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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.

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Cashflow Strategies for the Sports & Entertainment Industry

KROST

This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Understanding the Complexities of Tax for Professional Athletes” by Alan Lo. The post Cashflow Strategies for the Sports & Entertainment Industry appeared first on KROST. CPA, MAcc & Randall Poe.

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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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Potential Tax Savings for Minority Owners of a Sports Team

Withum

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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Loan-Out Corporations – Maximizing Tax Savings & Financial Flexibility for Sports & Entertainment Professionals

KROST

Loan-out corporations are widely used by sports and entertainment professionals as a tax and financial strategy. These corporations offer a wide range of benefits to individuals, such as tax advantages and enhanced financial flexibility.

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2023 state legislatures break even on efforts to tax sports wagering?

ThomsonReuters

With the recent start to the NFL season, sports wagering is a popular topic of conversation among football fans. Earlier this summer, Kentucky, North Carolina, and Vermont all enacted laws that legalize and tax sports wagering activities. In June,  Vermont House Bill 127  legalized sports wagering in Vermont.

Sports 52
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IRS cracks down on illegal sports betting

Accounting Today

The Internal Revenue Service's Criminal Investigation division is targeting illegal activity tied to sports betting as the pro football season gets underway.

Sports 118