Changing Your State Tax Residency
High-net worth individuals are continuing to leave high-tax states in significant numbers, often without a full understanding of the legal framework for changing their residency. These moves routinely trigger complex audits and costly tax consequences. At the same time, state tax authorities in these high-tax states are increasing their focus on residency audits.
This program, led by state tax attorneys from Hodgson Russ LLP’s residency practice, will explain what state tax auditors look for when conducting residency audits and what it takes to have an auditor accept a change of residency. We’ll also discuss the rules governing residency determinations and the key nonresident income allocation and apportionment issues that should also be considered as part of any tax residency analysis.
Who Should Attend
All CPAs, enrolled agents, tax return preparers, tax attorneys, corporate attorneys, and other practitioners who advise on tax residency issues will benefit from this webinar.
Topics Covered
- Residency Rules
- Nonresident Income Allocation
- Allocating Nonresident Wage Compensation
- Rules for Sourcing Other Types of Income and Compensation
- Resident Credits
- Reciprocity rules
Learning Objectives
- Identify the varying state-level definitions of "resident"
- Identify how to navigate the nuances of various residency definitions, including domicile and statutory residency tests
- Identify state resident credit considerations
- Recognize key audit issues accompanying residency changes
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
