Podcast Interview with JP McAvoy with The Millionaire's Lawyer Podcast

Quick-Show Notes:

In this episode of The Millionaire’s Lawyer, JP, Jason Parr, and Paul Johnson discuss:

Jason and Paul mention how things have greatly changed in the Tax world over the last few years.

E-Commerce has made a great impact on how the government and states are looking at taxing businesses.

Sales Tax

Tax on a transaction6% to 12% depending on the jurisdictionDifferent per stateHuge deal, aka, Margin Killer, if the sales tax is unpaidCan ruin selling your business should you not be compliant

In 2018 there was a Taxation case in the Supreme Courts in regards to where corporations are required to be registered and compliant

Jason and Paul state how important it is to have confidence regarding your taxation and make sure you have all jurisdictions covered in which you may be collecting tax.

Collaboration builds confidence, outsource what you are not an expert in

“What’s Next?” Call

Do I have Nexus?Is what I have taxable in that jurisdiction? / Fully-taxable or partial?How do I sell?Market place FacilitatorIf you are using a place like Amazon, they do this for you.

Each state taxes differently, Jason provides the example of Supplements

In some states, the Supplements are fully taxableIn others, they are only partially taxable.You are responsible to know this.

Jason and Paul mention that there is software out there to help track

There are Monthly and Quarterly remittances

Make sure you are set up now for when you need to get there, prepare for the growth ahead of time.

Manage where you are and set up the automation for that, and then when you expand add that into the automated system.

State
And
Local
Tax

Scott LeTourneau

Both Jason and Paul feel like the Government is going to become a little bit more aggressive in regards to the corporations that are not compliant, and even those who are yet to be registered in the correct jurisdiction.

Remain consistent in your Core Values

It is hard to successfully multi-task, slow down and become really good at one thing.

Key Takeaways

From this episode of The Millionaires Lawyer with Jason Parr and Paul Johnson:

You have to be registered and compliment in every jurisdiction your clients areTax laws have greatly changed over the last three years with the introduction of successful e-commerceTaxes are not something you are able to push off

If this is a situation that you are dealing with don't hesitate let's chat! Schedule your What's Next Call here: https://peisnerjohnson.com/whats-next/