Key Takeaways
- An Overview of Multi-State Tax Issues and How They Impact Residency
- Understanding Residency vs. Domicile
- How California Interprets Domicile
- California Residency Audits
- Why It is Important to Deal With Multi-State Tax and Residency Issues
An Overview of Multi-State Tax Issues and How They Impact Residency
Three key highlights:
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The first thing states like California look at for residency purposes is where your domicile is. Analysis of residency factors comes second.
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There are substantial tax savings from shifting residency out of high tax states.
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California and other states are aggressively auditing individuals and businesses. Protecting yourself is critical.
Multi-state tax issues do not just impact businesses. In fact, they impact people probably a lot more than they impact businesses. The reason for that is people move around a lot more than businesses do. This is especially true if you live in one state during part of the year, then live in a different state the rest of the time.
