CPA Practice

JUNE 5, 2023

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?

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CPA Practice

AUGUST 19, 2024

athletes have received financial assistance to help them devote their time to training for the games from family, friends, sponsors, international or national sports organizations, their national Olympic committee, or even GoFundMe appeals. What potential taxes face these Olympians on these medals and funds they receive?

Tax 124

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Withum

MARCH 29, 2023

We will start with Jacob DeGrom, who is moving from New York, which has one of the highest state tax rates, to Texas. Texas, on the other hand, has no state income taxes. The top tax rate in New York State (NYS) and NYC for 2022 has increased to 14.78% for any taxpayer with an adjusted gross income over $25 million.

Texas 122

Texas New York income tax Sports 122

Withum

FEBRUARY 29, 2024

Sports fans across the world turned their heads when Shohei Ohtani’s record breaking $700 million contract with the Dodgers was announced. Therefore, Ohtani’s annual Medicare tax withheld from his negotiated $2,000,000 annual cash paid gross salary is $1,643,200 leaving just $356,800 left BEFORE federal and state income tax withholding.

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Withum

FEBRUARY 20, 2024

The tax implications and overall economic impact will be felt throughout the league and the states in which they play. When it comes to state income taxes, professional athletes establish residency in one state and are taxed by each other state relative to the number of “duty days” they spend there.

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Withum

FEBRUARY 29, 2024

Sports fans across the world turned their heads when Shohei Ohtani’s record breaking $700 million contract with the Dodgers was announced. Therefore, Ohtani’s annual Medicare tax withheld from his negotiated $2,000,000 annual cash paid gross salary is $1,643,200 leaving just $356,800 left BEFORE federal and state income tax withholding.

Tax 97

Tax income tax Sports payroll 97

Withum

DECEMBER 19, 2022

Before answering this question, two things need to be considered – income tax treaties and the Qatar World Cup tax exemption. Per the IRS , the United States has tax treaties with several countries. Unfortunately for the USMNT, the US does not currently have an income tax treaty with Qatar. Contact Us.

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CTP

FEBRUARY 29, 2024

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. First, you must classify gamblers, identify your clients in specific categories, and calculate estimated federal income tax.

Gambling 105

Gambling Tax accountant accounted 105

Withum

FEBRUARY 9, 2024

Most of us don’t have hundreds of thousands, millions or even billions of dollars at our disposal to purchase our favorite sports team. However, it is a dream for many sports fans to fantasize about owning a sports team. According to Forbes, the average value of sports franchises has increased over 250% since 2000.

Sports 52

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CPA Practice

NOVEMBER 27, 2023

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.

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Menzies

OCTOBER 27, 2023

Sources of taxable income can include streaming and donation income from sites such as Twitch, YouTube and Patreon; sponsorship or endorsement income; and tournament winnings. Currently the trading allowance is £1,000 income, ignoring expenses, and the tax year runs from 6 April to 5 April.

Sports 59

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CPA Practice

JULY 6, 2023

Nevertheless, you’re supporting a good cause and you will derive some tax benefit for your generosity. More details: If you itemize deductions, you may deduct from your federal income tax bill a charitable contribution of up to $50 per month for the qualified expenses of providing for a foreign exchange student.

Tax 97

Tax income tax Entertainment Sports 97

CPA Practice

FEBRUARY 19, 2025

The quarter percent federal excise tax, also known as the handle tax, "does nothing except penalize legal gaming operators for creating thousands of jobs," said U.S. Rep.Dina Titus, D-Las Vegas.

Nevada 79

Nevada Sports Tax Gaming 79

Withum

AUGUST 8, 2023

Software developers that are in the early stage of evaluation for design ideas to launch new sports websites, as well as improving the existing statistical analysis of their client’s key performance indicators, were required to be capitalized their investment over five years. Does this seem extreme?

New York 96

New York income tax Manufacturing financial statements 96

CPA Practice

JANUARY 10, 2024

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.

Gambling 80

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Anders CPA

AUGUST 30, 2022

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals. The solo 401(k) allows the business owner to make contributions even in reduced income years via the employee contribution.

Entertainment 98

Entertainment Sports income tax tax return 98

Going Concern

FEBRUARY 16, 2024

. “The IRS urges ERC claimants to get with a trusted tax professional and review their qualifications before time runs out on IRS disclosure and withdrawal programs.” The agency announced last month that sports industry losses will be added to the list of items the Large Business and International department addresses.

Real Estate 105

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Withum

MARCH 19, 2024

NEC stands for “non-employee compensation,” because the streamer is not a registered employee of the company, and yet received some type of income in return for the value they provide to the streaming platform. Do you have enough income from the activity to continue to fund said activity?

Gaming 105

Gaming Tax Non-Profits Sports 105

DMCL

JUNE 13, 2022

Day camps, sports schools, overnight camps and in-home care are all great options for ensuring your child is taken care of while out of school, but it’s important to know the limits on claiming any associated expenses as childcare expenses. Day camps and sports camps/schools. Overnight camps. Siblings and relatives.

Sports 52

Sports Tax income tax 52

MyIRSRelief

APRIL 3, 2023

The credit can be applied against both income tax and payroll tax liabilities. Q: What is the Work Opportunity Tax Credit? A: The Work Opportunity Tax Credit is designed to encourage businesses to hire individuals who face barriers to employment, such as veterans, ex-felons, and individuals with disabilities.

accountant 130

accountant accounted Account accounting and finance 130

ThomsonReuters

APRIL 14, 2022

This includes things from airline tickets to healthcare and luxury items like watches and sports cars. The IRS media relations representative explained on April 8, 2022 that the federal government does not currently accept virtual currencies for the payment of any federal taxes. employment taxes). What is cryptocurrency?

New York 119

New York Tax Illinois Florida 119

CPA Practice

MAY 15, 2024

The awards also let professionals see the technologies and best workflow practices their peers are using, which can help them stay competitive in the constantly-evolving tax and accounting space. Thank you to the more than 5,500 readers who participated in voting this year. Now, on to the results!

Technology 119

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Withum

AUGUST 24, 2023

When the news broke on June 7, 2023, that Lionel Messi, the larger-than-life Argentinian footballing icon, would play the next two and a half years of his career with Inter Miami FC in the United States, a buzz took over the sports world that only he could create. He does, however, owe tax in other states where he will play his away matches.

Sports 52

Sports Florida income tax New York 52

CTP

APRIL 11, 2025

Whether or not this is what their future holds, athletes on well-loved college and even high school sports teams can build a career here and nowthanks to something called name, image, and likeness (NIL) rights. Read on for an overview of key things to keep in mind when it comes to tax planning for student athletes. self-employment tax.

tax planning 52

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CPA Practice

APRIL 17, 2023

And now, the results are in: IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation Insight : As was true in every year of voting, the tax prep system category is always the most voted-on, with nearly all respondents selecting a preferred system. We thank the more than 5,000 professionals who participated in voting this year.

quickbooks 130

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Going Concern

JUNE 16, 2023

In court documents, the CRA argued the law “does not permit the claimed RCA deductions,” and that Bautista’s RCA is “not a ‘pension plan’ or a ‘retirement compensation arrangement’” as defined by the Income Tax Act. The CRA will also refund the 50 per cent portion of all contributions that it withheld.”

income tax 52

income tax Sports Tax Florida 52

ThomsonReuters

DECEMBER 1, 2023

As explained by the IRS , this limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,890,000. Also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2023 is $28,900 (up from $27,000 in 2022).

tax return 97

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SkagitCountyTaxServices

AUGUST 26, 2021

Per the Treasury , the bill will target tax increases on big corporations (raising the corporate income tax — i.e. C-corps — to 28%, among other moves) while protecting the majority of small businesses (around 97%). Did we mention tax courts?

business tax 80

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Withum

AUGUST 7, 2023

If a taxpayer purchases a new clean vehicle, the maximum federal income tax credit for personal clean vehicle energy purchases is $7,500 once provided the critical mineral and battery component requirements are met. Are There State Income Tax Incentives for the Purchase of a Clean Vehicle?

income tax 52

income tax New Jersey Manufacturing Sports 52

xendoo

NOVEMBER 1, 2021

Meals with clients can also be deducted from your taxes, though only when these meals also serve as business meetings. If you and a client decide to see a movie or sporting event, these entertainment costs will not count among your normal and necessary business expenses. VoIP or video conferencing services. eCommerce business software.

Tax 95

Tax Transportation tax return bookkeeping 95

Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. The additional credit received for kilowatt hours cannot exceed $5,000.

Tax 52

Tax income tax Manufacturing accounting and finance 52

Going Concern

JULY 14, 2023

Prior to joining DLA, John served as a Partner with two National professional services firms, where he was the subject matter expert on business combinations, impairment analysis, income tax accounting, stock compensation, revenue recognition, and going concern analysis.

North Carolina 98

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FraudFiles

FEBRUARY 3, 2022

Personal income tax returns (Form 1040) for the last 5 years, including any amended returns. W-2 and/or pay stubs for all years for which personal income tax returns have not yet been completed or filed. Copies of personal financial statements prepared for any purpose in the last 3 years.

Real Estate 52

Real Estate tax return income tax financial statements 52

xendoo

APRIL 8, 2022

A tax deduction and tax credit can both save you money on taxes, but they are different terms. . Tax deductions can lower the amount of taxable income. For example, tax brackets–a range of annual income–are used for income tax. Therefore, there is no deduction for them.

business tax 97

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Accounting Insight

FEBRUARY 21, 2023

Entertainment Entertainment expenses include any costs you incur for social or recreational activities; this includes food and drinks at restaurants or parties, tickets to sporting events, or other activities that help provide entertainment for employees or customers.

Travel Expense Management 59

Travel Expense Management Expense Management Entertainment Technology 59

CPA Practice

JUNE 20, 2024

The number of private equity buyers on the floor at AICPA Engage and Scaling New Heights was stunning, as we spotted PE employees in their sports jackets wandering the floors or sitting in meetings. I listened to the pitches and learned about several PE firms’ desired targets. One PE presenter claimed that there are 3.5

Technology 52

Technology income tax quickbooks bookkeeping 52

LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. He didn’t even land in jail for murder!

Tax 52

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