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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.

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Accounting Jokes, Videos, Puns and Humor

AdviceForTaxpreparers

What’s an accountants favorite sport to play during busy season? I sold my boat for 100k, do I have to pay taxes? A tax partner once told me about a client who complained that every number on his tax return prepared by the CPA firm was wrong because the amounts had been rounded. Free Tax Staff Guide.

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FIFA World Cup 2022 – Does Captain America Owe Uncle Sam?

Withum

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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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.

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UK tax considerations for E-sports earnings

Menzies

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.

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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.

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Tax Savings for Accountants with Gambling Clients

CTP

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.

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