More than half -- 55% -- of those who have worked remotely during the pandemic are unaware that a failure to change their state tax withholding to reflect their remote work situation could result in tax consequences, a survey from the American Institute of CPAs has found.
Since 42% of American currently employed have worked remotely at some point during the COVID-19 pandemic, the number of people who could see their tax situation change is large, said the American Institute of CPAs, which noted that working remotely can have tax implications that vary from state to state.
The survey of more than 2,000 adults conducted in October by The Harris Poll, found that 71% were not aware that working remotely in other states can have an impact on the amount of state taxes they owe.
In addition, 54% were unaware that the number of days worked outside of the state where their physical workplace is located may also affect the amount of state taxes owed.
The AICPA recommends that remote workers compile a list of states in which they worked remotely during 2020, track or approximate the number of days worked in each state, and check those states’ tax withholding requirements.
Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.
Futures indicate stocks will build on Tuesday's rally.
Cost of living still tops concerns about negative impacts on personal finances
Financial advisors remain vital allies even as DIY investing grows
A trade deal would mean significant cut in tariffs but 'it wont be zero'.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
