Can We Have A Real Conversation?

I have been working as a solo state tax consultant, researcher & writer for the past 4 years (I have 20+ years of experience in total). This solo life is a lot of work. It takes commitment and self-discipline to work when no one is telling you to. It takes more hours than you thought. It takes making the time to 'get' the work and 'do' the work. It is constant. You don't get paid if you don't work. I have been very successful (making more money than I did when I worked for someone else), yet I fantasize about re-joining a firm. I also fantasize about creating something totally different than what currently exists in the world of state tax. I want to make state taxes exciting. Fun even. I want to create passive income. I want to create freedom for other state tax pros. I want state tax to be less burdensome for start-ups and middle-market companies. These (smaller) companies need state taxes to get out of the way so they can truly prosper. Fortune 500 companies have teams of tax pros and large firms begging to help them. They also have the means to get that expertise. I hate the ego and competition in larger firms. I hate feeling like a number. Can we change this?

YOU NEED THIS TO AVOID THIS. YOU NEED THIS TO RESOLVE THIS. YOU NEED THIS JUST IN CASE OF THIS. YOU NEED THIS TO STOP THIS. YOU NEED THIS WHEN THIS HAPPENS.

Simplicity. Straight-forward. Clarity. Certainty. Essential. Valuable. - these are words that describe what we need as business (and tax professionals). Everybody is trying to sell you something based on fear (or pleasure), but mostly fear. Such as "You need this to avoid this. You need this to resolve this. You need this just in case of this. You need this to stop this. You need this when this happens. You need Us. You need our product. You need me. I am the best. I am the best fit for your situation."

How do you know if you really need 'this'? How do you find the right solution? The right consultant? The right firm? The right resource at the right time? How do you become the right resource? How do you sell yourself as the right resource at the right time? What are you and why do I need you?

Keep it simple. Sell your unique story and skills. Sell you. Better yet, make the client's goals your goals. Make the client your story. Make the client the hero. Be a facilitator of growth, of solutions, of success. Happy Monday! Peace.

Are You Attending the Paul J. Hartman SALT Forum in Nashville? Are You Prepared for the Robots?

I don't always learn something from CPE, but I always learn something when I talk to others at a CPE event. If you will be attending the Paul J. Hartman State and Local Tax Forum in Nashville, TN on November 6, 7 & 8, please let me know. It might be beneficial for us to talk. We can talk career, technical, practical, technology, etc. Regardless of what we talk about, it is always good to talk to fellow colleagues to get a better handle on the pulse of state taxation. Agreed? Comment on this post or send me a message and we can schedule a meet-up. If I get a big number, we can always reserve a restaurant or meeting room to have real discussions, not rehash what we already know. For example, what will be the real impact of technology on our profession? (robotics, artificial intelligence, blockchain, etc.). Everybody talks about these things like it is a good thing. It will move people from doing routine tasks and free people up to be real advisors. My question, what if everyone in a corporate tax department doesn't want to be an advisor? What if they like doing the routine tasks? Skill sets, interests, strengths need to be addressed. We need to be proactive in developing our skills to always be relevant. What do you think? What are you doing in regards to the technology wave?

Technology advancements are not about the corporation. They are about people. Real people doing real jobs. Supporting families. Supporting growth. Providing real value to the economy and public. What will technology do to our profession? Is it really a good thing? Are you embracing it or putting your head in the sand?

State Tax Knowledge Update (29 items) - October 24, 2017

The following are state tax and business developments I have curated since October 16, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

1. Nexus New Jersey limited partner actively operating partnership

2. Louisiana Voters Approve Tax & Transportation Amendments

3. Pennsylvania loss carryover unconstitutional remedy percentage

4. Tax Foundation Updates Its Problematic Wishlist for State Tax Policy

5. The Jig Is Up: Republican Budget Resolution Finally Admits that Deficit Will Soar Under their Tax Plan

6. The Dishonest Pitch for Trump-GOP Tax Cuts

7. The Corporate Tax Code is in Dire Shape, But Trump-GOP Plan Would Make It Worse

8. State Rundown 10/18: Ballot Initiative Efforts Being Finalized

9. Inaugural Seattle Tax in the City® | Highlights and Takeaways

10. Local Policy Digest

11. Weak Growth in State Tax Revenue Persists in 2017

12. States' Tax Portfolios Drive Differences in Revenue Volatility

13. Sales Tax Rates in Major Cities, Midyear 2017

14. 2018 State Business Tax Climate Index

15. California FTB Expands Treatment Set Forth in Previous Notice on Water-Edge Elections for Non-electing Unitary Foreign Affiliates

16. District of Columbia OTR Informally Comments on Market-Sourcing of Sales of Non-TPP

17. Massachusetts DOR Issues Working Draft of Amendments to Regulation on Corporate Excise Tax Nexus

18. Montana DOR Issues Proposed Regulations Based on New Market-Sourcing, NOL, and Financial Institution Apportionment Provisions

19. New Jersey Tax Court Upholds CBT Assessment Issued Against Out-of-State Corporate Limited Partner on Passthrough Income Received from Real Estate Partnerships

20. Pennsylvania Supreme Court Affirms that Fixed-Dollar Cap on NOL Carryover Deduction is Unconstitutional, But Finds that Percentage Cap is Valid

21. Maine Revenue Services Discusses New Economic Nexus Provisions, Along with Existing Affiliate and Click-Through Nexus Provisions

22. Comments on Proposed New Mississippi Rule Requiring Out-of-State Sellers with Substantial Economic Presence to Collect Use Tax on In-State Sales are Due October 30

23. New York City State Appellate Court Affirms that Taxpayer is Subject to Tax in RPTT Matter

24. Wave of Amazon HQ2 Bids Unlike Anything Experts Have Seen

25. The State Tax Function and Emerging Technologies: Now Is the Time

26. Airbnb to File New Hampshire Returns for Hosts

27. MD Imposed Tax on MI Subsidiary’s Intercompany Loan Interest

28. Out-of-State Taxpayer Liable for NM Gross Receipts Tax

29. Remote work is still good business

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issue. You can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.

State Tax Knowledge Update (30 Items)- October 16, 2017

The following are state tax and business developments I have curated since October 2nd, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

1. South Dakota Petitions US Supreme Court for Opportunity to Overturn Quill

2. California Expands Tax Amnesty Program

3. Rhode Island Tax Amnesty Program Highlighted

4. Goodwill Was Business Asset for California’s Deemed Water’s Edge Election

5. New CA Apportionment Regulation for Space Transport Companies

6. Law schools need to introduce social learning. Accounting and tax programs do as well.

7. California expands its voluntary disclosure program to include certain flow-throughs

8. Third quarter 2017 state and local tax developments

9. 9 facts about pass-through businesses

10. Taxpayer Challenges Department Authority to Adjust NOL Carryforward, When NOL Was Generated in Tax Years Otherwise Closed by Statute

11. GOP Corporate Tax Reform Proposals Hold State Tax Implications

12. Urgency for State Model on Partnership Audit Adjustments

13. Coalition Firm on State Tax Deduction Amid Compromise Talks

14. Sales Tax Slice: Federal Tax Reform Likely to Affect Sales Tax As Well

15. How AI Impacts the Tax Function

16. South Dakota v Wayfair: Three Maps

17. Tax Bill Momentum Tied to Deal on State and Local Deduction

18. Tax Reform Timetable Could Be Tricky For States

19. Current Economic Conditions of States

20. Eversheds Sutherland SALT Shaker: September 2017 Digest

21. In the Matter of Product of Conagra Foods Ingredient Co., New Mexico Administrative Hearing Office, Dkt. No. 17-39, September 15, 2017

22. DAILY SALES TAX COLLECTION SYSTEM COULD COST MASSACHUSETTS BUSINESSES $1.2 BILLION

23. Comments to Massachusetts DOR re. Accelerated Sales Tax Remittance

24. MTC National Nexus Program Online Marketplace Seller Voluntary Disclosure Initiative Has Been Extended Through November 1

25. Minnesota DOR Explains Impact of Recent State Supreme Court Decision - Inclusion of Foreign Disregarded Entity Income and Apportionment Factors on Combined Return

26. Portland City Administrative Rule Implements New Business Income Tax Surcharge Based on Pay Differentials between CEOs and Median Employees

27. Texas Comptroller Issues Amended Administrative Rule Reflecting Revised Policy on Combined Group Franchise Tax Extensions

28. District of Columbia OTR Discusses Taxation of Digital Goods

29. Wyoming DOR Announces that it Cannot Enforce New Economic Nexus Law Imposing Remote Seller Tax Collection Responsibilities During Pendency of Legal Action

30. Gift Season is Upon Us, But It's a Year-Round Concern

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issue. You can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.

Can Knowledge Management Make Your State Tax Practice More Profitable?

WHAT’S THE MOST VALUABLE ASSET IN YOUR FIRM?

The expertise and knowledge of your employees.

ARE YOU EXPERIENCING THESE CHALLENGES?

Are you not doing enough with the state tax knowledge you produce?

Is the quality of work and time to deliver too dependent on who is doing the work?

Are you writing off billable hours because people keep reinventing the wheel and not taking advantage of existing experience and expertise?

Are you suffering from information overload from an increasing variety of online and offline sources?

Does your firm have a document or knowledge database, but sometimes neither documents nor people find their way to it?

WHAT IS KNOWLEDGE MANAGEMENT?

Knowledge management is getting the right information to the right people at the right time, and helping people create knowledge, and share, and act on information in ways that will measurably improve the performance of the firm and its clients. It is about connections. Connecting people with information and connecting people with people.

SOLVE REAL BUSINESS PROBLEMS

Knowledge management is about creating, capturing, organizing, making accessible, sharing, and reusing information relevant to a firm’s professionals and business model. However, knowledge management is more than content management. Knowledge management is about solving real business problems. It’s about meeting your firm’s need to capture and reuse expertise in efficient and transformative ways to solve client challenges quickly and effectively. It’s about unlocking knowledge trapped "in-between the ears" of your firm’s experts and making it easy to locate the appropriate expertise within your firm.

STATE TAX KNOWLEDGE MANAGEMENT?

Accounting and law firms can build a better, more sustainable, more profitable state tax consulting practice by improving the quality, consistency and efficiency of the firm’s state tax advice through implementing and executing knowledge management.

Silos exist at every firm, whether large or small. Collaboration has to climb over the barriers of ego and competition. The 'One Firm' motto is often just that, a 'motto.' Everyone is taught to be a 'know it all,' but the problem is - no one can know it all. State tax is one of those fields where every question is a research question. In addition, it always helps to run the question by someone who has experience with the state or has connections within the state involved. Consequently, finding the applicable legal authority and the internal or external expert is prudent = Knowledge Management.