In this episode of the SALTovation podcast, we speak with Diane Yetter, founder of Sales Tax Institute, and our very own Judy Vorndran.
Diane shares her journey in sales tax that spans over 35 years and the lessons she has learned throughout this period. She also shares the importance of understanding business processes when working in sales tax.
Listen in to learn the importance of tax compliance which will cost you less than getting caught when evading.
Questions asked and answered in this Episode:
- Why is Diane good at what she does?
- Why has she decided after 35 years to stay in state and local tax?
- How do you think people come to see the value and the importance of sales tax piece?
- To what do you attribute that continuous ability to serve the community in adding new students?
- Are there any concepts that you see class after class your attendees struggle with?
What You Will Discover:
- [1:25] Diane shares her 35-year long career in sales and use tax where she was employed before starting her own consulting practice
- [2:46] How Diane learned to understand the business processes of sales tax
- [7:27] The opportunity that exists in sales tax for young people and the challenges that it possesses
- [11:43] How Diane takes her clients through the process of sales tax in their businesses
- [14:50] Why you’re more likely to be caught with tax offense if you’re a B2B company than a B2C company
- [18:41] Diane explains how they used to catch companies that were evading tax back in the 1980s
- [25:49] The importance of making learning a lifelong process when working in the sales tax field
- [28:34] Diane explains the difficulty of nexus, drop shipping, and taxation of digital goods topics with her students
Quotables:
- “If what you sell is taxable, every mistake, every order that goes out that doesn’t have tax on it correctly, you’ve just lost 9-10% of your gross sales price.” - Diane Yetter [12:30]
- “Businesses really want to do what’s right but there’s always going to be some bad apples out there that are going to be evaders of tax and do things illegally.” - Diane Yetter [26:15]
- “If you’re going to work in this field, it is a lifelong learning opportunity.” - Diane Yetter [28:10]
- “Sales tax should not control the business but business decisions should take into account all costs associated with that.” - Diane Yetter [32:58]
Relevant Links:
Website: https://www.salestaxinstitute.com/faculty/diane-l-yetter
LinkedIn: https://www.linkedin.com/in/dianeyetter/
Disclaimer:
This podcast is for educational purposes only and is not intended, nor should it be relied upon, as legal, tax, accounting or investment advice. You should consult with a competent professional to discuss specifics of your situation and the applicability of the information presented.
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Production Support
This episode was produced with support from Truth Work Media. www.truthworkmedia.com
Mentioned in this episode:
SALT Contact
Advanced Sales and Use Tax Workshop
Take your sales tax to the next level at Advanced Sales and Use Tax Workshop, February 19-21 in Nashville. Diane Yetter and the Sales Tax Institute’s industry-leading faculty provide individualized training, valuable resources, and practical solutions. Expand your network and earn 23 CPE credits. Visit the link in the show notes and use the code SALTOV10 for 10% off. Save your spot now!"
https://keap.page/xp141/saltovation-podcast.htm
Use Tax Workshop
