Taxpayers who move in and out of the country should fully consider the state tax consequences of living and working abroad, Mary Beth Lougen, of American Expat Tax Services, explains in this week’s issue of the Bloomberg BNA Weekly State Tax Report.
Lougen explains the general considerations states use in determining whether a taxpayer is a domiciliary of their jurisdiction, and makes recommendations as to the steps practitioners can help their clients take to minimize risks of state tax liability.
For example, Lougen recommends that taxpayers understand the choices of terminating domicile or keeping it— and know the ramifications of both. If a taxpayer decides to keep their domicile, they should understand what it will cost in the way of taxes and tax preparation fees, so they can speak with their employer about a tax equalization package that includes state tax considerations, Lougen states.
Lougen’s in-depth analysis of this issue, along with a comprehensive 50 state chart on the state tax treatment of expatriates, c an be read here .
In other developments…
How high are capital gains tax rates in your state , the Tax Foundation asks
Taxpayer victory has significant implications for other Texas tax disputes , according to the Texas State and Local Tax Law Blog
Inside the New York Budget Bill Part One: Combined Reporting , a new report by McDermott Will & Emery
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)