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
50 State Series: How to move your LLC or corporation out of Minnesota and keep your EIN
May 2500:11:56Tap to summarizeMinnesota has become one of the clearest examples of a high-tax state moving further away from regional tax competitiveness. In this presentation, Chad D. Cummings, CPA, Esq., explains why Minnesota ranks 44th on the Tax Foundation’s 2026 State Tax Competitiveness Index, including its 9.85 percent top individual income tax rate, second-highest corporate income tax rate in the country, alternative minimum taxes on individuals and corporations, capital gains surtax, estate tax, split-roll property tax system, and proposed wealth tax on non-real assets exceeding $10 million. The discussion also compares Minnesota to lower-tax neighboring states and explains the practical cost to pass-through business owners, including how $1 million of annual pass-through income can produce $98,500 in Minnesota state income tax, compared to zero in Florida and zero in Texas. The presentation also explains how business redomestication can transfer a company’s legal domicile to Florida or Texas without dissolving the company, forming a new entity, losing its EIN, disrupting contracts, or sacrificing business credit history when handled with proper legal and tax formalities. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Maryland and keep your EIN
May 2200:11:31Tap to summarizeAttorney and CPA Chad D. Cummings explains Maryland’s aggressive tax increases and declining competitiveness in this presentation. The state now ranks 46th on the Tax Foundation’s 2026 State Tax Competitiveness Index after enacting one of the most aggressive tax packages in the country in 2025, including a new top individual income tax rate of 6.5 percent, higher county income taxes, a capital gains surcharge, and new taxes on digital services. Maryland is also the only state with both an estate tax and an inheritance tax, plus a digital advertising tax. These burdens create a combined individual income tax rate that can reach 9.8 percent in high-tax counties. Florida and Texas impose no state personal income tax and offer significantly lighter overall tax environments. This presentation shows how redomestication allows Maryland business owners to transfer their existing LLC or corporation 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 Maryland, the direction of state policy makes 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 Maine and keep your EIN
May 2200:09:50Tap to summarizeAttorney and CPA Chad D. Cummings explains Maine’s tax situation in this presentation. While the state improved to 26th on the Tax Foundation’s 2026 State Tax Competitiveness Index, that gain came largely from statistical changes in other states rather than meaningful tax reform. Maine still maintains one of the highest corporate income tax rates in the country at 8.93 percent, a throwback rule, limited expensing, and is considering a millionaire’s tax that would push the top individual rate to 9.15 percent. These provisions continue to create significant costs for businesses. Florida and Texas impose no state personal income tax and offer far more competitive environments. This presentation shows how redomestication allows Maine 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 Maine, the current tax structure may justify making the move. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Louisiana and keep your EIN
May 2200:10:16Tap to summarizeAttorney and CPA Chad D. Cummings examines Louisiana’s significant tax reforms and remaining challenges in this presentation. The state has made major progress, replacing its graduated individual income tax with a flat 3.0 percent rate and improving its corporate tax structure, which helped it climb nine places on the Tax Foundation’s 2026 State Tax Competitiveness Index. However, Louisiana still has the highest combined state and local sales tax rate in the country at 10.1 percent, no centralized sales tax administration across 64 parishes, and continues to tax business inventory. This presentation shows how redomestication allows Louisiana business owners to transfer their company’s legal domicile to Florida or Texas 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 Louisiana, the income tax improvements are helpful, but the overall burden remains higher than in states with no income tax. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Kentucky and keep your EIN
May 2100:10:12Tap to summarizeAttorney and CPA Chad D. Cummings examines Kentucky’s tax reform progress and remaining challenges in this presentation. The state has reduced its individual income tax rate to 3.5 percent with a phased path toward further cuts and eventual elimination, representing one of the more ambitious reform efforts in the country. However, business owners must currently navigate a Limited Liability Entity Tax on gross receipts, local income taxes that vary by jurisdiction, an inventory tax, a low Section 179 expensing cap, and a pension system funded at only 54 percent. These structural burdens remain even as the state works toward lower rates. Florida and Texas impose no state personal income tax and offer far simpler, more competitive environments. This presentation shows how redomestication allows Kentucky business owners to convert their company’s legal domicile to Florida or Texas 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 Kentucky, the current costs while waiting for further phase-outs may justify making the move now. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Kansas and keep your EIN
May 2100:10:16Tap to summarizeAttorney and CPA Chad D. Cummings examines Kansas’s tax position in this presentation. The state ranks 23rd on the Tax Foundation’s 2026 State Tax Competitiveness Index with a top individual income tax rate of 5.58 percent that kicks in at a very low income threshold, a graduated corporate rate reaching 7.0 percent, and a throwback rule that taxes out-of-state sales. While Kansas is attempting further reforms, those reductions depend on revenue triggers and remain subject to political risk. Florida and Texas impose no state personal income tax, giving business owners a clear advantage. This presentation shows how redomestication allows Kansas companies to transfer their company's home state to Florida or Texas 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 Kansas, the gap between your current rate and zero is significant and growing. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Iowa and keep your EIN
May 2100:09:29Tap to summarizeAttorney and CPA Chad D. Cummings highlights Iowa’s remarkable tax reform journey in this presentation. The state has climbed from 43rd to 17th on the Tax Foundation’s 2026 State Tax Competitiveness Index with a flat individual and corporate income tax rate now at 3.8 percent and scheduled to drop to 3.5 percent. These changes represent one of the most aggressive reform stories in the country. Yet Iowa still imposes a 3.8 percent state income tax plus local income taxes in many counties, taxes tangible personal property, and faces the largest revenue shortfall relative to trend of any state. Florida and Texas impose no state personal income tax at all. This presentation shows how redomestication allows Iowa business owners to transfer their company to a new state, like Florida or Texas, 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 Iowa, the progress is impressive, but zero remains the better number. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Indiana and keep your EIN
May 2000:09:46Tap to summarizeAttorney and CPA Chad D. Cummings examines Indiana’s tax competitiveness in this presentation. The state ranks tenth on the Tax Foundation’s 2026 State Tax Competitiveness Index with a 3.0 percent flat individual and corporate income tax rate scheduled to drop further. However, Indiana’s 92 counties can add local income taxes ranging from 0.5 percent to 3.0 percent, pushing the effective combined rate as high as 6.0 percent in some areas. This hidden local burden makes Indiana less competitive than its headline rate suggests, especially when compared to Florida and Texas, which impose no state personal income tax at all. For a pass-through business with five hundred thousand dollars in annual income, the difference can exceed twenty-seven thousand dollars per year. This presentation shows how redomestication allows Indiana business owners to move their company to Florida or Texas 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 Indiana, the effective rate you actually pay may justify making the move. Learn more: https://www.cummings.law/redomestication/
Transcribe →50 State Series: How to move your LLC or corporation out of Illinois and keep your EIN
May 2000:09:25Tap to summarizeAttorney and CPA Chad D. Cummings explains why Illinois continues to lose businesses and residents in this presentation. The state ranks 38th on the Tax Foundation’s 2026 State Tax Competitiveness Index with the third-highest corporate income tax rate in the nation at 9.5 percent, the highest property taxes in the country, and public pensions funded at only 52 percent. A proposed constitutional amendment would raise the top individual income tax rate to 7.95 percent and lock it in, removing the legislature’s ability to reverse course. Meanwhile, Florida and Texas impose no state personal income tax and offer far more competitive environments. This presentation shows how redomestication allows Illinois business owners to transfer their company’s home state to Florida or Texas 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 Illinois, the trajectory makes 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 Idaho and keep your EIN
May 2000:10:07Tap to summarizeAttorney and CPA Chad D. Cummings examines Idaho’s strong but not optimal tax position in this presentation. The state has earned a top-ten ranking, climbing to ninth on the Tax Foundation’s 2026 State Tax Competitiveness Index with a flat 5.3 percent individual and corporate income tax rate. While this represents meaningful progress and Idaho offers low debt, strong pension funding, and no estate tax, neighboring states deliver better outcomes. Florida and Texas impose no state personal income tax at all. For a pass-through business generating five hundred thousand dollars in annual income, that 5.3 percent rate equals twenty-six thousand five hundred dollars per year that simply does not exist in those states. This presentation shows how redomestication allows Idaho business owners to change a company's state to Florida or Texas 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 Idaho, this could be the strategic decision that maximizes your long-term savings. Learn more: https://www.cummings.law/redomestication/
Transcribe →