This week's podcast episode focuses on state and local taxes. Jared Siegel’s guest is Harriet Strothers, state and local taxes (SALT) expert, CPA, partner, and advisor at Delap. Having worked in both public and private accounting, Harriet's understanding of both sides allows her to help her clients in innovative ways. She chats with Jared about the new Oregon Corporate Activity tax (CAT) and the opportunities and traps it presents for business owners.
Here are a few highlights from their conversation:
- Jared says that state and local taxes are incredibly dynamic: It feels like there is always another complicated new law to comply with.
- Harriet explains how the Wayfair law has impacted businesses.
- The new Oregon CAT is a gross receipts tax, Harriet says. She explains how it is calculated.
- Taxpayers are supposed to register for CAT when their Oregon gross receipts or commercial activity reaches $750,000.
- Jared asks about potential planning opportunities the CAT presents for business owners. Harriet describes both the opportunities as well as the traps surrounding CAT.
- State and local tax laws are crafted to collect the most tax possible.
- The state of Washington has a creative way of collecting taxes from businesses.
- Harriet has some advice for business owners to help them limit their tax exposure.
- There are over 12,000 separate tax jurisdictions in the USA.
Tune in here: delapcpa.com/podcast or wherever you listen to podcasts!