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
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NYT Opinion: Prop 40 wealth tax in California will be a "Disaster"
Jul 700:11:10Tap to summarizeAttorney and CPA Chad D. Cummings analyzes the lessons from Europe and the risks of California’s proposed wealth tax in this presentation. Of the twelve industrialized countries that imposed wealth taxes in 1990, nine repealed them by 2025 because the taxes proved difficult to administer, drove wealthy residents away, and generated far less revenue than projected. France lost an estimated 200 billion euros over two decades and repealed its wealth tax in 2018. Stanford economists Joshua Rauh and Benjamin Jaros applied that experience to California’s ballot measure and estimated it would raise only about $40 billion—not the $100 billion claimed—with 30 percent of the targeted billionaire wealth base already having left before the residency deadline. The federal proposal has already dropped the threshold from one billion to fifty million dollars and includes a 40 percent exit tax. This presentation explains how redomestication, paired with a change of personal residency and reduction of business operations in California, allows business owners to move their companies out of California. The process transfers the entity’s domicile without dissolution and without federal income tax consequences when done properly. Learn more: https://www.cummings.law/redomestication/
Transcribe →Uh-Oh: First $1 Billion, Now $50 Million. Wealth Tax "Must Not Stop At Billionaires" [CA Wealth Tax]
Jul 600:12:20Tap to summarizeAttorney and CPA Chad D. Cummings discusses the rapid expansion of wealth tax proposals targeting California business owners in this presentation. What began as a ballot measure marketed as a five percent tax on billionaires has already broadened, with federal proposals now aiming at net worth above fifty million dollars and a 40 percent exit tax for those who leave. California’s aggressive residency audits through the Franchise Tax Board, combined with the pattern seen in other jurisdictions where thresholds creep lower over time, make the risk immediate. Florida and Texas impose no state personal income tax and no wealth tax. This presentation explains 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 California, the direction of these proposals makes clear why now is the time to act. Learn more: https://www.cummings.law/redomestication/
Transcribe →Top 5 Reasons to File a Section 83(b) Election [Ask Your CPA!]
Jul 600:09:06Tap to summarizeAttorney and CPA Chad D. Cummings explains the strategic benefits of timely filing an Section 83(b) election in this presentation. By filing within 30 days of receiving property subject to a substantial risk of forfeiture, you lock in ordinary income recognition at the grant-date fair market value rather than at each vesting date, convert future appreciation into capital gain, start the capital gains holding period immediately, eliminate uncertainty around future tax rates and vesting events, and simplify the treatment of LLC or partnership interests. These advantages can deliver substantial tax savings when the property’s value at grant is low relative to its expected future value, but the election is irrevocable, carries risk if the property is forfeited, and must be filed correctly with no extensions. This presentation covers when the election makes sense, the mechanics, common pitfalls, and why professional guidance is essential. Learn more: https://www.cummings.law/onboard/83b/index.html
Transcribe →How to File an 83(b) Election Online
Jul 500:08:38Tap to summarizeAttorney and CPA Chad D. Cummings explains how to file an Section 83(b) election in this presentation. Under Section 83(b) of the Internal Revenue Code, a person who receives property in connection with the performance of services that is subject to a substantial risk of forfeiture can elect to recognize the fair market value as income at the time of receipt rather than at each vesting date. This election accelerates the taxable event but can convert future appreciation from ordinary income to capital gains, delivering substantial tax savings when the property’s value at grant is low relative to its expected future value, such as with early-stage founder stock. However, the election is irrevocable, must be filed with the IRS within 30 calendar days of the transfer with no extensions, and carries real risk if the property is later forfeited or declines in value. This presentation covers when the election makes strategic sense, the interaction with state taxes, common pitfalls, and why professional guidance from a licensed attorney and CPA is essential before filing. Learn more: https://www.cummings.law/redomestication/
Transcribe →How to Transfer a Company to Texas in 2026: Dell Announces its Redomestication From Delaware [DEXIT]
Jul 300:10:03Tap to summarizeAttorney and CPA Chad D. Cummings discusses Dell Technologies' decision to redomesticate from Delaware to Texas in this presentation. On May 4, 2026, Dell's Board of Directors unanimously approved the move, with a stockholder vote scheduled for June 25. Dell joins Tesla, ExxonMobil, TripAdvisor, Dropbox, and Pershing Square in leaving Delaware for Texas. The company, founded in a University of Texas dorm room, maintains its global headquarters in Round Rock and its largest domestic workforce in Texas. This redomestication aligns the legal domicile with operational reality without dissolving the entity, without creating a new company, and without triggering federal income tax. The company retains its FEIN, contracts, credit history, and NYSE listing. The same redomestication process our firm has successfully completed for over five hundred companies works for businesses of any size. If a Fortune 50 company is making this change, the question for every business owner still domiciled in a high-tax state is what you are waiting for. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Wyoming and keep your EIN
Jul 200:13:14Tap to summarizeAttorney and CPA Chad D. Cummings explains why Wyoming ranks first on the Tax Foundation’s 2026 State Tax Competitiveness Index in this presentation. The state imposes no individual income tax, no corporate income tax, no estate tax, and no inheritance tax, with low sales and property tax burdens. However, Wyoming’s revenue model depends heavily on severance taxes from oil, gas, and coal, creating volatility, and it maintains an uncapped capital stock tax on business net worth. Florida and Texas offer the same zero-income-tax advantage with more diversified economies and larger markets. This presentation shows how redomestication allows business owners to transfer their company’s legal domicile to or from Wyoming 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 considering Wyoming or need to move an existing Wyoming entity, this is the right way to do it. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Wisconsin and keep your EIN
Jul 200:12:35Tap to summarizeAttorney and CPA Chad D. Cummings examines Wisconsin’s mixed tax competitiveness in this presentation. The state ranks 21st on the Tax Foundation’s 2026 State Tax Competitiveness Index with strong sales and property tax components, a uniform property tax system, no estate tax, and an overfunded pension system at 102 percent. However, Wisconsin maintains a high top individual income tax rate of 7.65 percent that the legislature has not reduced and a 7.9 percent corporate rate with a throwback rule and limited expensing. These weaknesses offset the stronger elements of the tax code. Florida and Texas impose no state personal income tax and offer far more competitive environments overall. This presentation shows how redomestication allows Wisconsin business owners to transfer their company to another 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 Wisconsin, the good parts of the tax code cannot fully offset the high income and corporate rates. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of West Virginia and keep your EIN
Jul 100:13:07Tap to summarizeAttorney and CPA Chad D. Cummings examines West Virginia’s tax position in this presentation. The state ranks 32nd on the Tax Foundation’s 2026 State Tax Competitiveness Index with a top individual income tax rate of 4.82 percent and a corporate rate of 6.5 percent. While West Virginia has reduced rates and maintains a fully funded pension system, it carries one of the highest per capita debt loads in the country at $13,160, relies heavily on volatile energy extraction revenue, and imposes local gross receipts taxes that add variable burdens. Florida and Texas impose no state personal income tax and offer more stable, competitive environments. This presentation shows how redomestication allows West Virginia business owners to transfer their company 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 West Virginia, the combination of high debt, commodity-dependent revenue, and ongoing tax burdens makes a compelling case for action. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Washington State and keep your EIN
Jul 100:13:19Tap to summarizeAttorney and CPA Chad D. Cummings explains Washington’s declining tax competitiveness in this presentation. The state ranks 45th on the Tax Foundation’s 2026 State Tax Competitiveness Index after imposing a 9.9 percent capital gains tax, maintaining a multiple-rate Business and Occupation gross receipts tax that applies to revenue regardless of profit, raising its estate tax to the highest rate in the country at 35 percent, and layering additional taxes on digital services and advertising. These changes have erased Washington’s former advantage as a no-income-tax state and created one of the most burdensome tax environments for businesses and high earners. Florida and Texas impose no state personal income tax, no capital gains tax, and no estate tax. This presentation shows how redomestication allows Washington 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 policy direction and tax burdens make clear why now is the time to act. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Virginia and keep your EIN
Jun 3000:13:00Tap to summarizeAttorney and CPA Chad D. Cummings examines Virginia’s tax structure in this presentation. While the state maintains a moderate 5.75 percent individual income tax rate and a 6.0 percent corporate rate, the real burden comes from local taxes. Virginia localities can impose a BPOL gross receipts tax, a business personal property tax with no de minimis exemption, and other levies that vary by jurisdiction, creating significant compliance costs and effective rates that exceed the headline numbers. Combined with nonconformity on expensing and other structural issues, these local taxes make Virginia less competitive than states with no income tax. Florida and Texas impose no state personal income tax and offer far simpler, lower-burden environments. This presentation shows how redomestication allows Virginia business owners to move a company to another 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 Virginia, the local tax layer may justify making the move. Learn more: https://www.cummings.law/redomestication/
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