Lee Walthall, Chairman & CEO, Nationtax Online
Lee Walthall is the Chairman and CEO for Birmingham, Alabama-based Nationtax Online , the only company currently offering a completely Web-based solution for business tax preparation, filing and payment in multiple local, state and federal tax jurisdictions. Nationtax holds the distinction of currently being the only private company approved by the IRS to process a federal business tax form, Form 941 (Employers Quarterly Withholding) completely over the Web.
Alabama is one of only six states in the country that allows local tax jurisdictions to self-collect taxes, and the only state allowing private companies to collect for those jurisdictions. In 1994, Mr. Walthall purchased one such company–a company started in 1980–that provided software to cities and counties in Alabama for the collection of local sales and use taxes. Under his leadership, the company became an outsource service company, functioning as the sales tax processing department for self-collecting Alabama cities and counties, processing more than 45,000 tax returns and checks monthly.
The company’s sales tax filing software simplified the tax preparation process and reduced filing errors. However, seeing the consumer convenience of the Web, that software was then converted into a completely Web-based application for the filing of sales and use taxes and other business taxes.
In December 1998, businesses began to successfully file taxes over the Web through Mr. Walthall’s newly renamed company, Nationtax Online, and its completely Web-based (no software required) application. In October 1999, Nationtax received $10 million in venture capital funding and began building the Nationtax Network, currently available in more than 10 states and through numerous business-focused and financial strategic partners. Nationtax expects to offer service in more than 40 states by the end of the year, and has begun efforts to extend the network to international markets, as well. Mr. Walthall’s own home state of Alabama, the 200 local jurisdictions for whom the state collects and the 92 cities and counties collected for by Nationtax’s AlaTax Division (that’s almost 300 separate tax jurisdictions in one state) will go live with the Nationtax Network in August.
Mr. Walthall holds both B.S. and J.D. degrees from the University of Alabama, and a Master of Laws in Taxation from New York University. Early in his career he practiced law with Burr & Forman, a prominent Birmingham law firm, was Vice President of External Relations and General Counsel at the University of Alabama at Birmingham, and was a partner with White and Company, a Birmingham investment firm.