#LegalBytes: The Official Podcast of Cummings & Cummings Law

In this presentation, I will provide you with some of the most common 401(k) governance issues overlooked by plan committee members who are ERISA fiduciaries. I will explain the ERISA requirements of plan fiduciaries, as well as how these committee members may ensure they proactively review fee benchmarks and Investment Policy Statements on a regular basis while ensuring all committee reviews are...

In this presentation, I will provide you with an explanation how owners of small organizations can maximize their tax savings while also significantly contributing to their employees’ retirement savings with the overview of stacking a cash balance plan on top of a 401(k) Plan.  I will also discuss why offering only a 401(k) Plan is not sufficient for an owner’s retirement accumulation in a tax-fav...

In this presentation, I will provide you with an overview of the the Trump Savings Accounts including who is eligible, the contribution limit which can be contributed annually as well as the pilot program for the federal seed contribution for newborns born between 2025 through 2028. I will also discuss the process for parents to establish the Trump Savings Account for each eligible child and then...

In this presentation, I will provide you with overview of important legal considerations for an organization preparing an incentive compensation plan.  I will also discuss detailed Fair Labor Standards Act regulations regarding payment of incentive compensation to non-exempt (hourly paid) employees along with overtime recalculation requirements for nondiscretionary bonus payments.   Finally, I wil...

In this presentation, I will provide you with an overview of the federal requirements of a Qualified Domestic Relations Order (QDRO).  I will also share with a list of common hidden risks of a QDRO including the need for the document to address timing of the alternate payee distribution, whether the post-division alternate payee award should include investment, discussion of account award in the e...

In this presentation, attorney and CPA Chad D. Cummings examines the dramatic outflow of wealth from Massachusetts following the enactment of the 4% "millionaires tax" surtax. According to IRS migration data analyzed by the Pioneer Institute, $4.18 billion in adjusted gross income left the state in a single year—more than the previous year despite fewer people departing. The outmigrants carried ex...

In this presentation, attorney and CPA Chad D. Cummings explains why Delaware is losing its long-held dominance as the preferred state for corporate incorporation. Once chosen for the predictability of its Court of Chancery and the business judgment rule, Delaware’s legal environment has become increasingly unpredictable, as highlighted by the high-profile Tornetta v. Musk ruling and growing conce...

In this presentation, attorney and CPA Chad D. Cummings breaks down why so many businesses are leaving California. A February 2026 report reveals that California’s regulations contain 3,737 restrictive constraints—far more burdensome than most states—contributing to the state’s lowest business start rate in the nation. Layered on top of this heavy regulation is one of the highest tax burdens in th...

In this presentation, attorney and CPA Chad D. Cummings explains why the choice of where your company is domiciled can cost or save you tens of thousands of dollars every year. Eight states—Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Wyoming, and New Hampshire—impose no individual income tax at all. For owners of pass-through entities like LLCs, S corporations, and partnerships, this...

In this presentation, attorney and CPA Chad D. Cummings examines the accelerating migration of major companies and billionaires away from high-tax states like California and New York. From Palantir moving its headquarters to Miami, to ExxonMobil reincorporating in Texas, SpaceX and Tesla relocating to Texas, Oracle heading to Nashville, and numerous billionaires choosing Florida and other low-tax...

In this presentation, attorney and CPA Chad D. Cummings reveals why Florida has become the top destination for businesses in America. With nearly 700,000 new businesses formed in 2025 and over 67,000 filings in January 2026 alone, Florida leads the nation in business relocations and economic growth. Discover the powerful advantages — no state income tax, no inheritance tax, lower operating costs,...

In this presentation, I will explain how cash balance plans for profitable professional practices and closely held businesses can be integrated with 401(k) plans to allow employers to fund a greater annual retirement benefit for employee and reduce taxable income for the organization. I will also explain how a cash balance plan is an addition to a 401(k) plan, not a replacement to ensure maximum r...

In this presentation, attorney and CPA Chad D. Cummings breaks down a report of the accelerating corporate exodus from high-tax states like New York and California. With 561 companies relocating headquarters since 2018, Texas alone captured 100 moves while the San Francisco Bay Area suffered a net loss of 156. Discover why businesses are choosing lower taxes, reduced costs, and stronger growth in...

In this presentation, Chad D. Cummings, CPA, Esq. breaks down the New York Post report and Steve Fulop’s warning on 77 WABC Radio that several major companies—including iconic New York City brands with over a century of history—are actively exploring relocation to Florida and Texas due to Mayor Zohran Mamdani’s aggressive tax agenda. He examines the proposed corporate tax increases that would rais...

Twenty-five businesses closed in one region of Michigan in a single year, and the state is now considering more than doubling its income tax rate. In this presentation, attorney and CPA Chad D. Cummings examines the real-world impact of rising operating costs, shrinking margins, and proposed tax increases on small and mid-sized businesses, and why these pressures often lead to closures or relocati...

Yamaha’s decision to leave California after nearly five decades is the latest signal in a growing pattern of corporate departures from high-cost, high-regulation states. In this presentation, attorney and CPA Chad D. Cummings examines why companies across industries are relocating to states such as Texas, Florida, Georgia, and Tennessee, and what those decisions reveal about the current business c...

Five states have experienced a sharp decline in tax competitiveness, while others have rapidly improved through deliberate reform. In this presentation, attorney and CPA Chad D. Cummings analyzes the Tax Foundation’s 2026 State Tax Competitiveness Index and explains how the widening divergence between high-tax and low-tax states is reshaping where businesses choose to locate and grow. The discussi...

A Californian earning $500,000 per year can reduce state income tax liability by more than $51,000 annually by relocating to Florida, and the long-term impact compounds into substantial wealth. In this presentation, attorney and CPA Chad D. Cummings examines the tax arithmetic behind that savings, the migration data confirming that billions in income are already moving to low-tax states, and the c...

According to one esteemed financial advisor in Massachusetts, about half of his wealthy clients in the Commonwealth have either left or are planning to leave, and the IRS data confirms that billions in income are moving with them. In this presentation, attorney and CPA Chad D. Cummings examines the accelerating outflow of high earners from Massachusetts following the adoption of the 4 percent surt...

Six states now impose double-digit income tax rates, and more are considering similar increases. In this presentation, attorney and CPA Chad D. Cummings analyzes the growing divergence in state tax policy, where some jurisdictions are aggressively raising rates while others continue to reduce or eliminate them. The discussion explains how this widening gap increases the risk for business owners in...

Elon Musk’s effort to remove a Delaware judge from his cases highlights a broader issue that extends far beyond a single dispute. In this presentation, attorney and CPA Chad D. Cummings explains why a company’s state of incorporation determines which courts, judges, and legal standards govern its most important internal matters, including shareholder disputes and fiduciary duties. The discussion e...

Illinois is losing businesses at an accelerating rate, and the data confirms the trend is not slowing. In this presentation, attorney and CPA Chad D. Cummings analyzes the sustained outflow of companies from Illinois , the structural drivers behind that movement, and why states such as Florida and Texas continue to attract the same category of employer. The discussion explains how tax burden, regu...

ExxonMobil’s decision to move its legal domicile to Texas from New Jersey after more than a century is not a symbolic gesture. It is a strategic use of redomestication, a legal process that allows a company to change its home state while preserving its EIN, contracts, bank accounts, and operating history. In this presentation, attorney and CPA Chad D. Cummings explains what redomestication is, how...

A growing list of major companies has relocated from California to Texas , and the pattern is no longer isolated or industry-specific. In this presentation, attorney and CPA Chad D. Cummings examines the accelerating shift of corporate headquarters to cities such as Austin, Dallas, Houston, and Fort Worth, and the consistent factors driving those decisions, including tax structure, regulatory burd...

Washington State’s proposed 9.9 percent tax on income above $1 million does not take effect until 2028, but the planning window is already open. In this presentation, attorney and CPA Chad D. Cummings examines the mechanics of Senate Bill 6346, including the marriage penalty embedded in the statute, the effective tax rates at various income levels, and why reducing adjusted gross income becomes ce...