Changing Your State Tax Residency
Author: Hodgson Russ LLP, Andrew W. Wright, Emma M. Savino
| CPE Credit: |
2 hours for CPAs |
Year after year, we continue to see high-net worth individuals move out of high tax states in large numbers. These moves can trigger significant state income tax consequences. Moreover, state tax authorities in these high-tax states are increasingly auditing changes in resident status. This course, from the residency experts at Hodgson Russ, will discuss the state income tax issues that accompany residency changes, including an overview of the associated nonresident income allocation and apportionment issues.
Publication Date: December 2024
Topics Covered
- Residency Rules
- Nonresident Income Allocation
- Allocating Nonresident Wage Compensation
- Rules for Sourcing Different Types of Compensation
- Considerations When Selling a Business
- Resident Credits
Learning Objectives
- Identify the varying state-level definitions of "resident"
- Identify how to navigate the nuances of statutory residency tests
- Identify state resident credit considerations
- Recognize key audit issues accompanying residency changes
- Identify how many states have a “Convenience of the Employer” rule
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
