CPA Practice

NOVEMBER 27, 2023

Corvee, a maker of tax planning technology for businesses and tax pros, has added Augusta Rule deduction filing guidelines into its Instead and Instead Pro tax planning systems. Instead and Instead Pro offer seamless Augusta Rule savings estimation to help plan, calculate, document and file a return.

tax planning 98

tax planning Tax income tax tax return 98

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.

income tax 59

income tax Arizona Florida Tax 59

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?

income tax 119

income tax Tax Sports Nevada 119

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.

income tax 105

income tax Tax Sports payroll 105

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

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 income tax New York Sports 122

MyIRSRelief

DECEMBER 10, 2021

Well, all will soon become clear as we share a very handy guide with you all about state and local tax credits. What exactly is state and local tax? Back in 2017, there was a $10K ceiling placed upon what was previously an unlimited SALT deduction, which was made available for tax years which began in 2018 onwards, through to 2025.

Tax 100

Tax income tax tax planning tax return 100