Accounting Today

SEPTEMBER 13, 2023

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

Sports 128

Sports Tax 128

TaxConnex

MARCH 5, 2024

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

Sales Tax Wisconsin Minnesota 147

CPA Practice

SEPTEMBER 9, 2024

5, the IRS Criminal Investigation unit reminded taxpayers that illegal sports gambling can result in criminal charges ranging from money laundering to tax evasion. The annual revenue from the illegal sports betting market in the U.S. IRS-CI also noted that nearly 50% of Americans have bet on sports at some point in time.

Sports 52

Sports Gambling tax return Tax 52

CPA Practice

NOVEMBER 4, 2024

2—A trend is forming in the Boston sports scene: if a team struggles, state taxes are blamed for the poor performance. The Florida Panthers, the 2024 Stanley Cup winners, lead the division, playing in a state without income taxes. Bruins fans can also blame an unexpected culprit: State taxes.”

Massachusetts 111

Massachusetts income tax Tax Sports 111

Withum

JANUARY 13, 2023

Premier Sports Network is proud to announce its new agreement with Withum, a Top 25 national accounting firm with expertise in professional athlete accounts. Withum’s Professional Sports Practice helps traditional athletes and professional esports, sports teams and clubs navigate complex tax regulations in an industry unlike any other.

Sports 105

Sports Account accounted accountant 105

TaxConnex

DECEMBER 5, 2023

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.

South Carolina 264

South Carolina Sales Tax West Virginia 264

Menzies

OCTOBER 27, 2023

If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? If you are earning more than the trading allowance in Esports income in a tax year, then you should be reporting this to HMRC as a self-employment business.

Sports 59

Sports Tax tax return chartered accountant 59

KROST

OCTOBER 26, 2023

This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Client Accounting Service Strategies for Success in the Sports & Entertainment Industry” by Stacey R. The post Client Accounting Service Strategies for Success in the Sports & Entertainment Industry appeared first on KROST.

Entertainment 91

Entertainment Sports Account accounted 91

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

Tax income tax Sports Gaming 124

Withum

JANUARY 17, 2024

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

Sports public accounting Entertainment Education 59

Withum

FEBRUARY 28, 2024

Withum is excited to share that Josh Horowitz , Team Leader of Withum’s Professional Sports and Esports Services Teams, has been named to the U.S. Advisory Board of Premier Sports Network (PSN). As a leader of the Professional Sports Services Team, Josh has a deep understanding of the complex taxation that professional athletes face.

Sports 52

Sports Tax Start-ups Account 52

Accounting Today

JULY 25, 2024

Kratom ka-boom; what a sport; treed; and other highlights of recent tax cases.

Tax 121

Tax Sports tax preparation 121

TaxConnex

JULY 13, 2023

As we saw last time, sales tax holidays are continuing to enjoy a heyday this year. Certain sports equipment up to $150. 13-19: Qualifying clothing and footwear priced $100 or less will be exempt from sales tax. Connecticut: Tax-free week begins on the third Sunday of August and runs until the following Saturday.

Sales 130

Sales West Virginia South Carolina Tax 130

Reckon

MAY 5, 2024

Managing the finances of a sports club or association can pose certain challenges. Many local sporting clubs and associations work within very tight financial constraints, often relying on volunteers to help manage the finances. But what should you be looking for in good accounting software for your sports club or association?

accounting software 52

accounting software Sports Account accounted 52

RogerRossmeisl

OCTOBER 1, 2021

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. They’re reported on the “Other income” line of your 1040 tax return. You must separately keep.

Gambling 130

Gambling Tax Sports tax return 130

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 118

income tax Tax Sports Nevada 118

CPA Practice

SEPTEMBER 30, 2024

The Internal Revenue Service has issued guidance providing tax relief for farmers and ranchers in applicable regions forced to sell or exchange livestock because of drought conditions. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry, are not eligible. 1, 2023, and Aug.

Tax 116

Tax Sports Sales 116

Withum

SEPTEMBER 14, 2023

This weekend, there were a lot of sporting events that caught my attention. Contact Us If you have any tax, business, financial or leadership or management issues you want to discuss please do not hesitate to contact me at emendlowitz@withum.com or click here.

Sports 59

Sports Gaming Tax 59

KROST

SEPTEMBER 15, 2023

The Sports & Entertainment Issue highlights some of the hot topics in the sports & entertainment industry including tax issues for athletes, estate & trust planning, Client Accounting Services, and more. The post KROST Industry Magazine: The Sports & Entertainment, Vol. 5 Issue 2, is Now Available!

Entertainment 52

Entertainment Sports Tax Account 52

TaxConnex

MAY 23, 2023

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. Diapers and groceries are taxed in Hawaii, Idaho, Utah, Kansas, Missouri, Oklahoma, Arkansas, Tennessee and Alabama, Mississippi and South Dakota.

South Carolina 130

South Carolina South Dakota Sales Montana 130

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. Without knowing that information, you can’t serve your client the legal help required to avoid paying IRS tax debts.

Gambling 105

Gambling Tax Account accounted 105

MyIRSRelief

FEBRUARY 8, 2023

Tax Preparation, Tax Planning, and Tax Representation: Understanding the Importance of Professional Assistance Tax preparation, tax planning, and tax representation are all crucial components of managing your finances and ensuring that you meet your tax obligations.

tax services 130

tax services Tax tax preparation tax planning 130

TaxConnex

JULY 11, 2023

Returning to class probably doesn’t make too many students think of the word “holiday,” but tax jurisdictions have other ideas. This time of year is a trove for online sellers of these products and states seem to realize it’s time to ring the bell on sales tax breaks for back-to-school. Local taxes may apply in some cases.

Sales 100

Sales Tax Sports Mississippi 100

CPA Practice

AUGUST 14, 2024

By Sean McDonnell cleveland.com (TNS) DraftKings will not be charging winners extra fees in “high tax states” after all, the company announced Tuesday. The sports-betting company announced that it would scrap its plan to add a “gaming tax surcharge” to winning bets in 2025. Ohio’s tax rate was initially 10%, but Gov.

Gambling 52

Gambling Ohio Sports Tax 52

MyIRSRelief

APRIL 29, 2024

But for these go-getters, navigating the complexities of running a business, especially the ever-challenging world of taxes and accounting, can feel overwhelming. This is where specialized tax and accounting firms step in, becoming a crucial partner for small businesses with under 100 employees.

Tax 130

Tax bookkeeping Entertainment Account 130

KROST

NOVEMBER 9, 2023

The post Understanding the Complexities of Tax for Professional Athletes appeared first on KROST.

Sports 81

Sports Tax Entertainment CPA 81

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. While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold.

Tax 97

Tax income tax Sports payroll 97

PYMNTS

DECEMBER 15, 2020

the current wholly-owned intermediate holding company of JD Sports Fashion Plc in the U.S., Shoe Palace provided a $52 million pre-tax profit in the year ending Dec. Genesis Holdings Inc., bought all of the issued shares in the Shoe Palace Corporation and the members’ interests in Nice Kicks LLC, according to a Tuesday (Dec.

Sports 88

Sports California Hawaii Arkansas 88

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. While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold.

income tax 105

income tax Tax Sports payroll 105

Accounting Today

MAY 7, 2024

Wolters Kluwer's tax, accounting and audit research solution now has generative AI capacities.

Sports 75

Sports tax accountant audit Tax 75

TaxConnex

APRIL 19, 2022

Sales tax has a universe of changing conditions. What are the sales tax ramifications? has possibly the most complex sales tax regime. Each state sets its own sales tax rules, often with widely varying approaches. Each state sets its own sales tax rules, often with widely varying approaches. Enter taxes.

Sales 246

Sales Tax Colorado New Jersey 246

CPA Practice

SEPTEMBER 17, 2024

Donations include classroom essentials, office supplies, arts and craft materials, educational products, books, backpacks, party goods, cleaning supplies, sporting goods, software, and much more. In return for their donations, they receive significant tax deductions. Donors include leading American companies.

Tax 105

Tax Sports Education 105

CPA Practice

MAY 3, 2024

Sales tax holidays are all the rage right now. There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024. If you’re in retail, hang on to your hats and read our sales tax holiday FAQ to learn: What is a sales tax holiday? Do all states have a tax holiday? By Gail Cole.

Sales 119

Sales Tax Nevada West Virginia 119

CPA Practice

AUGUST 1, 2024

Top 25 accounting firm Carr, Riggs & Ingram (CRI) CPAs and Advisors has added ProSport CPA—a New Kent County, VA-based firm that specializes in tax and accounting services within the sports and entertainment niche—to CRI’s family of companies.

CPA 105

CPA Entertainment Sports cpas 105

CPA Practice

JUNE 13, 2023

Last Friday, the IRS’s Chief Counsel’s office released a memo stating that donations made to nonprofit NIL collectives are not tax exempt. Sports Illustrated first reported the development. THE Foundation tweeted in response to the IRS ruling, saying all donations through its website “remain tax deductible.” “Our

Ohio 104

Ohio Tax Sports Legal 104

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 Sports 98

CPA Practice

FEBRUARY 1, 2024

Under the so-called “Augusta rule,” homeowners can avoid any tax consequences for certain short-term rentals. Let’s start with this basic tax premise. Conversely, you can offset this tax liability with deductions for related expenses, including mortgage interest, property taxes, insurance, repairs, utilities, etc.,

Tax 115

Tax Georgia Sports Maine 115