Florida Looking to Lure More Wealthy Taxpayers
The reports regarding many of the nation’s wealthy packing up and moving to different states in order to avoid the high taxes where they currently reside continue to mount. According to one such report, David Tepper, the president of Appaloosa Management L.P., who is the wealthiest resident of New Jersey, is in fact no longer a resident of New Jersey.
Mr. Teppert reportedly registered to vote in Florida last year and then later in December, he took the necessary legal measures to become a resident of state, thus leaving New Jersey in the dust. Then, in January of this year he followed his own move with a business reorganization that also moved his company to Florida. So, why Florida? The state does not have any income or estate taxes.
While those who know him said taxes where not Mr. Teppert’s only motive for the move, his decision could save him hundred of millions in tax dollars. Florida is fast becoming a relocation haven for many of the nation’s wealthiest individuals and state officials recognize the opportunity and are seizing it.
The state has been actively trying to lure many of the wealthiest individuals that currently live in the Northeast, in places like New York, New Jersey, Connecticut and Massachusetts. It appears those efforts are working, as Mr. Teppert is not the only billionaire to make the transition to Florida in the last few years. From 2012 to 2014 the number of firms that run private pooled vehicles, like hedge funds for example, increased in the state from 37 to 62.
It appears that the sunny weather isn’t the only draw to Florida for many of the country’s wealthiest taxpayers.
Cost-Sharing Arrangements – Appeals Court Rules Against Xilinx
Cost-Sharing Arrangements – Appeals Court Rules Against Xilinx Taxpayer loses the Xilinx Case (click this link to see the complete Ninth Circuit Court of Appeals Decision of 5/27/09) in the Court of Appeal on May 27, 2009.Subject to further appeal to the Supreme Court (which almost never happens with tax related cases), the tax benefits of…
5 Steps to Great Time Management
5 Steps to Great Time Management By Yihan Lin: Before you learn how to manage the resources of an organization, you must first be learning time management skills for your own life.Time management skills are founded on this principle: If you don’t manage your own life, no one else will. Therefore it is essential that…
IRS Notice 2009-62 Issued 8/7/09
IRS Notice 2009-62 Issued 8/7/09 The due date for reporting the existence of Offshore Bank Accounts on Treasury Department Form TD F 90-22.1 has been an issue of great confusion in the last few months. Form TD F 90-22.1 is known as Foreign Bank Account Reporting (AKA “FBAR”) For a complete review of this soap…
Income the IRS Can’t Touch
Income the IRS Can’t Touch There’s one readily available and legal source of untaxed income that we know of: municipal bonds. These securities are issued by state and local governments, school districts, hospitals and other public agencies to support community projects and services. To permit these worthy endeavors to raise money economically, Uncle Sam exempts…