We launched today’s show with Ned Lenhart: President, Interstate Tax Strategies, P.C.
Interstate Tax Strategies specializes in helping businesses that operate on a multistate basis (have customers in multiple states) identify, understand, and develop a proactive strategy for managing their multistate sales tax obligations. The goal is to minimize or eliminate the sales tax risks and liability that might occur if they were to get audited by one of the states where they conduct business. If companies have already identified a problem with their sales tax processes, Interstate Tax Strategies can help them resolve these in a way to reduce tax, interest, and penalties. 45 states have a sales tax and each state has its own set of rules as to what is taxable. Failing to understand these rules can create a large and potentially catastrophic problem for businesses.
State governments are still running significant budget shortfalls from a few years ago. In an effort to bridge that revenue gap, they are finding ways to expand their tax base, increase tax rates, and increase enforcement of the existing tax laws.
On a nationwide basis, sales tax collections constitute about 45% of the state revenues collected. In states like Texas, Florida, and Tennessee that don’t have personal income tax, the amount of tax is much higher. State governments believe that over $15 billion of sales tax goes uncollected each year. The reasons for this under collection are varied and can be legally complex to understand. However, over $1 billion of tax is collected each year under audit by the various departments of revenue. This is money that was taken from businesses because they did not know their responsibility for complying with tax. The state’s goal is to identify and audit businesses that owe back sales tax. In many cases, these businesses may owe tax for 8 to 10 years. In addition to the tax, interest and penalties are imposed.
Many businesses do not understand their responsibility for complying with another state’s sales tax laws. Most CPA firms do not have the expertise to properly advise their clients in these matters. It is not uncommon for companies to have some type of tax reporting responsibility in many of the 45 states that have sales tax.
We closed today’s broadcast with “Atlanta’s Best Connector” Nominee, Art Wood . . .
Art Wood with Hometown Lenders wants to be your mortgage guy, not just the guy who worked on your mortgage. He has been in the mortgage industry since 2005 and became a Branch Manager with Hometown Lenders in 2010.
He takes his job personally. Not your typical mortgage broker, he believes in building a personal relationship with his clients so that he can determine the right fit for them. Art wants to make what can be a scary and intimidating process non-threatening, and even, dare we say, fun? He believes in making people happy and understands that comes from running his company differently. He can help anyone sort through the overwhelming options available to find something that works for them.
With a passion for people that literally exudes from his ever present smile, Art is naturally very involved with his community. He grew up in Tucker and attended Erskine College in South Carolina. He is a member of the Lilburn Business Association, Tucker Business Association, and City Club of Buckhead.
He also sits on the Community Membership Building Committee at Smoke Rise Country Club. He is an entertaining and knowledgeable guest speaker for these organizations as well as the Founder and Host of “Business After Hours @ Smokerise,” a very successful networking group which is currently averaging over 70 people monthly.
In 2008, Art chartered a Business Networking group which is currently thriving with 25 members and over $500,000 in referral revenue passed for the year. Splitting his time between his work (sometimes taking calls at the dinner table!), his family (he and Karen have two adorable young children, Trace and Makenna), the golf course, and leading worship at Tucker First United Methodist Church, Art never seems to be still for long.
Art leads worship at the Contemporary Service at Tucker Methodist and can be found catching a quick cat nap on Sunday after service. Art wants to be your friend in the mortgage business and he means it. Let him take the coldness out ofthe process and turn your mortgage into a work of ART.
