Members of the media are invited to attend and/or arrange an interview with respected accounting and legal tax professionals whose experience include defending aggressive scrutiny tactics in revenue-starved states. If you or a colleague plan to attend the event, please RSVP to jeanne@cmmstrategic.com.
At a time when federal tax reform has escalated the cost of living in the states of New York, New Jersey, Connecticut and Illinois, as well as a number of other states, residents continue to weigh their options – including whether to establish residency in Florida. As a result, revenue-starved states are intensifying their scrutiny of individuals and families attempting to change their residency status during a mass migration for tax purposes.
Withum’s Barry Horowitz, CPA, MST, a partner in Withum’s State and Local Tax Services based in the firm’s New York City Office, and Ted Nappi, CPA/PFS, CSEP, team co-leader of the firm’s Private Client Services based in the Red Bank office, will be joined by Alvan Bobrow, Esq., a partner in the State and Local Tax Practice of New York City-based law firm Akerman LLP for the following “hot-topic” forum. Each is available to provide commentary on this weighty subject matter to members of the media in advance of, the evening of or in the days following the event.
| Who | Top-ranked CPA firm WithumSmith+Brown, PC (Withum) along with Withum Wealth Management
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| What | is hosting an informational forum entitled “Avoiding the Pitfalls of Establishing Florida Residency and Allocation Rules” to offer advice for establishing successful residency and avoiding common pitfalls |
| When | Tuesday, May 21, 2019 from 4 p.m. to 7 p.m. |
| Where | The Oyster Point Hotel, 146 Bodman Place, Red Bank NJ 07701 |
Why: In the wake of exorbitant tax burdens being imposed by many states, in conjunction with the ability to work from remote locations easier than ever before, many high-net-worth individuals and families are now considering making a move to change their place of domicile. While Florida is the top choice for changing residency, the six other income-tax-free states include Wyoming, Washington, Texas, South Dakota, Nevada and Alaska.
Issues to be addressed include:
- Best practices for establishing Florida residency in the current enforcement climate
- Understanding domicile vs. statutory residency vs. allocation of income
- How a “change of residence income tax return” should be correctly prepared
- Planning for the state tax examination
- Overview of recent cases and rulings
- Common mistakes in estate planning
- What to do and not do in establishing Florida residency
About Withum
Established in 1974, Withum is a national top-ranking public accounting firm providing advisory, tax and audit services to businesses and individuals on a local-to-global scale. In addition to its office in New York City, Withum is headquartered in Princeton, N.J., and has a presence in major financial centers including Boston, MA; Philadelphia, PA; Washington, DC.; and Orlando, FL. Withum also is an independent member of HLB, the global advisory and accounting network.