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The Peel with Turner Novak
The Future of Software, AI, and Tax, Lessons Scaling Zero to One | Michelle Valentine, CEO of Anrok
Aug 29, 2024
Michelle Valentine, co-founder and CEO of Anrok, a sales tax compliance platform for software companies, shares invaluable insights on managing sales tax in a digital economy. She discusses the rapid evolution of software business models and offers tips for scaling companies while avoiding tax headaches. Michelle recounts her impressive experience raising Anrok's seed round in just 48 hours and provides advice on strategic hiring and customer acquisition. Dive into her thoughts on the unpredictable landscape of AI investments and how to leverage new technologies effectively.
01:10:49
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Quick takeaways
- The disconnect between traditional sales tax structures and the modern digital economy underscores the need for innovative tax compliance practices for software companies.
- Collecting customer address information is essential for software companies to ensure accurate sales tax rates and avoid future tax liabilities.
Deep dives
Origins of Sales Tax and Its Evolution
Sales tax originated during the Great Depression, created to help local governments manage budget deficits. Over time, the structure of sales tax regimes has primarily catered to traditional retail rather than adapting to the modern digital economy. This disconnect poses challenges for software companies which often operate across state lines and encounter varying tax regulations based on customer locations. As businesses evolve into global, digital landscapes, the traditional framework for sales tax no longer aligns with operational realities, necessitating a paradigm shift in tax compliance practices.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode