article thumbnail

Going, Going…Gone: Will Medicare Tax Liability Strike Out Shohei Ohtani’s Annual Salary?

Withum

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

article thumbnail

Shohei Ohtani’s Deferred Compensation Comes With Shocking Tax Obligations

Withum

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

Tax 97
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Tax expert advises “be prepared early” for potential TCJA changes

ThomsonReuters

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. 115-97 ) of 2017 brought about significant changes to the U.S.

Tax 98
article thumbnail

Treasury, IRS Unveil Long-Delayed Crypto Tax Reporting Rules

CPA Practice

The proposal acknowledges the likely delay by giving cryptocurrency brokers more time before being required to deliver more information to the IRS—forms would be required in 2026, covering transactions in the 2025 tax year. The letter—from Elizabeth Warren, D-Mass., Bob Casey, D-Pa., Richard Blumenthal, D-Conn., government.”

Tax 98
article thumbnail

Monday Morning Accounting News Brief: Accounting Firms Ditch Zoom Interviews; Mississippi’s Best CPA Exam Candidates | 8.28.23

Going Concern

2022 state income tax refund might be coming. Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” I was trying to find out when my Pa. Dead silence. But now I understand.