David A. Hughes participated in the Simply Tax Podcast hosted by BKD’s Damien Martin to discuss the Illinois Fair Tax amendment and potential residency ramifications.
David discussed what all the fuss is about over the Fair Tax amendment and what Illinois taxpayers need to consider if they want to change their state of residency if the amendment passes.
The episode covered:
- The Illinois “Fair Tax”.
- Some potential ramifications of a graduated income tax.
- Circumstances where changing residency may make sense and be a viable option.
- Factors for evaluating a change of residency.
- Overcoming a presumption of residency.
- Best practice for approaching SALT implications of telecommuting amid the pandemic.