Tax residency can be a daunting and intricate aspect of financial planning. For high-net-worth individuals and business owners, navigating the complexities of state tax laws is essential. In this episode, we demystify the rules surrounding tax residency and provide valuable insights on how to protect your wealth while ensuring compliance with state regulations. As our experts elaborate, tax residency is not simply a matter of where you live; it's about understanding the various factors that determine residency status and the implications it can have on your financial situation. We start by discussing the two primary tests for determining tax residency: statutory residency and domicile. (More)

Among the lasting economic effects of the COVID-19 pandemic was a seismic shift in the way Americans conceptualize the workplace, as well as the rapid development of new technologies that allow many types of work to be performed from nearly anywhere. A Pew Research Center survey conducted in October 2024 found that, among employed adults with jobs that can be performed at home, 75 percent work remotely at least some of the time.[1] In 2023, 35 percent of such individuals worked from home all the time. (More)

Reporting companies covered by the Corporate Transparency Act's (CTA's) beneficial ownership information (BOI) reporting requirement do not have to file the reports while an injunction remains in place, the Financial Crimes Enforcement Network (FinCEN) said Friday morning. Companies that do not file BOI reports also are not subject to liability while the injunction remains in place, FinCEN said. However, the estimated 32 million small businesses covered by the reporting requirements may submit their BOI reports voluntarily, FinCEN said. (More)

As lawmakers work through the reconciliation process, permanently enacting improvements to deductions for capital investment and research and development (R&D) costs will create an economically powerful package. On the other hand, if lawmakers give in to budgetary pressures and only make temporary improvements to cost recovery, it will undercut what would otherwise be a powerful economic incentive to invest in the United States. The corporate income tax applies to profits—revenues minus costs—but defining costs isn’t always straightforward, especially for major capital investments. (More)