[Chardo1]

I'm considering a move to Florida. I own part of a New York business (S-corp), also receive salary. If I become a full time Florida resident, is my salary and/or K-1 profit taxed in NY?

[FireStation46]

https://www.foxbusiness.com/economy/...s-how-to-leave

[Chardo1]

Originally Posted by FireStation46

https://www.foxbusiness.com/economy/...s-how-to-leave

Thanks, but I'm not looking to maintain any residence in NY. I would be 100% Florida, but earning income from a NY company.

[FireStation46]

Originally Posted by Chardo1

Thanks, but I'm not looking to maintain any residence in NY. I would be 100% Florida, but earning income from a NY company.

“Geoffrey Weinstein, special counsel in the Tax, Trusts & Estates Department of Cole Schotz, told FOX Business that it’s “very hard to fake” a change of domicile because states put the burden of proof entirely on the taxpayer – and the criteria can be very particular.”

Check with your accountant and attorney.

Good luck trying to slip NY’s grip

[Chardo1]

Originally Posted by FireStation46

“Geoffrey Weinstein, special counsel in the Tax, Trusts & Estates Department of Cole Schotz, told FOX Business that it’s “very hard to fake” a change of domicile because states put the burden of proof entirely on the taxpayer – and the criteria can be very particular.”

Check with your accountant and attorney.

Good luck trying to slip NY’s grip

Again, I'm not trying to fake anything. No burden of proof needed. Selling my house in NY, moving to FL and living there 365 days a year.

[beach43ofus]

Seek legal help here in Florida. Maybe talk to a CPA too that has experience with lots of S-Corp clients. I'd ask the local Chamber of Commerce for help finding professional advice. This is too important to take advice on this forum.

I moved from Georgia, and own an S-Corp too. I just reincorporated it in Florida. Weird thing here in Florida is that you must use your home address if you act as your own registered agent. That was instituted to control crooked home repair contractors who flooded storm damaged areas and fleeced homeowners.

I live in a gated community and my business has almost zero eposure from people being able to find out where I live. I own a B2B not a B2C, and most of my biz is repeat happy clients from all across the USA and Canada, and I pay my suppliers fast, so no worries there either. If I owned a B2C, or if I had lots of local clients, I would have hired a registered agent to try to keep my home address out of the public record, if that is even possible here. Mostly because I wouldn't want my clients to know the value of my home.

I tried to find a law firm to set up the new S-Corp, but had no luck. I wound up going online and doing it all myself. It wasn't that tough, but you must have a home address, and not just a business address. I rented for 1 year before I bought, so I delayed transfering the business until I had the address of our newly built home.

Also, I read it was best NOT to dissolve my Georgia S-Corp for at least 1 year after establishing the Florida S-Corp. I dont recall why, and it might not pertain to New York, but ask the lawyer you hire about that. I kept the same Federal ID #, and company name, so it was just an address change. That made things easier too.

Keep in mind that if you have more than 2 employees, Florida may require you to carry liability insurance, and possibly workmans comp. Ask about that too.

Good luck!

[Chardo1]

Originally Posted by beach43ofus

Seek legal help here in Florida. Maybe talk to a CPA too that has experience with lots of S-Corp clients. I'd ask the local Chamber of Commerce for help finding professional advice. This is too important to take advice on this forum.

I moved from Georgia, and own an S-Corp too. I just reincorporated it in Florida. Weird thing here in Florida is that you must use your home address if you act as your own registered agent. That was instituted to control crooked home repair contractors who flooded storm damaged areas and fleeced homeowners.

I live in a gated community and my business has almost zero eposure from people being able to find out where I live. I own a B2B not a B2C, and most of my biz is repeat happy clients from all across the USA and Canada, and I pay my suppliers fast, so no worries there either. If I owned a B2C, or if I had lots of local clients, I would have hired a registered agent to try to keep my home address out of the public record, if that is even possible here. Mostly because I wouldn't want my clients to know the value of my home.

I tried to find a law firm to set up the new S-Corp, but had no luck. I wound up going online and doing it all myself. It wasn't that tough, but you must have a home address, and not just a business address. I rented for 1 year before I bought, so I delayed transfering the business until I had the address of our newly built home.

Also, I read it was best NOT to dissolve my Georgia S-Corp for at least 1 year after establishing the Florida S-Corp. I dont recall why, and it might not pertain to New York, but ask the lawyer you hire about that. I kept the same Federal ID #, and company name, so it was just an address change. That made things easier too.

Keep in mind that if you have more than 2 employees, Florida may require you to carry liability insurance, and possibly workmans comp. Ask about that too.

Good luck!

Thanks. I don't intend to move or change my S-corp for various reasons. There are other people involved with the company who will still be in NY.

[Chardo1]

Ok, I have the answer from my CPA. As long as it's a NY corp with a NY office, the income will be taxed in NY because it is NY sourced and there is NY nexus. I would need to reincorporate in FL and drop the NY office. Which is a whole different set of issues.

[expatCA]

Originally Posted by Chardo1

Ok, I have the answer from my CPA. As long as it's a NY corp with a NY office, the income will be taxed in NY because it is NY sourced and there is NY nexus. I would need to reincorporate in FL and drop the NY office. Which is a whole different set of issues.

I am dealing with a similar issue with CA due to having 2 S Corps there.

[FireStation46]

Originally Posted by Chardo1

Ok, I have the answer from my CPA. As long as it's a NY corp with a NY office, the income will be taxed in NY because it is NY sourced and there is NY nexus. I would need to reincorporate in FL and drop the NY office. Which is a whole different set of issues.

Glad you checked. I had a feeling NY will want to hold you hostage to get your money