article thumbnail

Let’s End Tax Break Giveaways for the Fat Cats of Pro Sports

CPA Practice

By Girard Miller, Governing (TNS) With Super Bowl LVIII fresh on our minds, it’s a good time to think twice about the local economics of professional sports. Local public officials are trapped in a no-win situation, which pits their residents’ love for local teams against the perverse economics of tax-privileged stadium financing.

Sports 98
article thumbnail

What Do Taxes Have to Do with the NBA Finals?

CPA Practice

Taylor, Kiplinger Consumer News Service (TNS) NBA finals Game 2 is in the books, and many people who tuned in to see the Miami Heat tie the series with the Denver Nuggets are probably not wondering what a jock tax is. But the NBA Finals—and other sporting events—are connected to taxes in a big way. What is the jock tax?

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

Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

Super Bowl LVIII kickoff time Before delving into IRS sports betting tax rules, it’s good to have the key details of the game. As of Thursday evening, according to Sports Illustrated , it was San Francisco 49ers -2 (-110) v. Supreme Court decision that allowed states to decide whether to legalize sports betting.

Gambling 122
article thumbnail

Friday Footnotes: Work-Life Balance, Does It Work?; Big 4 Firms Slash Job Postings; She Doesn’t Even Go Here! | 2.16.24

Going Concern

This is according to the Illinois CPA Society (ICPAS), which surveyed 449 employers and 433 accounting and finance employees last summer and released its results last month. According to a lobbyist for the Iowa Society of Certified Public Accountants, fewer CPA firms are willing to audit government agencies.

article thumbnail

The Best Tech for Accounting Firms: CPAs Voted for Readers Choice Tech Awards

CPA Practice

CPA Practice Advisor ‘s Readers’ Choice Awards , now in their 20th year, give our readers the chance to spotlight the technologies they most respect and trust to provide client services, manage their firms, and help their clients run their businesses. Thank you to the more than 5,500 readers who participated in voting this year.

article thumbnail

Corvee Adds Augusta Rule Deduction Guidelines for Home Rentals to Tax Planning System

CPA Practice

The Augusta Rule, known as Section 280A by the Internal Revenue Service, allows homeowners in any income bracket to rent out their homes for up to 14 days without the obligation to report the rental income as taxable on their tax return. For more information on Instead, visit www.instead.com.

article thumbnail

Tax Tips for Accountants With Gambling Clients

CPA Practice

The legalization of sports betting and online gambling has led to an explosion in gaming across America. With millions trying their luck, complex tax rules for reporting and deducting gambling winnings and losses present new challenges for taxpayers. From W-2Gs to 1099-Ks, the IRS reporting requirements leave much confusion.