Podcast
#LegalBytes: The Official Podcast of Cummings & Cummings Law
Hosted by Cummings & Cummings Law · EN
Legal, tax, financial, accounting, and estate planning concepts for business owners and their families
144episodes
Episodes
Newest firstAll episodes
NYC exodus continues: how to move your company out of New York and keep your EIN [step-by-step]
2w ago00:13:42Tap to summarizeAttorney and CPA Chad D. Cummings presents this powerful presentation on New York’s shrinking share of the nation’s millionaires. The Citizen Budget Commission, a nonpartisan fiscal watchdog, found that New York’s share fell from 12.7 percent in 2010 to 8.7 percent in 2022, the steepest decline of any state. Had New York maintained its 2010 share, the state would have collected $10.7 billion more in personal income tax revenue in 2022 alone. The top one percent of earners pay approximately 45 percent of all state income taxes. When those earners leave, nearly half the income tax base leaves with them. Mayor Zohran Mamdani responded by filming a video outside Ken Griffin’s $238 million Manhattan penthouse announcing the pied-à-terre tax, projected to raise $500 million per year. The departures are costing $10.7 billion. The ratio is 21 to 1. For every dollar the new tax generates, the millionaire exodus removes twenty-one dollars from the state’s income tax base. New York has lost more residents to every other state than it has gained from any of them, with Florida and Texas as the top destinations. A taxpayer earning five million dollars in New York City owes approximately $700,000 in combined state and city income taxes. In Florida or Texas that figure is zero. Over ten years the difference is seven million dollars. The data show the cost of remaining has exceeded the cost of leaving. Learn more about transferring your company out of NYC: https://www.cummings.law/redomestication/move-business-out-of-new-york/
Transcribe →NYC's new pied-à-terre tax: how to transfer a company out of NYC and keep the EIN [step-by-step]
2w ago00:11:52Tap to summarizeAttorney and CPA Chad D. Cummings presents this powerful presentation on New York City’s new pied-à-terre tax. The tax was sold as targeting 31,000 luxury second homes. Mayor Zohran Mamdani’s administration then published a searchable database containing more than 960,000 residences and individuals, complete with full names and addresses. The list includes modest homes in working-class neighborhoods of the Bronx and Staten Island. Council Minority Leader David Carr found his own home on the list and called the publication reckless. Author Alex Berenson reported that his 81-year-old mother, a full-time resident of her townhouse for 30 years, received a letter claiming she owed $56,000. City Hall projects $500 million in annual revenue while the City Comptroller projects $340 million to $380 million and declining collections as owners sell, dispute, or leave. The mayor announced the tax by filming a video outside Ken Griffin’s penthouse. New York ranks 50th on the Tax Foundation’s 2026 State Tax Competitiveness Index. The pattern is familiar: the tax is proposed as limited to the wealthiest, the threshold is set high, and the implementation expands dramatically. Redomestication is the legal process of transferring a company out of New York without dissolving it. When paired with a change of personal residency and a reduction of New York operations, it can reduce or eliminate state tax exposure for the entity and its owners. Learn more: https://www.cummings.law/redomestication/move-business-out-of-new-york/
Transcribe →Moving to a new state? Don't dissolve your business. Do this instead: redomestication
2w ago00:14:49Tap to summarizeAttorney and CPA Chad D. Cummings presents this powerful presentation on the five permanent consequences of dissolving an entity instead of redomesticating it. The federal employer identification number does not survive dissolution and a new entity receives a new FEIN with no filing history, no tax elections, and no administrative continuity. Contracts bind a dead entity, limited liability protection disappears, and known and unknown liabilities reach the owners personally. Bank accounts tied to the old FEIN are closed and must be rebuilt from zero, including merchant processing and credit relationships. Dissolution can trigger taxable gain recognition at both the entity and owner levels under the Internal Revenue Code, while properly structured redomestication is a non-taxable reorganization. Credit history, vendor terms, and years of credibility remain attached to the dissolved entity and do not transfer. Redomestication preserves the FEIN, the contracts, the bank accounts, the tax attributes, and the credit profile because the entity continues to exist. Every one of these consequences is permanent and every one of them is avoidable by instead redomesticating your company to a new state. Learn more: https://www.cummings.law/redomestication/
Transcribe →How to move an LLC or corporation out of Seattle and keep the EIN [step-by-step]
2w ago00:12:29Tap to summarizeAttorney and CPA Chad D. Cummings presents this powerful presentation on the controlled experiment playing out between Seattle and Bellevue. Downtown Seattle lost 30,000 jobs after imposing the JumpStart payroll tax in 2020, while Bellevue ten miles across the lake imposed no such tax. The Downtown Seattle Association reported on June 15, 2026 that the result has been a slowdown, not a jump start. Downtown Seattle office values fell 48 percent from 2020 to 2025 while Bellevue’s rose 7 percent. Seattle’s central business district vacancy climbed from 6.7 percent to 32 percent. Amazon has grown from 450 employees in Bellevue to more than 15,000 and directed major housing and transportation investment there. Seattle collected hundreds of millions in payroll tax revenue and lost half the value of its office district. The same pattern appears at the state level, where Washington ranks 45th on the Tax Foundation’s 2026 State Tax Competitiveness Index and high-profile departures to Florida continue. Two cities, same labor market, same geography. One changed the tax. The results are in. Learn more about transferring a company out of Washington: https://www.cummings.law/redomestication/move-business-out-of-washington/
Transcribe →How to move your LLC or corporation to Texas from New York [step-by-step]
2w ago00:12:45Tap to summarizeAttorney and CPA Chad D. Cummings presents this powerful presentation on the decision by Apollo Global Management to establish its second headquarters in Austin and explains how to move a company out of New York while keeping the EIN, contracts, and bank accounts intact. The firm manages approximately one trillion dollars in assets and has been based in New York for its entire history. CEO Marc Rowan evaluated Austin, Miami, Palm Beach, and Nashville before selecting Texas, where most future hiring will occur. New York ranks 50th on the Tax Foundation’s 2026 State Tax Competitiveness Index while Texas ranks 7th and imposes no individual income tax. The same decision calculus that applies to a firm with four thousand employees applies to a firm with four. Headquarters location and state of incorporation should be deliberate choices, not defaults. Learn more: https://www.cummings.law/redomestication/move-business-out-of-new-york/
Transcribe →How to move an LLC or corporation to Texas and keep the EIN [step-by-step]
2w ago00:13:56Tap to summarizeAttorney and CPA Chad D. Cummings examines a new law review article that challenges the traditional assumptions about where a company should be incorporated in this presentation. Professor Carliss Chatman of SMU Dedman School of Law argues that the internal affairs doctrine, which made Delaware the default for generations, governs only a small share of a company’s actual legal exposure. Most disputes arise from environmental, employment, consumer, contract, and regulatory matters that are litigated where the company operates, not where it is chartered. The article also shows that reincorporation into Texas creates no new franchise tax that operations had not already produced and proposes a practical three-part test for the incorporation decision. This presentation explains why incorporation should be a deliberate choice rather than an inheritance, and how redomestication allows business owners to transfer their company’s legal domicile to Texas or Florida without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. Learn more: https://www.cummings.law/onboard/texas.html
Transcribe →How to move your LLC or corporation out of New Jersey [step-by-step]
2w ago00:11:06Tap to summarizeAttorney and CPA Chad D. Cummings examines Exxon Mobil’s decision to redomesticate from New Jersey to Texas and the opposition it faced from major proxy advisory firms in this presentation. After 144 years of incorporation in New Jersey, Exxon asked shareholders to approve a move to Texas. Institutional Shareholder Services and Glass Lewis recommended against it, citing investor protections, even as both firms were engaged in litigation against the Texas Attorney General over a disclosure statute. Shareholders ultimately approved the relocation, joining Tesla, Dell Technologies, and other major companies that have already made the same move. This presentation shows how redomestication allows business owners of any size to move a business out of New Jersey without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. The choice of domicile belongs to the owners of the company. Learn more: https://www.cummings.law/redomestication/move-business-out-of-new-jersey/
Transcribe →Report: Here's Where Wealth Is Moving In America + How Business Owners Can Transfer Their Companies
3w ago00:10:58Tap to summarizeAttorney and CPA Chad D. Cummings analyzes the latest IRS migration data and the accelerating wealth shift to no-income-tax states in this presentation. In 2023, Florida gained $21 billion in adjusted gross income from interstate moves, more than the next five states combined, while California lost $12 billion, the largest outflow of any state. Over the four-year period from 2019 to 2023, Florida gained $137 billion and California lost $91 billion. The states gaining wealth are those with no individual income tax, while the states losing wealth are those with the highest rates and the highest costs of doing business. This presentation shows how redomestication allows business owners to transfer their company’s legal domicile to a new state without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in a state losing income and population, the IRS data confirm the direction and the urgency. Learn more: https://www.cummings.law/redomestication/
Transcribe →Another billionaire leaves Washington: how business owners are taking their companies with them
3w ago00:10:33Tap to summarizeAttorney and CPA Chad D. Cummings examines the latest high-profile relocation from Washington to Florida in this presentation. Gabe Newell, the co-founder and CEO of Valve, purchased a $70.8 million waterfront estate in Manalapan, Florida, joining Jeff Bezos, Howard Schultz, and other Washington billionaires who have already left the state. Washington ranks 45th on the Tax Foundation’s 2026 State Tax Competitiveness Index after imposing a 9.9 percent capital gains tax and raising its estate tax to the highest rate in the country at 35 percent. Florida imposes no state personal income tax, no capital gains tax, and no estate tax. This presentation shows how redomestication allows business owners to transfer their company out of Washington state without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business in Washington, the pattern of departures and the state's response make the decision clear. Learn more: https://www.cummings.law/redomestication/move-business-out-of-washington/
Transcribe →How business owners are transferring their companies out of California [step-by-step]
3w ago00:11:47Tap to summarizeAttorney and and CPA Chad D. Cummings examines Texas’s historic overtaking of California in Fortune 500 headquarters in this presentation. For the first time, Texas leads California 57 to 56 on the 2026 Fortune 500 list, a reversal driven by companies including ExxonMobil, Chevron, Samsung Electronics America, SpaceX, and X relocating their headquarters or legal incorporation to Texas. Texas corporations now generate more revenue as well, and the gap is expected to widen as California’s high-tax environment and proposed wealth tax continue to drive capital and talent out of the state. California ranks 48th on the Tax Foundation’s 2026 State Tax Competitiveness Index with a 13.3 percent top individual income tax rate, while Texas ranks 7th and imposes no individual income tax. This presentation shows how redomestication allows business owners to transfer their company’s legal domicile out of California without dissolving the entity, without creating a new company, and on a completely tax-free basis while preserving the same FEIN, contracts, credit history, and bank accounts. If you own a business still domiciled in California or another high-tax state, the direction of headquarters migration is clear. Learn more: https://www.cummings.law/redomestication/move-business-out-of-california/
Transcribe →