It's official. New York Yankee Robinson Cano will soon switch coasts as a result of the contract that he signed with the Seattle Mariners. Both teams wanted the five-time All-Star second baseman, and both made nice offers.
As professional athletes' salaries continue to escalate, several revenue-strapped states seem to be looking to the athletes for a solution. Two NFL players are crying foul and taking one major city to court.
A bipartisan bill that would simplify and standardize state income tax collection for employees who travel across state lines for temporary work assignments has received support from more than 250 organizations, including the AICPA.
Professional athletes get a lot of glory, not to mention salaries that range from healthy to obscene, and all for doing what they love. It's one thing to envy their wealth, but when it comes time to file taxes, be glad you're not one of them.
It must be a pain to be wealthy and famous. Most people who enter a state on business can slip in, do a deal, and go on home without drawing the unwanted attention of the IRS. But for Tom Hanks, it's not so easy.
You've seen game shows where contestants hop around the stage excited beyond belief at the possibility of winning cash and prizes. What you don't see, according to some of the winners, is when the other shoe drops. That is, the tax shoe – and it drops fast.
Thanks to an improved economy and the expiration of most tax stimulus measures, the percentage of Americans who pay no federal income tax is falling, from 47 percent of households in 2010 to 43 percent in 2013.
The IRS is moving forward in its efforts to provide more leeway under the "innocent spouse" rules. On August 12, the IRS proposed a permanent extension of the rule allowing taxpayers up to ten years to apply for equitable relief.
Phil Mickelson recently had about as perfect a two weeks in the United Kingdom as any professional golfer could hope for. Unfortunately for him, approximately 61 percent of his winnings will go to taxes.
For comedian Sinbad, life hasn't been all that fun for the last several years. Right now he's in debt to the tune of nearly $11 million. Of this amount, more than $8 million is owed to the IRS and another $2.3 million to the state of California.
It sounds like small potatoes compared to other celebrities in tax trouble, but it's bad enough to pump up the blues for rhythm and blues singer Faith Evans. Evans is into the state of California for $29,535.48 relating to her 2011 income.
Twenty-seven investors, including Saints coach Sean Payton, wanted to reduce their overall state income tax liabilities by investing in movie production tax credits. But the film studio was defunct, and the tax credits didn't exist.