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How States Tax Sports Betting: A Comparative Analysis

Withum

When it comes to sports betting, taxes play a crucial role in shaping the industry. In May 2018, the Supreme Court invalidated The Professional and Amateur Sports Protection Act (PASPA), a federal law enacted in 1992 restricting sports betting in most states. The state levies a tax rate of 36% on sports betting revenue.

Sports 59
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Sales tax and NFTs: Latest developments

TaxConnex

These digitized assets denote ownership of such collectibles as sports cards and artwork, even designer digital footwear. That’s a lot of tax potential, and the feds have started to notice. Nevertheless, how long before states start trying to tap this market to collect sales tax? 408(m) collectible. Not long, it appears.

Sales 147
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New York Business Stifled Due to Federal Research Capitalization Rules

Withum

Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same.

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Does sales tax apply to memberships?

TaxConnex

Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Health and fitness club In some states membership in one of these creates a sales tax obligation; in others it doesn’t.

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On-Demand Webinar: Year-End Tax Planning for Professional Athletes

Withum

Are you an athlete or part of a sporting organization looking to navigate the complex world of taxes? Join this on-demand webinar where Withum’s Professional Sports experts and Rocco Scarfone dive into the complex challenges associated with athletes and taxes. Residency rules for tax purposes.

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Withum Extends Its Agreement With Premier Sports Network for 2024

Withum

Premier Sports Network is pleased to announce it has extended its agreement for a second year with Withum, a Top 25 Public Accounting and Advisory firm in the US. As a Player Care Partner at PSN, Withum has been able to grow its sports desk and portfolio, working closely with some of the highest-performing athletes in US sports.

Sports 59
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Loopholes and other odd sales tax rules, part 2

TaxConnex

Last time we looked at a sample of the strange sales tax laws regarding food, including a sliced bagel in New York. If only that was the only complex category concerning sales tax. Pennsylvania taxes some but not all sports clothes (and pumpkins). This is another area of sales tax constantly in flux.