Episode 62: Leaving the State - Baker Tilly's Chris Parker Shares Strategic Tax Prep for Relocation

Thinking about leaving the Golden State for a more tax-friendly environment? You're not alone, and Chris Parker from Moss Adams is here to help. Join us for an enlightening conversation about the intricacies of tax-compliant relocation as we explore practical strategies for establishing residency in a new state. Chris recounts his unexpected career shift from biotech law to tax law and shares his passion for guiding diverse clients through the delicate process of severing ties with California. With Californians increasingly seeking refuge in lower-tax states, this episode promises to equip you with essential knowledge for a successful transition. Unravel the complexities of establishing new roots beyond California's borders as Chris walks us through the meticulous steps required to substantiate your new residency claim. From obtaining a driver's license to actively participating in local community life, each action plays a crucial role in convincing the Franchise Tax Board of your move's permanency. We also touch on how these changes can affect your charitable giving habits, potentially shifting your support to organizations within your new home state. Don't miss Chris's expert advice on maintaining proper documentation and timing your financial transactions to avoid unwanted scrutiny during residency audits. Concluding our conversation, Chris offers invaluable insights on managing the emotional and practical aspects of selling a family home when relocating. Chris clearly demonstrates his commitment to providing top-notch guidance to clients both within and outside California. Listening, you'll hear the benefit of his wealth of experience and ensure you're prepared for any potential tax obligations that may arise as you embark on your new adventure. Contact Chris at [e-mail] or call Chris: 916-503-8266 For more information on what we provide at Captrust visit www.captrust.com. You can contact me, Kelly Brothers, through the show at: [e-mail] To reach me at Captrust visit www.captrust.com/locations/sacramento-ca/ (00:00) Tax and Relocation Services Conversation Chris Parker from Moss Adams discusses tax-compliant relocation services for Californians, the firm's merger with Baker Tilly, and the trend of Californians moving to lower-tax states. (11:46) Establishing Residency in a New State Timing, residency verification, and impact on charitable giving are important considerations when relocating from California. (24:00) Residency and Tax Considerations for Relocation Understanding tax implications and residency rules when selling a family home and moving to a new state. (38:20) Residency Audit and Tax Advice Nature's residency challenges when moving from CA to another state, including FTB audits and maintaining consistent activity patterns. (44:20) Expert Advice From Chris Parker Nature's financial advice from Chris Parker of Moss Adams, upcoming merger with Baker Tilly, and gratitude for his contributions.