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Be Mindful of Any Planned Moves: How Residency Affects State Tax Obligations
Posted by Chrissy Hammond on Mon, Aug 24, 2020 @ 01:00 PM

As more options become available to work virtually, people are considering where they want to maintain a home or “domicile,” both for convenience and for personal fulfillment, since they may no longer be strictly tied to working from an office. One of these considerations may be moving to a state with lower taxes, particularly in the wake of changes made in the tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA). Before planning a move to another state, it is important to understand  the concept of “domicile” or “residence,” and how these are defined for state and local tax purposes to avoid unwanted attention from states desperate to find revenue during this pandemic.

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Topics: state and local tax (SALT), SALT, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act

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