#LegalBytes: The Official Podcast of Cummings & Cummings Law

Attorney and CPA Chad D. Cummings explains the single most important document in any redomestication: the Plan of Conversion. Most business owners, CPAs, and even many attorneys have never heard of it, yet without this custom legal instrument, your filings with the Secretary of State may have no legal effect, the transaction can fail, and you risk turning a tax-free move into an expensive mess. This presentation shows exactly what the Plan of Conversion does, why it is required by law in both the origin and destination states, how it preserves your FEIN, contracts, credit history, and bank accounts, and why skipping it is one of the most common and costly mistakes in the process. Online filing services and generic templates cannot prepare a proper Plan of Conversion because it requires the exercise of professional legal judgment. Our firm prepares a custom Plan of Conversion for every engagement, and we have successfully completed hundreds of them. If you are considering moving your company to Florida or Texas, this presentation will show you why working with a licensed attorney who understands this document is essential. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings explains why dissolving your company in one state and forming a new one in another is almost always the wrong move. This common advice from well-meaning professionals can destroy your FEIN, force you to renegotiate every contract, close and reopen bank accounts, reset your credit history, and potentially trigger unnecessary taxes. In this presentation, you’ll see exactly what goes wrong with dissolution and why redomestication is the correct solution. Redomestication transfers your company’s legal domicile to Florida or Texas without dissolving it, without creating a new entity, and without triggering federal income tax when done properly. Your company keeps the same FEIN, the same contracts, the same bank accounts, and the same credit history. The entity that exists after the conversion is the exact same legal entity that existed before. If your CPA or attorney recommended dissolution, this presentation will show you why you need a second opinion before you file anything. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings explains the real limitations of the newly raised SALT deduction cap in this presentation. While headlines tout an increase from $10,000 to $40,000, the full benefit phases out above $500,000 in modified adjusted gross income and reverts entirely to the old $10,000 cap at $600,000. The change is also temporary, expiring after tax year 2029, and high earners in the 37% federal bracket face an additional 35-cent cap on the value of itemized deductions starting in 2026. For business owners with significant pass-through income, this means little to no additional relief on the heavy state and local taxes they already pay. This presentation shows why the SALT adjustment does not solve the core problem for high earners and how redomestication to Florida or Texas removes state income tax exposure entirely. Learn how to transfer your company’s domicile without creating a new entity, without dissolution, and on a completely tax-free basis while preserving your FEIN, contracts, credit history, and bank accounts. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings presents this overview on the accelerating migration of billionaires and high-net-worth individuals to Florida. A $300 million mansion is rising on North Bay Road in Miami, with reports of a major tech billionaire arriving by helicopter and raft to view the property. Larry Page, Sergey Brin, Mark Zuckerberg, Alex Karp, and Howard Schultz have all made major moves to Florida, often accompanied by corporate relocations. The reason is straightforward: Florida imposes no state income tax, while California charges 13.3 percent and New York exceeds 14 percent in high-tax jurisdictions. For business owners, these savings compound dramatically each year. This presentation explains how redomestication allows you to move your company’s domicile to Florida or Texas without creating a new entity, without dissolution, and on a completely tax-free basis while preserving your FEIN, contracts, credit history, and bank accounts. The ultra-wealthy are not waiting. They are already there. If you own a business in a high-tax state, the window to follow their lead and protect your wealth is now. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings breaks down the latest corporate income tax landscape in this timely presentation. Forty-four states still impose a corporate income tax, with top rates reaching as high as 11.5 percent in New Jersey, while three states cut their rates effective January 1, 2026, and thirteen states now sit at or below 5 percent. Florida and Texas stand out with far lower effective burdens and no state personal income tax, making them magnets for businesses seeking to reduce their overall tax exposure. This presentation shows exactly how these differences add up to hundreds of thousands of dollars over time for C corporations and pass-through entities alike. Learn how redomestication enables business owners to transfer their company’s state of domicile to Florida or Texas without creating a new entity, without dissolution, and on a completely tax-free basis while keeping the same FEIN, contracts, credit history, and bank accounts. If your company is domiciled in a high corporate tax state, this could be the strategic move that protects your future profitability. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings presents this timely presentation on the accelerating corporate exodus from Delaware, now known as DEXIT. Major companies including Tesla and ExxonMobil have already redomesticated to Texas, while TripAdvisor, Dropbox, and Pershing Square have moved to Nevada. Even Meta has reportedly considered Texas. This is no longer a niche trend—it is a structural shift driven by Delaware court decisions that created uncertainty for boards and shareholders. Texas and Nevada are stepping up with business-friendly reforms, no personal income tax, and more predictable legal environments. This presentation explains why the default choice of Delaware incorporation is breaking down, what the new alternatives offer, and exactly how redomestication works for companies of any size. Redomestication allows you to transfer your company’s state of domicile to Texas or Florida without creating a new entity, without dissolution, and on a completely tax-free basis while preserving your FEIN, contracts, credit history, and bank accounts. If you are still incorporated in Delaware or any high-friction state, this presentation shows why now is the time to evaluate your options. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings presents this eye-opening presentation on a surprising reality: most Americans know very little about how taxes actually work. According to the Tax Foundation’s National Tax Literacy Poll, the majority of taxpayers cannot correctly identify the top federal income tax rate, do not understand how tax brackets function, and have no idea what share of federal taxes is paid by the top one percent of earners. This lack of knowledge is costing business owners thousands—sometimes hundreds of thousands—of dollars every year. If you don’t understand marginal rates and the true cost of your state’s tax system, you’re likely overpaying without realizing there are far better options. This presentation explains why so many business owners are moving their companies to Florida or Texas and how redomestication gives you a clean, legal way to change your company’s state of domicile without creating a new entity, without dissolution, and without federal tax consequences. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings presents this timely update on a major fiscal warning for business owners. According to The Pew Charitable Trusts, forty states ended fiscal 2025 with tax revenue below their 15-year inflation-adjusted trends, marking the first back-to-back real revenue declines outside of a recession in at least fifty years. With structural budget gaps widening, states are under increasing pressure to raise taxes, broaden the tax base, or create new levies. This presentation breaks down what these shortfalls mean for business owners in high-tax states and why redomestication to Florida or Texas offers a proven way to reduce exposure. The process legally transfers your company’s domicile without creating a new entity, without dissolution, and without federal tax consequences, while preserving your FEIN, contracts, credit history, and bank accounts. If your business is domiciled in one of the forty states now running below trend, the coming tax increases are not theoretical. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings presents this important update on California’s proposed wealth tax and what it really means for business owners. The co-author of the ballot measure, economist Emmanuel Saez, has now confirmed on record that this is not a one-time tax. He openly stated the goal is a recurring, permanent wealth tax on high-net-worth individuals, adding “so be it” to those who choose to leave the state. Tech leaders are already acting: Google co-founders Larry Page and Sergey Brin, Meta CEO Mark Zuckerberg, Palantir CEO Alex Karp, and others have relocated to Florida. This presentation breaks down how the tax would target not just income but accumulated assets—including the value of pass-through businesses—and why redomestication is the cleanest way for California business owners to move their company’s legal domicile to Florida or Texas. The process keeps the same legal entity, the same FEIN, contracts, credit history, and bank accounts intact, with no new entity created and no federal tax triggered when done properly. If you own a business in California and want to get ahead of a tax regime that openly expects people to leave, this shows you the practical path forward. Learn more: https://www.cummings.law/redomestication/

Attorney and CPA Chad D. Cummings provides an overview on New York’s new pied-à-terre tax targeting second homes and investor-owned apartments valued at five million dollars and above. With a projected annual revenue of at least five hundred million dollars, the state is once again choosing to extract more money from property owners instead of addressing its massive budget deficit through spending restraint. This presentation explains how the tax affects business owners whose entities hold New York real estate, why New York continues moving in the opposite direction of the twenty-three states that have cut income tax rates, and how the state’s accelerating population loss to Florida and Texas is only going to worsen. Learn how redomestication allows New York-domiciled companies to legally transfer their state of domicile to Florida or Texas without creating a new entity, without dissolution, and on a completely tax-free basis while keeping their FEIN, contracts, credit history, and bank accounts fully intact. If you own a business with ties to New York and want to escape the state’s relentless tax increases, this presentation shows you the strategic path forward. Learn more: https://www.cummings.law/redomestication/