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Marks Paneth Presents – State Residency and Taxation: Keys to Avoiding Tax Consequences
Many high-net-worth individuals and their families left primary residences to reside in vacation and/or secondary homes during COVID-19, and today, many more are considering relocation due to increased tax rates and the limitation on the state tax deduction. Taxpayers and their advisors should be aware that changes in residency can trigger a number of state and local tax (SALT) issues, and careful planning and compliance is the key to avoiding unintended tax consequences and/or successfully completing a domicile change.

Join Marks Paneth’s tax leaders James M. Brower, Jr. and Jennifer Prendamano as they discuss the rules related to state residency and taxation and what taxpayers and their advisors need to consider when changes to residency occur.

Topics will include:
• Domicile vs. statutory residency
• Double taxation/ state tax crediting
• New York’s Convenience of the Employer Rule
• Issues facing NYC residents
• Florida residency requirements

May 26, 2021 01:30 PM in Eastern Time (US and Canada)

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Speakers

James (Jay) M. Brower, Jr., CPA, MST
Partner, State and Local Tax Leader @Marks Paneth LLP
Jay Brower, CPA, is a Partner of corporate and individual tax compliance and research services at Marks Paneth, LLP. He has more than 20 years of professional experience at the federal, state, and local levels. Mr. Brower's duties also include the development of tax planning and implementation strategies, as well as education and development of the firm's professionals. Mr. Brower provides tax planning and compliance services to clients in the manufacturing, commercial fishing, telecommunications, professional services, retail and transportation industries. Mr. Brower was recognized by the Pennsylvania Institute of Certified Public Accountants as one of the “40 Under 40: PICPA Members to Watch.” He is a frequent speaker on subjects concerning federal and state tax issues including electronic filing; domestic production activities deduction; State and Local income taxes and ASC 740/Fin 48.
Jennifer Prendamano, JD
Director, Tax Services Group @Marks Paneth LLP
Jennifer Prendamano, JD, is a Director in the Tax Services Group at Marks Paneth LLP. To this role, she brings nearly 20 years’ experience in tax controversy matters at the Federal and state and local levels as well as strategic state tax planning and consulting. Ms. Prendamano routinely handles complex state and local tax issues for large, multi-state corporations as well as high net worth individuals, and specializes in IRS examinations, state and local income tax examinations at both the corporate and individual levels, and sales and use tax examinations. In addition, she handles appeals for income tax, corporate tax and sales and use tax audits. She also has experience in performing state and local income tax and sales tax nexus studies for clients to help them determine their sales and use tax and state and local income tax filing responsibilities based on evolving state and local laws.