Episode: How to Minimize Your Exposure To The Franchise Tax Board When Exiting California

Scott Fuller, Founder of LeavingTheBayArea.com and LeavingSoCal.com speaks with David Bellumori, Tax and Corporate Attorney, on residency planning and Franchise Tax Board (“FTB”) residency audits.

California has a sophisticated set of rules that it uses to determine if and when someone is a California resident, and the FTB can be aggressive in pursuing revenue from taxpayers who move out of the state shortly before a significant income event.

Contrary to what is sometimes suggested online, there are no “bright line” tests, and the analysis depends on all the relevant facts and circumstances. Simply moving to another state and registering your vehicle and to vote may not be enough.

Watch our broadcast to learn more about this topic, including what factors the FTB weighs in a residency audit, and to understand why planning your move carefully is so important.

Podcast Hosts:

Scott Fuller has 25 years consulting and sales experience in real estate, professional services and technology with companies such as IBM Global Services and PeopleSoft. Real estate broker and founder of LeavingTheBayArea.com and LeavingSoCal.com, Scott has been featured as a relocation expert on Fox Business, MarketWatch, The Washington Times, KRON4 Bay Area, NBC Bay Area, KABC Los Angeles, NBC4 Los Angeles, SF Gate, San Francisco Business Times, Silicon Valley Business Journal, KGO San Francisco, Bloomberg News, The Washington Post, KCBS San Francisco, Reason Magazine and Zero Hedge.

Guest Interview:

David Bellumori is a tax and corporate attorney in San Jose who counsels clients on a wide range of federal and state income tax issues, including qualified small business stock, like-kind exchanges, foreign financial asset compliance, tax-free reorganizations, mergers and acquisitions, and residency planning. He represents clients in tax controversies before governmental agencies including the Internal Revenue Service, Franchise Tax Board, California Department of Tax and Fee Administration, Office of Tax Appeals, State Board of Equalization, and the United States Tax Court. He also leverages his diverse tax experience to advise individuals and businesses on corporate lifecycle events such as entity formations, operations, reorganizations, divestitures, and dissolutions.

Podcast Transcription

Podcast Host:

Scott Fuller

Founder @ LeavingTheBayArea.com / LeavingSoCal.com

Podcast Guest:

David Bellumori

Tax and Corporate Attorney @Berliner Cohen, LLP

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