Domicile or Disaster? Navigating Tax Risks When Moving before a Big Payday; and Handling Remote Workers

Do you ever have a client living in Alabama, Georgia or Mississippi who plans to sell their business and, just before the sale, move to Florida or Texas or another income tax-free state? Or they plan to retire and take their qualified plan or non-qualified retirement benefits with them? This session explores the tax planning implications for clients who consider relocating to income tax-free states like Florida or Texas before selling a business or retiring. The effectiveness of such a move can hinge on whether the client has genuinely and timely changed their domicile or residency.

Key Topics Covered

• Residency & Domicile Planning: Strategies for clients planning to change their state of residence due to retirement, job relocation, or the sale of a business interest.
• State & Federal Tax Overview: A brief look at relevant state and federal laws governing residency changes and their impact on income tax obligations.
• Common Pitfalls: Tips and traps that are often overlooked in residency transitions, which could undermine the intended tax benefits.
• Employer Guidance: Advice for employer-clients on how to correctly report wages for employees working across multiple states.
• State-Specific Legislation: An overview of varying state approaches to multi-state employment and recent safe-harbor legislation in Alabama.

Who Can Attend: Members of ASCPA ($59) and ASCPA Non-Members ($109)

Other Speakers: 

Karen Poist, CPA, Managing Director, State Advisory Services, Stambaugh Ness

For more information. view the event details.