Our Highlight sequence highlights the careers and lives of tax professionals throughout the globe. This week’s Highlight is on Wendy Walker, resolution principal, and resident crypto professional at Sovos. Walker makes use of her market experience to create and implement product and resolution methods that assist clients meet the calls for of a continually altering regulatory atmosphere. Since becoming a member of Sovos, Wendy has helped lead the go-to-market technique targeted on rising the Tax & Regulatory Reporting line of enterprise.
Walker can also be the Chair of the Data Reporting Subgroup of the Inner Income Service Advisory Council—IRSAC and advises the IRS on a wide range of withholding and knowledge reporting points impacting the trade.
What’s your official title, and what does it imply? My official title is Answer Principal, which suggests I’m a topic professional in tax withholding and knowledge reporting. Unofficially, I’m a jack of all trades, and as such, I put on loads of hats in my group. I leverage my trade experience to work with Sovos purchasers to assist them resolve advanced tax compliance points for his or her organizations. I work together with authorities companies just like the IRS, the state tax companies, the Authorities Accountability Workplace, and others—to assist form tax coverage and maintain forward of compliance modifications. And naturally, I work round our enterprise with our Regulatory Evaluation, Product, Providers, Gross sales, and Advertising and marketing groups to make sure that our options are updated and exceeding our purchasers’ expectations.
Free time: guide, audiobook, or podcast? E-book first, then audiobook. I’ve been an avid reader my complete life and love the sensation of turning the pages in a guide. Nevertheless, I began listening to audiobooks after I was touring quite a bit—earlier than the COVID-19 pandemic. I actually get pleasure from listening to books that I’ve already learn—it’s tremendous fascinating how your creativeness can come to life otherwise whenever you hear the voices in an audiobook versus the way in which you think about it when you’re studying it in paperback.
Tax is a big topic. What’s your space of particular curiosity? Data Reporting & Withholding (IRW). I began working on this space of tax early in my profession as extra of a ‘every year’ idea as a part of my function in accounting. Greater than something—I like the flurry of exercise in tax season—the push to get knowledge out of the programs and remodeled into tax statements that have to be mailed to clients and filed with tax companies— and the stress to get all of it proper in such a brief time frame! As my profession grew, I grew to become targeted on IRW year-round, managing tax operations and tax compliance groups producing tens of millions of knowledge returns. Who knew again then that what many view as a ‘obligatory evil’ within the group would grow to be the first focus of my profession year-round!
What’s the final film or present that you simply watched and beloved (DVD, Netflix, or within the theater)? I’ve been watching a brand new sequence known as “The Wheel of Time” primarily based on the books by Robert Jordan. I’m an enormous fan of fantasy tales, and we personal the entire books within the sequence, so in fact, we wished to test it out. Spoiler alert: The present is nothing just like the books. . . however I’m nonetheless hooked!
What school did you attend, and what did you examine? I attended Franklin College, a 100-year outdated enterprise faculty based in Columbus, Ohio. I graduated with a B.S. in course of engineering, and I minored in accounting. I went on to finish my postgraduate work at one other 100-year outdated establishment, Ohio Dominican College, the place I earned an M.B.A.
Go to pick-me-up: Espresso or tea? Espresso with cream is my vice! To the angst of my husband, who’s all the time positive I’m going to spill it in all places. . . I hardly ever depart the home with no to-go cup of espresso!
What’s the very best tax or monetary recommendation that anybody ever gave you? One of the best monetary recommendation I ever acquired was from my husband again in 2009 over the last financial downturn. Citibank inventory had dropped to as little as $1.20/share, and he shouted from the rooftops that we must always all purchase it, that they might by no means let that financial institution fail, and in the present day, Citibank inventory is buying and selling for $61/share.
If you happen to weren’t working within the tax career, what would your dream job be? I might personal my very own quilting store! In my spare time, I like to stitch so, if I could possibly be surrounded by quilt materials, stitching machines, and die-hard quilters, it appears like an superior technique to spend my days.
If you happen to had the chance to make one change within the tax code—an additional credit score, a disallowed deduction, no matter—what would it not be? I might reverse the pointless reductions to the company revenue tax charges made within the Tax Cuts & Jobs Act of 2018. Whereas company revenue tax income has fallen by greater than 50% for the reason that passage of the TCJA, knowledge exhibits that income earned by firms throughout that very same time interval has skyrocketed. It’s my opinion that prudent tax coverage doesn’t embody rewarding companies with tax cuts that end in just about $0 revenue taxes paid whereas middle-class employees pay a mean 15-25% tax price on this nation.
Favourite meals, snack, or sweet throughout tax season (or different busy time)? I like cookies nearly as a lot as I like espresso—my favourite is chocolate chip. I like this time of yr as a result of we obtain vacation packages full of types of cookies—biscotti, shortbreads, macarons, you title it!
What tax information or transfer made essentially the most influence in your follow or purchasers this previous yr? 2021 was a pivotal yr of knowledge reporting modifications for purchasers in all industries! The CARES Act, the appropriations invoice, the American Rescue Plan Act, and the infrastructure invoice all contained impactful modifications for varied segments of our purchasers. Whether or not it was payroll tax compliance impacts as a result of Worker Retention Credit score, or ERC, or new retirement account guidelines for withholding and reporting on Covid-related distributions, or new info reporting necessities for digital foreign money exchanges—companies throughout the trade are reeling from a yr of modifications.
If Uncle Sam handed you an enormous tax refund verify proper now, what would you do with it? Make investments it in crypto!
You’ll find Walker on LinkedIn.
You’ll find out extra about Sovos on their web site.
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