Taxes

Within days after the Supreme Court’s decision in Alston last June, the NCAA issued an “interim policy statement,” suspending rules that had restricted the compensation a student athlete might receive not only directly from her school, but also from third parties, for the commercial use of her “name, image, and likeness” (NIL). While the “interim”

A bipartisan group of Senators, including Senators James Lankford (R-OK) and Raphael Warnock (D-GA), are calling for a temporary change in tax breaks for charitable giving. S. 566, also called the Charitable Act, would allow taxpayers to claim a significant above-the-line deduction for charitable giving. Above-The-Line Deduction An “above-the-line” deduction, or adjustment to income, is

Beyoncé’s announcement of her Renaissance World Tour has triggered an odd tax discussion as you can see from the tweet below. Amanda Orson like Beyoncé was born in 1981. Orson, currently CEO of Curve US, counts herself an elder millennial. Curve sponsors a one-of-a-kind digital wallet that empowers you to maximize rewards from your existing

When the NCAA issued its “interim” policy statement in June 2021 suspending rules that had prevented college athletes from monetizing their rights of publicity – and despite the fact that the “interim” statement and more recent supplemental guidance both emphasized that “pay-for-play and improper recruitment” incentives were still prohibited – it was perhaps inevitable that

Most people think of sunken treasures like gold coins or bullion, but whiskey is sometimes recovered, too. If it’s well preserved, it can be invaluable. In 2021, a single bottle of scotch salvaged from the SS Politician off the coast of Scotland brought £12,925 at auction. Now, 280 barrels of American whiskey could be salvaged

President Biden may propose allocating revenue from the 2010 Affordable Care Act’s Net Investment Income Tax (NIIT) to maintain solvency of Medicare’s Part A Hospital Insurance (HI) Trust Fund. Two highly placed sources say the proposal may be included in the budget Biden is due to release on March 9. Shifting those funds from general

Most people think of sunken treasure like gold coins or bullion, but whiskey is sometimes recovered, too. If it’s well preserved, it can be invaluable. In 2021, a single bottle of scotch salvaged from the SS Politician off the coast of Scotland brought £12,925 at auction. Now, 280 barrels of American whiskey could be salvaged

In the immediate aftermath of the NCAA pretty much throwing in the towel two years ago on trying to regulate the circumstances under which student athletes might be paid for use of their publicity rights — “name, image, and likeness” —, there was a flood of so-called “collective” activity in what might be called the

George Harrison’s 80th birthday was February 25 of this year, and in preparing for a live webinar with his first wife, Pattie Boyd, I have been struck by the following lessons that can be learned from his life and experience. I will be discussing these points and other aspects of personal and professional achievement and

On June 7, 2021, Alex Murdaugh called police from his cell phone to report that he had discovered the bodies of his wife, Margaret “Maggie” Murdaugh, and son, Paul Murdaugh on the family’s 1,800-acre property. Last week, Murdaugh took the witness stand for two days to deny he was the one to pull the trigger.

Watching the explosion of activity in the name, image, and likeness “collective” space, one might easily forget that neither the 2015 decision of the 9th Circuit federal appeals court in O’Bannon nor the 2021 decision of the Supreme Court in Alston, affirming another decision of the 9th Circuit, had anything to do with third party

Tax Notes contributing editor Ryan Finley discusses the IRS’s major win in 3M and how it may affect other transfer pricing cases. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: the very model of

The countdown to December 31 is on. If the OECD’s pillar 1 multilateral convention (MLC) is not in effect by that date, members of the OECD inclusive framework will be free to impose new digital services taxes, ending their pledge to refrain from doing so. However, there are concerns the OECD might not meet that

We’re almost halfway through the tax season. I know it doesn’t feel like that in February, but it’s true. Tax season opened on Jan. 23, 2023, and will run until Apr. 18, 2023. That’s a total of 86 days. I’m writing this on Feb. 27, 2023—the 36th day of tax season. That’s just nearly 42%

The Supreme Court will hear oral arguments this week on the constitutionality of President Biden’s attempt to cancel up to $20,000 in student loans per borrower via executive action last year. Many proponents, including the Biden administration itself, have argued that not only is the move itself legal but that it is wrong for the

Tax season is here, which can be a treacherous time for small business owners who have avoided proactive tax planning. If you find yourself with a higher-than-expected tax liability for 2022, opening and fully funding a SEP IRA may be a way to slash your 2022 taxes. To benefit from a SEP IRA, you should

Like it or not, we face a hard fiscal truth. Uncle Sam, like the rest of us, has a budget constraint. Economists call it the government’s intertemporal budget constraint (IBC). It’s as fundamental an equation in economics as the conservation of energy is in physics. It’s also called the No Ponzi-Scheme Condition. It rules out

The conviction of Donald Stanley Lavigne on seven counts of knowingly and fraudulently filing false income tax returns and three counts of other false statements relating to bankruptcy was somewhat curious. The income tax issue was omitting 1099-MISC income from being an insurance broker. The total income involved averaged just over $50,000 per year for

The 2023 tax-return season is unlike others in recent memory for employees who have equity compensation, whether stock options, restricted stock units, employee stock purchase plans, and/or and company shares. The impact of the down and volatile markets of 2022 can complicate your tax return. Another increasingly common issue for tax reporting involves interstate employee

Tax day is April 18 this year, but now disaster-area taxpayers in most of California and parts of Alabama and Georgia have until Oct. 16 to file various federal individual and business tax returns and make tax payments. The IRS previously postponed the deadline to May 15 for these areas. The IRS is offering relief