Congress to protect ex-partners of former partnerships — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
More former business owners can rest easy in retirement. Here’s why: Congress is expected to protect ex-partners of former partnerships from having states pursue them for back taxes. The whole story: Some states have aggressively pursued taxes on the non-qualified deferred compensation of employees who’ve moved out of state. Their reasoning: The employees earned the income while they were state residents. A 1995 federal tax law exempted employees who move in retirement to no-tax or low-state states. Now, Congress is expected to amend the law to provide the same protection to ex-partners of former partnerships.
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