Latest in State and Local Tax with Chris GalloMay 14, 2021
For this episode of Up and Adam, Adam is joined by Chris Gallo. Gallo is the Director of State and Local Tax at BerganKDV who helps clients navigate sales taxes, multi-state compliance, tax credits, and more. Chris and Adam discuss state and local tax updates and the aftermath of the Wayfair ruling.
To begin their conversation, Chris gives a refresh on what state and local taxes are and specifically how sales taxes have become the main area of focus due to the Wayfair ruling. He then explains what the Wayfair ruling is and how it has greatly impacted countless business who sell goods online to varying states since passing in 2018. Andrew and Chris talk about how before the ruling, the internet was the “wild west” of sales tax where many companies had loopholes to avoid addressing it and many states simply weren’t collecting on it. Since the ruling, many online retailers have had to rethink how they file their taxes to ensure they are compliant to the tax policies of the various states they sell goods in. Chris also gives insight into the different types of online sales including marketplace facilitators such as Amazon and the sales tax laws that have been created for these types of companies.
Later in the episode, Adam asks Chris about other taxes that have added to the complexity of sales tax such as BNO (Business and Opportunity) taxes in Washington state and gross receipts taxes which are all in addition to standard sales taxes but need to be handled in specific ways when it comes to filing. He further discusses the intricacies of sales taxes and how his team helps clients calculate their taxes and navigate the complexities with the help of robust technology. Chris then gives his recommendations on the best software out there to help calculate state and local tax and the benefits of utilizing technology and an advisor to avoid missteps in tax filing.
If you have additional questions about sales tax compliance and are not sure where to start; BerganKDV can help. Contact our team to discuss how our team of tax experts can assist you and your unique needs.