#LegalBytes: The Official Podcast of Cummings & Cummings Law

Cummings & Cummings Law

Legal, tax, financial, accounting, and estate planning concepts for business owners and their families

  1. 2d ago

    50 State Series: How to move your LLC or corporation out of New York and keep your EIN

    New York ranks dead last on the Tax Foundation’s 2026 State Tax Competitiveness Index, below New Jersey, California, and every other state in the country. In this presentation, Chad D. Cummings, CPA, Esq., explains why New York has become the clearest warning sign for business owners, including its 10.9 percent top state income tax rate, New York City’s 3.876 percent income tax, combined state and city rate reaching 14.776 percent, tax benefit recapture rule, convenience of the employer rule, estate tax, aggressive corporate tax structure, highest state and local debt per capita in the country, and new pied-a-terre tax on second homes and investor-owned apartments valued at $5 million or more. On $1 million of annual pass-through income, a New York City business owner can face $147,760 of state and city income tax, compared to zero in Florida and zero in Texas. The presentation also explains how business redomestication can transfer a company out of New York without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/

    13 min

  2. 2d ago

    50 State Series: How to move your LLC or corporation out of New Mexico and keep your EIN

    New Mexico has fallen from 20th to 28th on the Tax Foundation’s 2026 State Tax Competitiveness Index, making it one of the five most-declined states over the last six years. In this presentation, Chad D. Cummings, CPA, Esq., explains why New Mexico is losing ground, including its 2025 corporate tax increase to a flat 5.9 percent rate, 5.9 percent top individual income tax rate, gross receipts tax that pyramids through business-to-business transactions, combined state and local gross receipts tax rates reaching 9.44 percent, high per capita tax collections, energy-revenue dependence, and public pension plans funded at only 68 percent. The discussion also explains why New Mexico’s low property taxes and absence of an estate or inheritance tax do not offset the burden imposed on business owners through income taxes and gross receipts taxes. On $500,000 of annual pass-through income, New Mexico’s 5.9 percent income tax produces $29,500 of state income tax, compared to zero in Florida and zero in Texas. The presentation also explains how business domestication can transfer a company’s legal domicile to Florida or Texas without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/

    12 min

  3. 2d ago

    50 State Series: How to move your LLC or corporation out of New Jersey and keep your EIN

    New Jersey is one of the least competitive tax states in America, ranking 49th on the Tax Foundation’s 2026 State Tax Competitiveness Index, with only New York ranking worse. In this presentation, Chad D. Cummings, CPA, Esq., explains why New Jersey has remained near the bottom for more than a decade, including its 11.5 percent top corporate income tax rate, 10.75 percent top individual income tax rate, marriage penalty, inheritance tax, exit withholding on real property sales, and some of the highest property tax burdens in the country. The discussion also explains why New Jersey’s income tax, enacted in 1976 to reduce property taxes, did not replace the property tax burden but instead became an additional layer on top of it. On $1 million of annual pass-through income, New Jersey’s 10.75 percent income tax produces $107,500 of state income tax, compared to zero in Florida and zero in Texas. The presentation also explains how business redomestication can transfer a company’s legal domicile to Florida or Texas without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/

    12 min

  4. 3d ago

    50 State Series: How to move your LLC or corporation out of New Hampshire and keep your EIN

    New Hampshire ranks third on the Tax Foundation’s 2026 State Tax Competitiveness Index after eliminating its interest and dividends tax on January 1, 2025, making it the only state in the Northeast with no individual income tax. In this presentation, Chad D. Cummings, CPA, Esq., explains why New Hampshire’s no-income-tax and no-sales-tax structure gives it a major regional advantage, while also addressing the costs that replace those taxes: a 7.5 percent Business Profits Tax, a separate Business Enterprise Tax based on compensation, interest, and dividends, limited expensing, a short net operating loss carryforward period, some of the highest property taxes in the country, and public pension plans funded at only 70 percent. For business owners leaving Massachusetts, Connecticut, New York, or other high-tax Northeastern states, New Hampshire may offer meaningful income tax relief, but its corporate and property tax structure can reduce the savings. The presentation also explains how business redomestication can transfer a company’s legal domicile to Florida or Texas without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/

    11 min

  5. 3d ago

    50 State Series: How to move your LLC or corporation out of Nevada and keep your EIN

    Nevada has no individual income tax and no corporate income tax, but that does not make it automatically equal to Florida or Texas for business owners. In this presentation, Chad D. Cummings, CPA, Esq., explains why Nevada ranks 20th on the Tax Foundation’s 2026 State Tax Competitiveness Index despite receiving a tied-for-first ranking on the individual income tax component. The discussion covers Nevada’s Commerce Tax on gross receipts, Modified Business Tax on payroll, above-average sales tax rate, weaker unemployment insurance tax structure, and the practical difference between corporate domicile and operational domicile. Nevada remains a strong option for incorporation, with no franchise tax, no capital stock tax, no estate tax, no inheritance tax, and one of the most director-favorable business judgment rules in the country. But for owners who live and operate outside Nevada, the no-income-tax benefit does not materialize unless residency, operations, and entity planning align. The presentation also explains how business domestication can transfer a company’s legal domicile without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/

    12 min

  6. 3d ago

    50 State Series: How to move your LLC or corporation out of Nebraska and keep your EIN

    Nebraska has made real progress on tax rates, but lower rates do not fix a tax code with structural traps. In this presentation, Chad D. Cummings, CPA, Esq., explains why Nebraska ranks 22nd on the Tax Foundation’s 2026 State Tax Competitiveness Index, including its 5.2 percent top individual income tax rate, 4.55 percent flat corporate income tax rate, scheduled corporate rate reduction to 3.99 percent, and one of the strongest public pension systems in the country at 98 percent funded. The discussion also addresses the problems that remain, including Nebraska’s convenience of the employer rule for remote workers, one-day nonresident filing and withholding rule, capital stock tax, above-average property taxes, inheritance tax, and revenue shortfalls that could prevent future scheduled rate cuts. On $500,000 of annual pass-through income, Nebraska’s 5.2 percent income tax produces $26,000 of state income tax, compared to zero in Florida and zero in Texas. The presentation also explains how business redomestication can transfer a company to another state without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/

    12 min

  7. 4d ago

    50 State Series: How to move your LLC or corporation out of Montana and keep your EIN

    Missouri has one of the better tax codes in the country, but “better” is not the same as “tax-free.” In this presentation, Chad D. Cummings, CPA, Esq., explains why Missouri ranks 12th on the Tax Foundation’s 2026 State Tax Competitiveness Index, including its 4.0 percent flat corporate income tax rate, strong corporate and unemployment insurance tax rankings, capital gains exemption, low per capita tax collections, solid pension funding, and absence of a throwback rule, capital stock tax, inventory tax, gross receipts tax, estate tax, or inheritance tax. The discussion also addresses the limits of Missouri’s position, including its 4.8 percent top individual income tax rate, local earnings taxes in Kansas City and St. Louis, high combined sales tax rates in many jurisdictions, and the fact that the proposed income tax phase-out has not yet passed. On $500,000 of annual pass-through income, Missouri’s state income tax produces $24,000 of tax, and the figure can exceed $27,000 when local earnings taxes apply. In Florida and Texas, the same state-level personal income tax figure is zero. The presentation also explains how business redomestication can transfer a company to a new state without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/

    11 min

  8. 4d ago

    50 State Series: How to move your LLC or corporation out of Missouri and keep your EIN

    Missouri has one of the better tax codes in the country, but “better” is not the same as “tax-free.” In this presentation, Chad D. Cummings, CPA, Esq., explains why Missouri ranks 12th on the Tax Foundation’s 2026 State Tax Competitiveness Index, including its 4.0 percent flat corporate income tax rate, strong corporate and unemployment insurance tax rankings, capital gains exemption, low per capita tax collections, solid pension funding, and absence of a throwback rule, capital stock tax, inventory tax, gross receipts tax, estate tax, or inheritance tax. The discussion also addresses the limits of Missouri’s position, including its 4.8 percent top individual income tax rate, local earnings taxes in Kansas City and St. Louis, high combined sales tax rates in many jurisdictions, and the fact that the proposed income tax phase-out has not yet passed. On $500,000 of annual pass-through income, Missouri’s state income tax produces $24,000 of tax, and the figure can exceed $27,000 when local earnings taxes apply. In Florida and Texas, the same state-level personal income tax figure is zero. The presentation also explains how business redomestication can transfer a company to a new state without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/

    11 min
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Legal, tax, financial, accounting, and estate planning concepts for business owners and their families

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