RUCHELMAN

View Original

Stanley C. Ruchelman Talks S.A.L.T., Residence, and Audit Prep with Bloomberg BNA

Stanley C. Ruchelman spoke with Bloomberg BNA's Daily Tax Report about the recent trend of high-income New Yorkers seeking to move to more tax-friendly states since the T.C.J.A. introduced a cap on S.A.L.T. deductions.

In an article published on August 15, 2018, Mr. Ruchelman was quoted on New York’s rules for defining what constitutes a resident for tax purposes and the likelihood of a New York State audit. For taxpayers seeking lower tax rates, Mr. Ruchelman advises, "Cut your contacts with the state if you want to sleep at night."

Ruchelman has created a checklist of more than 30 items for clients seeking to leave New York. Among other things, it recommends that if a New York residence is maintained, it should be in a resort area. Conversely, a new residence outside the state should be in a residential, not a vacation, area.

Read the Full Article: Leaving New York to Get Tax Relief? Prepare to Be Audited