Blog Posts Tagged with "tax return"

Earlier this year, Federal Reserve Chairman Ben Bernanke stated, “Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases.” The tax increases include cancelling the Bush era tax cuts of 2001 and 2003 which would increase the individual tax rate for those in […]

Curt Schilling’s Investment Failure Represents the Latest Example of the Unique Financial and Tax Implications Facing Professional Athletes Curt Shilling pitched 20 years in the major leagues and recorded 216 wins, two World Series titles, and millions of dollars in total earnings.  Earlier this month, it was announced Schilling lost a majority of his savings. […]

State income tax on non-residents incorrectly labeled a jock tax Author: Alan Pogroszewski The term “jock tax” first appeared in an article by Elizabeth Ekmekjian, “The Jock Tax: State and Local Income Taxation of Professional Athletes” published in the Seton Hall Law Journal in 1994. Since then, the jock tax has been highly publicized—but with […]

Lamar Odom’s win over the IRS was based on well founded legal precedent and IRS tax regulations. Lamar Odom is a high profile athlete who last season won the NBA’s sixth man award for the defending two time champion LA Lakers. This season, following a well publicized trade to the Dallas Mavericks, he is scheduled […]

Want to know the status of your refund? If you e-filed you may receive refund information within 72 hours after the IRS has acknowledged the receipt of your tax return. By logging on to the government’s web site at www.irs.gov selecting “where is my refund?” from the main menu, or by calling 1-800-829-1954 the IRS […]

The Cautionary tale of Darryl Strawberry’s Battle with the IRS Darryl Strawberry’s tax and financial troubles tell a cautionary tale about how professional athletes can become prime targets for the IRS. Strawberry, whose career ran from 1983 to 1999, is still battling the IRS, according to a Notice of Levy reportedly sent to HarperCollins Publishing […]

Angles Pay $23,368,000 More Because of State Income Tax Rate The Anaheim Angels of Los Angeles captured the most sought after free agent this offseason when they signed Albert Pujols to a 10-year, $254 million contract. With a maximum state income tax rate of 9.55% and an additional 1% on income in excess of $1,000,000, […]

Trading Spaces and Moving Expenses With training camp just around the corner for the NHL and NBA and all the athletes who change teams this off-season, it’s a good idea to review which moving expenses are tax deductible. This article discusses the requirements and limitations, deductible moving expenses, and necessary documentation. Business related expenses for […]

Please note: the IRS has increased scrutiny of employee business expenses–specifically business miles.  So to verify the business miles you drove during a tax year, it’s important you know how the IRS defines business miles for a professional athlete and how to document your legitimate business miles. Here’s what the IRS considers to be legitimate, […]

In a time when budget crunches have increased the need for revenue among states, Massachusetts has offered their taxpayers the unique opportunity to assists the state by paying more in taxes. Although the state income tax rate in Massachusetts is officially 5.3%, the state provides the opportunity for residents and non-residents to pay income tax […]