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.

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Sales Tax Wisconsin Minnesota 147

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.

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Sports Account accounted accountant 105

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

KROST

JUNE 7, 2023

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.

Entertainment 82

Entertainment Sports Tax 82

Accounting Today

JULY 25, 2024

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

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Tax Sports tax preparation 121

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?

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Tax income tax Sports Gaming 124

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

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.

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Sales West Virginia South Carolina Tax 130

Withum

FEBRUARY 27, 2024

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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Sports Delaware Vermont Tennessee 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

RogerRossmeisl

NOVEMBER 13, 2022

In addition to money laundering, tax evasion and terrorist funding, NFTs are being used to commit fraud and steal from unsuspecting asset buyers. Snapshot view In their simplest form, NFTs are immutable digital assets — often related to art, sports, music, digital culture and avatars — linked to the blockchain, the digital ledger.

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Sports CPA Tax Technology 207

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.

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tax services Tax tax preparation tax planning 130

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

CPA Practice

FEBRUARY 19, 2025

The quarter percent federal excise tax, also known as the handle tax, "does nothing except penalize legal gaming operators for creating thousands of jobs," said U.S. Rep.Dina Titus, D-Las Vegas.

Nevada 78

Nevada Sports Tax Gaming 78

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.

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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.

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Gambling Tax Account accounted 105

BuildYourFirm

APRIL 14, 2020

2010 and has since transformed the firm from a traditional tax-focused firm to an advisory and consultancy firm for craft food and beverage businesses. Outside of work, Corey enjoys craft beer, watching movies with his family, or watching sports at the local brewery. Guest Bio: Corey Lord, Lord CPAs CEO.

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Michigan cpas Sports Education 246

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

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

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.

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Sales Tax Nevada West Virginia 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. 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

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

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

Accounting Today

MAY 11, 2022

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Sports Tax corporation tax 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 Gaming 104

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

ThomsonReuters

SEPTEMBER 19, 2023

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

Sports North Carolina Vermont Missouri 52

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.

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Sports Tax tax return chartered accountant 59

CPA Practice

FEBRUARY 6, 2023

Treasury is changing how it defines a sport utility vehicle Friday after car companies lodged complaints that some vehicles were wrongfully being boxed out of new electric vehicle tax credits. Under new federal tax credits, SUVs, trucks and vans can cost up to $80,000 and still qualify for a $7,500 credit.

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Tax Washington Sports Transportation 128

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

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 Education Entertainment 59

Withum

MARCH 19, 2024

Whether you’re a small streamer making a few hundred dollars per month or taking home part of the multi-million dollar prize pool at The International, understanding that the income earned will be taxed is extremely important. In many ways, professional athletes of traditional sports have already been navigating this practice for decades.

Gaming 105

Gaming Tax Non-Profits income tax 105

ThomsonReuters

APRIL 2, 2024

Jump to: The allegations The IRS investigation Ohtani’s response Implications for Ohtani and the Dodgers Broader impact on professional sports Uncovering the truth The Internal Revenue Service (IRS) launched an investigation into the financial scandal involving Shohei Ohtani, the star player for the Los Angeles Dodgers.

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Gambling Sports Legal Gaming 105

PYMNTS

APRIL 21, 2020

Welcome, then, to the wide world of sports, circa post-pandemic. In an interview with Karen Webster, Gil Fried, professor and chair at the University of New Haven’s sport management program , said that now, more than ever, we need the escapism and joy that sports bring. But at least the tickets are cheap.

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Sports Gaming Entertainment payroll 64

Anders CPA

OCTOBER 2, 2023

About Dan Schindler Dan’s unwavering dedication to his clients has followed him from his first year at the firm as a tax intern through his journey to partner. He also leads operations for the firm’s Sports, Arts & Entertainment Group, representing professional athletes, agents and advisors. Learn more about Dan Schindler.

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Tax Account accounted accountant 111

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

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.

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CPA Entertainment Sports cpas 105