We’re enjoying the calm before the storm here at Rea. In just about a month it will be “all hands on deck” for accountants everywhere. While most of us are still buzzing about federal tax bills and future tax planning strategies under the Tax Cuts and Jobs Act, our state and local tax team is looking at this upcoming tax season from another angle.

Joining us on today’s episode of unsuitable is Luke Lucas, income and franchise manager on Rea’s state and local tax team. Luke is here to help us understand how our state taxes could be impacted this year by federal tax reform, the Wayfair v. South Dakota decision, and the recent CAT sales sourcing rulings.

Don’t Let Wayfair Get You Down

There is no statute of limitations for failing to file a tax return that you should have filed, and we’ve seen this hit businesses in a big way because they just weren’t adequately prepared to track sales out of state. With new economic nexus nexus regulations as a result of Wayfair, this is the best time to make sure you have the technology necessary to track out-of-state sales and a trusted advisor that can help you navigate the complexities of state tax laws.

If you are a business owner in any state, you will be interested in these other topics discussed in this episode:

• How federal tax reform impacts state taxes
• Wayfair’s impact on state income taxation (and the out-of-state taxes most likely to affect your business)
• What the recent CAT sales sourcing rulings means for business owners

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.