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