In this episode of the SALTovation podcast, we speak with Nancy Prosser, General Counsel at the Multistate Tax Commission. Nancy shares her experiences navigating through the complexities of introducing major legislative tax changes and discusses the intricacies of rule-making and policy development. She also talks about the importance of collaboration and transparency within the tax community, be it through engaging with different states' revenue departments or fostering constructive dialogues within the MTC.

Listen this week as we take a look at the evolution of tax legislation and policy from the trenches of legal administration to the broader scope of multi-state coordination.

Topics discussed in this episode:

• Nancy Prosser's unconventional journey into state and local tax
• The implementation of Texas' franchise tax reform: heavy emphasis on rule development, training, and taxpayer education to ensure a smooth transition
• The Multistate Tax Commission plays a pivotal role in addressing interstate tax policy issues and fostering a collaborative approach amongst state tax administrations.
• The symbiotic relationship between tax professionals across sectors and the mutual growth derived from sharing expertise.

Quotables

• “We brought the multistate tax commission in to do training to help taxpayers and practitioners understand how the comptroller's office was going to administer this very major shift.” -Nancy Prosser [08:38]

• “As I advanced through the agency and had more of a kind of global perspective on the agency itself in our work, it dawned on me more and more that decisions that were made in terms of tax policy did not just affect Texas, obviously, but did impact the world because so many people were doing business in Texas.” -Nancy Prosser [20:43]

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In this episode of the SALTovation podcast, we continue our conversation with Sandra Wiley, President of Boomer Consulting - an organization dedicated to guiding CPA firms towards success by leveraging leadership, talent, growth processes, and technology. From the hard truths about work-life balance to the strategic dilemmas CPA firms face, Sandra discusses the importance of embracing change, spreading decision-making power, and having the correct mindset. Listen this week as we talk about the growing significance of the accounting profession and the incredible potential it holds for future generations of professionals.

Topics discussed in this episode:

• The accounting profession is undergoing a transformative shift, prioritizing work-life balance and cultural adaptation in the recruitment and retention of talent.
• Effective leadership and navigating change are pivotal in the modern accounting landscape, particularly demonstrated during the transition to remote work practices.
• Creating uniform processes in CPA firms can significantly enhance efficiency, but success hinges on the commitment and adaptability of all team members, not just technology.
• The next generation of accountants is motivated by different values, such as community service and societal impact, requiring a shift in how the profession is presented to potential recruits.
• Unveiling the true functional dynamics within a firm leads to valuable process improvements.

Quotables

• “Firms today have to tune into what the next generation is defining as important to them. We have to meet them where they're at. We cannot impose our life and how we lived our life on them.” -Sandra Wiley [06:09]

• “The accounting profession is on the brink of being one of the most important professions in our entire world. It is right in front of us to start developing and changing that business model so that we can get there faster with our clients, to be their advisors, their consultants, and their partners in their businesses.” -Sandra Wiley [26:22]

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In this episode of the SALTovation podcast, we speak with Sandra Wiley, President of Boomer Consulting - an organization dedicated to guiding CPA firms towards success by leveraging leadership, talent, growth processes, and technology. Sandra shares her unique perspective and critical strategies that drive CPA firms. Building a connected community through meaningful relationships can enable firms to create a culture that fosters collaboration and allows individuals to thrive. Listen this week as we discuss the progressive edge of CPA firms today, focusing on community, leadership, and diversity.

Topics discussed in this episode:

• CPA firm consultation: focusing on community, holistic leadership, and innovation
• Community building is crucial, particularly with remote work, fostering relationships and collaboration
• Holistic leadership: considering the whole person, integrating personal and professional lives for a balanced approach to management.
• How CPA firms are evolving in an increasingly competitive space
• Proactive adaptation to automation and resource diversification is key to future-proofing CPA firms

Quotables

• “When I think of holistic leadership today, it's looking at the whole person. When we look holistically at who people are, the human side of them, they are personal and professional. Diversity and inclusion and feeling like you belong somewhere, that is a part of well-being.” -Sandra Wiley [13:15]

• “Young people are coming into firms today with a long list of all the questions they have for ‘what are you going to do for me?’ There are a lot of people who hate that, but that's what they're doing. They're going to come through the door and ask ‘What kind of training are you going to give me?’, ‘What do I do if my kids are sick? Can I work from home three days a week? If we don't have good answers, they will walk down the street and find another company that will give them what they want.” -Sandra Wiley [25:00]

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