Le Lézard
Classified in: Business, Covid-19 virus
Subjects: SVY, ACC

Tax Expert Recommends Caution For Work-At-Home Employees


STAMFORD, Conn., Jan. 19, 2022 /PRNewswire/ -- IRS Enrolled Agent and CERTIFIED FINANCIAL PLANNERtm Eric Meermann of Palisades Hudson Financial Group, LLC has a message for those working from home: Be sure you know the impact on your taxes.

Employees who work in one state and live in another have navigated potential income tax complications for years. Yet the COVID-19 pandemic substantially increased the number of workers facing this issue. In a new article for Palisades Hudson Financial Group, where he is a vice president, Meermann discusses why remote workers who live across state lines from their employers may need to pay close attention when filing state tax returns.

Meermann says, "The major expansion of remote work during the pandemic raised the question for many more taxpayers: If you work at home, do you owe taxes in the state where your office is located, even if you never go there?"

The answer depends on which states are involved. It may also depend on why the employee is working from home.

In the article, Meermann explains the difference between the tax concepts of "domicile" and "residency." He also examines common approaches states take to their residents working elsewhere. These can include reciprocal arrangements or variations on the "convenience of the employer" rule.

Taxpayers should know which arrangements, if any, apply to their situation. This allows them to plan effectively. They can also be sure they have paid any state taxes they owe in full and on time.

In addition, Meermann examines new developments specific to the pandemic. Massachusetts, for example, created new pandemic-only rules that have thus far weathered legal challenges. Meermann notes that in some states, COVID-related relief is already going away, creating further confusion even as new variant spikes keep some workers at home.

A tax professional with more than twenty years of experience, Meermann has provided expert opinions to journalists at publications including The New York Times, Forbes, BusinessWeek, Kiplinger's Retirement Report and The Pittsburgh Post-Gazette. In addition to regularly contributing to the firm's newsletter, he is among the authors of Palisades Hudson's books, "The High Achiever's Guide to Wealth" and "Looking Ahead: Life, Family, Wealth and Business After 55." Senior client service associate Victoria Romaniello, who has since departed the firm, also contributed to the article

Contact: Amy Laburda,
[email protected]

 

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SOURCE Palisades Hudson Financial Group LLC


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News published on 19 january 2022 at 17:34 and distributed by: