Tag Archives: domicile

Making the Move to Another State? Consider These Actions to Avoid Dual State Residency

Whether to be closer to family member or a new job opportunity, individuals are increasingly relocating to another state.  If reduction in the applicable state income tax is a motivating reason, avoiding dual-residency should be a primary objective.  It is very common for owners of certain assets (closely-held businesses, highly-appreciated assets, and/or highly compensated executives … Continue Reading

IRS Defines ‘Spouse,’ ‘Husband,’ ‘Wife,’ and ‘Marriage’ for Tax Purposes

The IRS recently issued final regulations, effective as of Sept. 2, 2016, providing gender-neutral definitions of “spouse,” “husband,” and “wife,” and clarifying the definition of “marriage” for federal income, transfer, and employment tax purposes. Under the new final regulation section 301.7701-18(c), a marriage (same-sex or opposite-sex) will be recognized for federal tax purposes if it is … Continue Reading
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