Abstract At the time of passing the Tax Cuts and Jobs Act (TCJA), it was known that the limitation of itemized deductions would negatively impact athletes playing in high income tax states. However, after closer examination of the law, another potential impact on the sport industry became apparent. Previously, trades between sport teams did not […]
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Alan Pogroszewski
Non-resident NHL players face five times the jock tax in Pittsburgh as compared to their resident counterparts This past November, the Players’ Associations from the NFL, NBA and NHL filed a lawsuit against the City of Pittsburgh claiming that the City’s Non-Resident Sports Facility Usage Fee is actually a tax. The lawsuit argues the “tax” […]
A question that is becoming more common is whether there is any tax benefit to forming a Limited Liability Company (LLC)? The short answer is no. The decision to form an LLC should be made because of the legal protections it provides. For individuals who run a business, they should understand the different business structures […]
A common scam being used is receiving a call from someone claiming to be an IRS agent or a Taxpayer Advocate Service agent. In the call they tell you that you have some tax liability that you need to resolve immediately to avoid arrest. They may also offer to help you resolve the issue. The […]
Have you received all of your refunds? With budget difficulties in states such as California and New York and the delaying of issuing refunds it is important to make sure that you have received all of the refunds you were expecting. If your refund was to be directly deposited into your checking or savings account […]
Whether you are a seasoned veteran or a rookie navigating tax season for the first time, it can prove to be an extremely stressful time of year for all professional athletes. In addition to facing the same tax requirements as others, professional athletes have several additional layers of complexity. First, filing requirements can be confusing […]
The IRS has increased scrutiny of employee business expenses–specifically business miles. Be sure to keep track of your business miles in a mileage log to verify the legitimate purpose of each trip. It’s also a good idea to have your car professionally serviced at the beginning and end of each year to make sure you […]
In order to claim a deductible business expense that is both ordinary and necessary to perform your job, you must be able to justify the expense and provide evidence of payment. In order to justify the expense you should provide written documentation to substantiate the cost, the date of purchase, the place or description of […]
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Alan Pogroszewski
As the Los Angeles Ram’s advance to his year’s Super Bowl the State of California ends up the ones paying! INTRODUCTION When the Los Angeles Rams defeated the New Orleans Saints in overtime to advance to this year’s Super Bowl in Atlanta Georgia, Saints fans were not the only ones who mourned the loss, the […]
Agents use the term ‘tax free income’ when they discuss playing in Europe or Asia, but what do they really mean and what are the tax implications? First of all: There’s no such thing as ‘tax free.’ However, the way your income is reported and distributed may make it appear to be without tax. Here’s […]
