Episode 161: IN FOCUS: Hot Topics in State Tax Residency - Audit Enforcement and Wealth Taxes with Tim Noonan (Hodgson Russ)

Join Jonathan I. Shenkman, President & CIO of ParkBridge Wealth Management, as he goes “IN FOCUS” to explore more advanced wealth planning topics.

This week, we go IN FOCUS where we explore more advanced wealth planning topics.

Today, we are joined by Timothy Noonan from the law firm Hodgson Russ LLP based in Buffalo and New York City. Tim will be discussing “Hot Topics in State Tax Residency: Audit Enforcement and Wealth Taxes.”

By way of background, as taxpayers continue to flee high-tax jurisdictions, states are continuing to ramp up audit and enforcement efforts. Over the past year, New York City has been a focal point, with fears about what a new mayoral administration will mean for life (and taxes) in the City and the corresponding increase in tax enforcement that’s expected. On the other side of the country, the possibility of an unprecedented wealth tax is not only spooking many of that state’s wealthiest taxpayers (and sparking an exodus out of the state), but it’s also causing consternation for high-net worth taxpayers across the country, with fears that a California wealth tax could be the start of similar dominoes falling in many other states. In this session, we’ll review the latest trends in state tax enforcement in the residency area, with a focus on New York. We’ll also explain what’s happening in California and talk about the possibilities of wealth taxes spreading to other states.

***UPCOMING LIVE SPRING WEBINAR: My next webinar is on Thursday, May 28th @ 8:30am on “Designing Resilient Estate Plans: Planning to Avoid Litigation” featuring Asher Lowenstein, Esq., Founder of Lowenstein Legal PLLC based in Long Island, NY. You can register here: https://us02web.zoom.us/webinar/register/WN_0AMJF8MeTaegYhG83U36dg***

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