Description
When your client is changing domicile to a different state—whether for tax advantages, business purposes, or personal reasons—what tax considerations must be addressed regarding both your client's business and personal residence?
Join Matthew Foreman, Co-Chair of Falcon Rappaport & Berkman’s Taxation Practice Group, for a comprehensive analysis of domicile and residency considerations for business owners. This course will explore the key challenges and strategies involved in relocating a residence or business to another state to optimize tax advantages.
Topics that will be covered include:
> Residency and Domicile of Individuals
- Who is a resident?
- Key factors of domiciliary: What is the “intent” of the individual?
- Knowing who’s a non-resident
- Who gets taxed (and how)?
- Best practices for residency and domicile planning
> Residency of Business
- Limitations: How the Commerce Clause and Due Process Clause come into plan
- Nexus requirements and clarifications
- Allocation of Income: Determining what state is the income source
- Apportionment of Income: Determining how much income comes from a state
> How to defend or appeal a domicile audit
This program provides attorneys and advisers the most up-to-date complex tax laws and other considerations for business owners looking to relocate to a more tax friendly state.