The U.S. Supreme Court recently issued its decision in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Trust. The Court unanimously determined that the residency of in-state beneficiaries alone is an insufficient basis for a State’s taxation of trust income where (1) the beneficiary did not receive distributions of trust income, (2) the … Continue Reading
Snowbirds need to be concerned about their residency status for income tax purposes in light of Hurricanes Harvey and Irma. Clients who retreated to New York or clients who had planned to travel from New York to Florida but could not find transportation, need to know the effect of spending more time in New York. … Continue Reading
A taxpayer changing domicile to outside New York faces a daunting task, especially when the New York residence is not abandoned. The taxpayer must have the intent to make the new location his or her new permanent home and act on this intent. To determine what is in a taxpayer’s mind is not always an … Continue Reading
