In this webinar, which featured tax attorney Joe Endres, we addressed applying residency tax rules to commuters, occasional visitors, and full-time residents of the various states. Joe also identified the practices most states use to determine if a taxpayer has "truly" changed their residence. For example, changing your residence from a high-tax state (think NY, NJ & CA) to a low or no-tax state (think FL) can dramatically reduce the amount of state taxes you have to pay. But high-tax states don't let their residents go smoothly. If you continue to maintain any connection to the former residence (think snowbirds), the high-tax state may contest that you genuinely changed your residence. Note that Mr. Endres specializes in residency and local taxation matters and has represented numerous clients in cases related to this issue.
What Clients Need to Know when Changing their Residency 03-27-2024
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What Clients Need to Know when Changing their Residency
Presented by Joseph Endres, Esq., Hodgson Russ
I appreciated the breakdown of how various states consider domicile - and knowing that multiple ways of showing your preferred state (tax-wise) helps make the stronger case. The information about how cell phone logs can play a roll blew my mind!
- Jay B.
I didn't know anything about Residency for state income tax purposes and don't have any clients that this applies. But, now can add this to my mental list of issues that may raise red flags.
- Marian J.
Understanding the rules of the Two Tests, Domicile and Statutory Resident . If traveling long-term, and have not sold home the state will claim residency. Under the time test, make the time difference between the two states as large as possible ( residency much greater than non-residency). Make sure you change your veterinarian to the new preferred resident state - as this is an audit watch item .
- Jacqueline B.
Joe was great! I learned about the difference regarding Domicile & Residency / The convenience Employer Rule is good to know about as well- Retirement Special protection section also beneficial.
- Heather C.