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Realizing Savings by Changing Residency

Industry: Bottles/Containers, Distribution-Manufacturing
Revenue: N/A

Challenge: The owner of a S Corp headquartered in Missouri, moved his state of residence to Florida.  However, the change was not properly reflected in his state tax returns.

Solution: The tax experts at Brown Smith Wallace helped him realize the tax savings resulting from his change in residency.  He apportioned the S Corp's income on his Missouri non-resident individual return rather than have it taxed at 1005 as a Missouri resident.  As we amended his tax returns, he saw a tax savings of $100,000 over three years.

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