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Tax Complexities of Clients Residing in Multiple States

Be prepared for tax implications and audit issues that may arise for your clients maintaining residency in multiple states.

Just about every day I talk to an accountant in Texas about her client who has an apartment in New York, or a financial planner in Connecticut about his client that is working on a project in Florida, or the owner of a closely held business who is thinking about retirement, finally ready to split for warmer climes. Clients are on the go more than ever, and your knowledge of relevant state and local income tax issues and planning opportunities should keep up. This topic will help you understand and plan for the income tax implications of taxpayers residing or maintaining a presence in multiple states, and it will prepare you to handle audit issues before they arise. This topic will help you keep up with your clients' state and local income tax needs, and add value as they move around the country, or the world.

Runtime: 86 minutes
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Defining Tax Residence Across the U.S. and Local Jurisdictions

  • Common Definitions -- Domicile vs. Statutory Residency vs. Temporary and Transitory
  • Successfully Changing Residency From State to State
  • Tests Applied to Determine Residency and Best Practices for Record Keeping

Perils of Dual Residency - Audit Issues

  • Scope of Residency Audits, Hot Topics
  • Income Tax Audit Techniques and Statutes of Limitation
  • Implications on Federal Taxes and State Re-Audits

Flipside of Residency - Nonresident Income Allocation

  • Taxpayers "Resident" in a Single State, With Income Allocated Elsewhere
  • Allocating Deferred Compensation and Employment Income - Audit Issues
  • Allocation Issues Unique to Athletes and Performers

Taking Advantage of Resident Tax Credits

  • Varying Treatment of Resident Credits at State and Local Levels
  • Reciprocal Agreements
  • Amending Returns to Revise Resident Credits and Audit Issues

Miscellaneous Topics for Taxpayers With a Presence in Multiple Jurisdictions

  • Foreign Residency and Foreign Work Assignments
  • Allocating Deferred Compensation
  • Residency Checklist Items / Social Media and Intent / Case Studies
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Daniel P. Kelly, Esq.

Daniel P. Kelly, Esq.

Hodgson Russ LLP

  • Attorney in the Palm Beach, FL & Buffalo / New York, NY offices of Hodgson Russ LLP
  • Practice emphasizes all aspects of New York State, New York City, Florida, and multistate tax planning, tax controversy, and abandoned property obligations and audits
  • Conducts regular seminars and workshops on numerous aspects of state and local tax law, including presentations on multistate sales and use tax issues in the hotel industry, multistate tax residency and income allocation matters, and multistate unclaimed property matters in the last twelve months
  • Author of several publications related to New York and multistate income, franchise, and sales tax matters
  • J.D. degree, magna cum laude, SUNY Buffalo Law School; B.A. degree, magna cum laude, Syracuse University; admitted to practice in New York & Florida
  • Can be contacted at [email protected] or (716) 848-1561
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Product ID: 397052
Published 2016
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