This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Understanding the Complexities of Tax for Professional Athletes” by Brad Pauley, CPA Professional Athlete Taxation Professional athletes are subject to a complex system of taxation that can vary depending on their state of residence, the sport they play, and the Read the full article…
This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Protecting Your Assets and Legacy: Estate & Trust Management in Sports and Entertainment” by Brad Pauley, CPA & Richard Umanoff, CPA, MBA For athletes, actors, and other high-earning professionals in the sports and entertainment industry, managing assets and planning for Read the full article…
There are many factors in determining whether you are a California resident. However, if you’re looking to move out of the state, there are a few things to keep in mind. Do’s: • Either sell your California residence or make sure you can support the reason why you still own it for Read the full article…
[Update as of May 11, 2023 – The COVID-19 incident period ended on May 11, 2023. FEMA will continue to provide funeral assistance until Sept. 30, 2025, to those who have lost loved ones due to this pandemic.] On March 13, 2020, President Trump declared a national emergency disaster, related to the COVID-19 virus 1. Following Read the full article…
The IRS announced on June 18th that they will be looking at hundreds of high-income tax returns between July 15th and September 30th. They are expected to be looking at not only the taxpayer’s individual returns but any business-related pass-through entities as well. These reviews create exposure for athletes and entertainers who have high income and Read the full article…
The South Dakota v. Wayfair 2018 case overturned the physical presence test, meaning out-of-state retailers selling to South Dakota residents are obligated to collect sales tax even if they do not have a physical presence in the state. It was expected that many states would issue laws similar to South Dakota and California has done Read the full article…
This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “Game-Changing Tax Matters for Athletes” by Brad Pauley, CPA. There were many deductions professional athletes were able to take under the old tax law, however, under the new law, deductions taken in previous years are no Read the full article…
