public and private companies, including facilitation of automating sales/use tax compliance, technical assistance and research, audit defense, opinion memos, due diligence reviews for purchasers, identification and recovery of overpayments and sales/use tax function effectiveness reviews.

Connect with Ken on LinkedIn

ADDITIONAL RESOURCES

Background article: U.S. Supreme Court to Review Nexus for Sales Tax

Article: Quill Is Overturned – A New Era in Economic Nexus for Sales Tax

Webinar: What Does the Wayfair Ruling Mean for Your Organization?

GET MORE SIMPLY TAX

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected]

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

TIME STAMPS OF WHAT’S COVERED

[1:26] The significance of the U.S. Supreme Court decision in Wayfair
[8:44] Nexus?
[12:14] A lot has changed since Quill Corp. v. North Dakota , 504 U.S. 298 (1992)
[15:07] The difficult business decision
[18:30] You need good information to comply with sales and use tax rules
[21:15] What Wayfair means for purchasers
[23:32] Now is the time make changes to your systems and processes
[26:00] Failing to properly address sales and use taxes can affect mergers and acquisitions
[29:54] Advice for businesses and their owners in responding to Wayfair
[34:51] What happens if you wait to comply?
[38:21] That's a lot to consider, and you need perspective

BIO FOR GUEST

Connect with Ken on LinkedIn

ADDITIONAL RESOURCES

Background article: U.S. Supreme Court to Review Nexus for Sales Tax

Article: Quill Is Overturned – A New Era in Economic Nexus for Sales Tax

Webinar: What Does the Wayfair Ruling Mean for Your Organization?

GET MORE SIMPLY TAX

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected]

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

Previous Episode

The Economy for Manufacturers After Tax Reform #031

Chad Moutray—chief economist for the National Association of Manufacturers (NAM)—joins host Damien Martin to discuss what he’s seeing in the data and hearing from members about the Tax Cuts and Jobs Act’s (TCJA) effect on manufacturers.

TIME STAMPS OF WHAT’S COVERED

[1:56] Why understanding the economy is important right now
[3:06] How tax reform is affecting manufacturers
[5:27] The TCJA provisions Chad sees as driving economic growth
[8:53] How to approach areas of uncertainty in the economy and the TCJA
[11:12] Key economic indicators Chad’s watching
[13:25] It’s your bottom line that really matters
[14:58] The number one challenge for manufacturers right now
[17:02] What NAM is hearing from members about hiring and capital spending after tax reform
[18:09] Making productivity-enhancing technology investments
[20:02] Ways to cut through the economic noise
[20:53] Why Chad’s bullish on manufacturing over the long term
[21:53] Advice for manufacturers that are waiting to take action after tax reform

BIO FOR GUEST

Chad Moutray is chief economist for the National Association of Manufacturers, where he serves as the NAM’s economic forecaster and spokesperson on economic issues. He frequently comments on current economic conditions for manufacturers through professional presentations and media interviews. He has appeared on Bloomberg, CNBC, C-SPAN, Fox Business and Fox News, among other news outlets.

Follow Chad on Twitter

Connect with Chad on LinkedIn

ADDITIONAL RESOURCES

2018 Second Quarter Manufacturers Outlook Survey

NAM’s Center for Manufacturing Research

GET MORE SIMPLY TAX

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

Next Episode

The Future of Tax Accounting with Danetha Doe #033

What does swimming with sharks have to do with the future of tax accounting? Find out as guest Danetha Doe—host of the Future of Accounting podcast—shares her insights on the tax trends beyond tax reform that businesses and their advisors should focus on.

TIME STAMPS OF WHAT’S COVERED

[ 00:36 ] Who is Danetha Doe
[ 05:25 ] Trends in the accounting profession
[ 10:38 ] If you don’t manage changing technology, it can get in the way
[ 15:56 ] The focus is becoming more on managing people and organizations
[ 18:47 ] Challenging yourself outside the office helps you be more open-minded in your work
[ 21:57 ] Developing a personal brand is important for accountants and business owners alike
[ 25:42 ] Creativity is especially important
[ 27:04 ] Put the moose on the table
[ 28:20 ] Women in the workplace
[ 31:33 ] Danetha’s advice for Damien on mentoring women on his team
[ 37:19 ] Creativity, communication and empathy are key
[ 39:21 ] We can all learn from each other’s perspectives
[ 41:03 ] Focus on motivation

BIO FOR GUEST

Danetha Doe is CEO and president of The Doe Collective. Based in the San Francisco Bay Area, she manages a collection of brands that share the mission of promoting creativity, collaboration and economic empowerment. As a blogger and influencer, she and the team collaborate with financial institutions and lifestyle brands to produce unique content and live events catering to women’s empowerment.

Connect with Danetha on LinkedIn

Follow Danetha on Twitter

ADDITIONAL RESOURCES

More from Danetha: The Doe Collective | Money & Mimosas | Future of Accounting

McKinsey & Company study: Women in the Workplace 2017

BKD’s SKY 2017 Impact Report

GET MORE SIMPLY TAX

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected]

Connect with Damien on social media!

LinkedIn | Twitter | Instagram