AI and tax prep: Practitioners weigh the pros and cons accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.
In 2020 the ultra-rich got richer Now they re bracing for the backlash reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Elon Musk, who says he has relocated to Texas from
California, is just the latest billionaire to announce a move that could deliver big tax savings. The mechanics of how the rich can enjoy those savings, however, are complicated and involve jumping through a few more hoops than simply announcing that they have moved from Los Angeles to Dallas, or New York to Miami. Spending a certain number of days out of the state, or changing documents like voter registration and drivers’ licenses, are unlikely to be enough.
Take, for example, California, which Musk has decried as “complacent.” About 700 auditors are employed by the state’s Franchise Tax Board, according to a spokesman for the agency. For many of them, the sole job is to check on taxpayers who have claimed to have left the state. Residency audits can take years to complete, and include scrutiny of business relationships, family and community ties, and the location of prized possessions like artwork and heirlooms, accordi