Posts by Zoe H. PeppasAssociate
One of the more obscure provisions in the New York residency law, known as the 548-Day Rule, allows a New York-domiciled taxpayer to be treated as a nonresident simply by spending lots of time out of the United States for an 18-month period.
Over the past few years, we’ve seen a mass exodus of taxpayers leaving New York. Why? Well, first there was the COVID-19 pandemic; that didn’t help. But in the middle of the pandemic, the State raised the personal income tax rates to some of the highest in the nation. That didn’t help either! And then we had issues around a declining standard of living in New York City, empty office buildings, remote work, and safety issues, all leading more New Yorkers to seek out more friendlier climates.