SALTovation: Making Sense of State and Local Tax SALTovation

In this episode of the SALTovation podcast, we continue our conversation with Nancy Prosser, General Counsel at the Multistate Tax Commission, on the purpose and work of the MTC in promoting uniformity and assisting taxpayers with compliance in state and local tax matters. She explains how the MTC develops model statutes and regulations, and the challenges they face in getting states to adopt them. Nancy also shares insights into the selection process for uniformity projects and highlights the current projects focused on the taxation of digital products and partnerships. 
Listen this week as Nancy addresses the complexities of adopting and adapting MTC recommendations and the role of stakeholder input in the process.
Topics discussed in this episode:
The MTC's purpose is to facilitate the appropriate determination of tax liability, promote uniform tax systems, assist taxpayer compliance, and avoid duplicate taxation.States are sovereign entities and thus decide independently whether to adopt MTC's model statutes and recommendations.Uniformity projects at the MTC can be initiated by both member states and public stakeholders, showcasing a collaborative effort toward state tax policy refinement.The MTC actively studies tax policy and aims to offer resources and models to better handle emerging and complex tax issues, like the taxation of digital products and partnerships.
Quotables
“It is an ongoing effort. I don't know that there's ever going to be a perfect way for the MTC to spread the word, but we appreciate opportunities again like this podcast and the technology that we have today to reach out and talk to people and do the best we can to explain who we are and what we do. We are hoping to develop good models that show people how to do it well and do it right.” -Nancy Prosser [10:03]
“The essence to me of those projects are studying these areas to see, okay, what's going on in the economy on this front, what are the states doing or not doing and how, you know, collectively with, again, that stakeholder input, can we perhaps make recommendations that will help everybody do it more easily.” -Nancy Prosser [19:05]


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In this episode of the SALTovation podcast, we speak with Nancy Prosser, General Counsel at the Multistate Tax Commission. Nancy shares her experiences navigating through the complexities of introducing major legislative tax changes and discusses the intricacies of rule-making and policy development. She also talks about the importance of collaboration and transparency within the tax community, be it through engaging with different states' revenue departments or fostering constructive dialogues within the MTC.
Listen this week as we take a look at the evolution of tax legislation and policy from the trenches of legal administration to the broader scope of multi-state coordination. 
 
Topics discussed in this episode:
Nancy Prosser's unconventional journey into state and local tax The implementation of Texas' franchise tax reform: heavy emphasis on rule development, training, and taxpayer education to ensure a smooth transitionThe Multistate Tax Commission plays a pivotal role in addressing interstate tax policy issues and fostering a collaborative approach amongst state tax administrations.The symbiotic relationship between tax professionals across sectors and the mutual growth derived from sharing expertise.


Quotables
“We brought the multistate tax commission in to do training to help taxpayers and practitioners understand how the comptroller's office was going to administer this very major shift.” -Nancy Prosser [08:38]

“As I advanced through the agency and had more of a kind of global perspective on the agency itself in our work, it dawned on me more and more that decisions that were made in terms of tax policy did not just affect Texas, obviously, but did impact the world because so many people were doing business in Texas.” -Nancy Prosser [20:43]


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In this episode of the SALTovation podcast, we continue our conversation with Sandra Wiley, President of Boomer Consulting - an organization dedicated to guiding CPA firms towards success by leveraging leadership, talent, growth processes, and technology. From the hard truths about work-life balance to the strategic dilemmas CPA firms face, Sandra discusses the importance of embracing change, spreading decision-making power, and having the correct mindset. Listen this week as we talk about the growing significance of the accounting profession and the incredible potential it holds for future generations of professionals.
 
Topics discussed in this episode:
The accounting profession is undergoing a transformative shift, prioritizing work-life balance and cultural adaptation in the recruitment and retention of talent.Effective leadership and navigating change are pivotal in the modern accounting landscape, particularly demonstrated during the transition to remote work practices.Creating uniform processes in CPA firms can significantly enhance efficiency, but success hinges on the commitment and adaptability of all team members, not just technology.The next generation of accountants is motivated by different values, such as community service and societal impact, requiring a shift in how the profession is presented to potential recruits.Unveiling the true functional dynamics within a firm leads to valuable process improvements.


Quotables
“Firms today have to tune into what the next generation is defining as important to them. We have to meet them where they're at. We cannot impose our life and how we lived our life on them.” -Sandra Wiley [06:09]

“The accounting profession is on the brink of being one of the most important professions in our entire world. It is right in front of us to start developing and changing that business model so that we can get there faster with our clients, to be their advisors, their consultants, and their partners in their businesses.” -Sandra Wiley [26:22]


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In this episode of the SALTovation podcast, we speak with Sandra Wiley, President of Boomer Consulting - an organization dedicated to guiding CPA firms towards success by leveraging leadership, talent, growth processes, and technology. Sandra shares her unique perspective and critical strategies that drive CPA firms. Building a connected community through meaningful relationships can enable firms to create a culture that fosters collaboration and allows individuals to thrive. Listen this week as we discuss the progressive edge of CPA firms today, focusing on community, leadership, and diversity.

Topics discussed in this episode:
CPA firm consultation: focusing on community, holistic leadership, and innovationCommunity building is crucial, particularly with remote work, fostering relationships and collaboration Holistic leadership: considering the whole person, integrating personal and professional lives for a balanced approach to management.How CPA firms are evolving in an increasingly competitive spaceProactive adaptation to automation and resource diversification is key to future-proofing CPA firms 




Quotables
“When I think of holistic leadership today, it's looking at the whole person. When we look holistically at who people are, the human side of them, they are personal and professional. Diversity and inclusion and feeling like you belong somewhere, that is a part of well-being.” -Sandra Wiley [13:15]

“Young people are coming into firms today with a long list of all the questions they have for ‘what are you going to do for me?’ There are a lot of people who hate that, but that's what they're doing. They're going to come through the door and ask ‘What kind of training are you going to give me?’, ‘What do I do if my kids are sick? Can I work from home three days a week? If we don't have good answers, they will walk down the street and find another company that will give them what they want.” -Sandra Wiley [25:00]



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This episode originally aired on: https://www.boomer.com/post/e174-billing-time-vs-delivering-value-shifting-mindsets-in-the-cpa-industry
On this episode of the Boomer Briefing Podcast, Allen Gregory, Partner, Federal Tax at TaxOps, talks about billing time versus delivering value to clients. Allen and host Marc Staut, Shareholder and Chief Innovation and Technology Officer at Boomer Consulting, dive into how removing hourly rates can add value to client relationships and improve an accounting firm’s client retention.
Allen shares how TaxOps has used value-based pricing since its inception. This experience has taught us how fixed-fee pricing creates collaborative client relationships and a culture of trust and accountability within the firm. Two key components, clear communication and experienced staff, are also key to ditching charge hours and making fixed-fee engagements work for clients, staff and partners.
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This week we continue our discussion with Paul Miller, Vice President & Deputy Director of the ACMA, and David Swetnam-Burland, Partner at Brann & Isaacson. As remote sellers navigate the new state tax laws and consumer privacy regulations, the need for federal legislation to provide clarity and consistency for businesses operating across multiple states has increased. Listen as we discuss the impact of local home rule cities, such as in Colorado, on compliance efforts and how the ACMA advocates for federal solutions to protect their members and promote industry growth. 
Topics discussed in this episode:
The MTC's updated interpretation attempts to align tax laws with the digital era, impacting businesses that operate online.The definition and application of 86-272 is a central point of contention, with states leveraging different interpretations to expand their tax bases.Legal challenges, especially in California and New York, are proving pivotal in establishing how nexus laws apply and are enforced.Local compliance, notably in Colorado's home rule cities, adds complexity to the remote sellers' tax obligations and merits close legal attention.
Quotables
“From the ACMA's perspective, our approach, as I mentioned earlier, is always to try to get a federal bill passed into law, because organizations like ours, we're very small comparison to, say, the milk industry or something. We're serving a pretty specific constituent, and they are located throughout the states and they're being chased by different states, and we don't have the means to chase after those states to defend them.” -Paul Miller [17:51]“It is one thing for the Supreme Court to say we created a rule in 1992, now we're in 2018. We don't like our rule as much as we did then, or the composition of our court has changed sufficiently so that we no longer have five votes in favor of that rule.” -David Swetnum-Burland [03:50]
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