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Should NIL Collectives Be Allowed Tax-Favored Status?

by usoftax_admin | May 7, 2024 | Tax News

Arguments are being made for and against allowing organizations to provide charitable contribution tax deductions for donations used to compensate student-athletes, a practice with impacts on competition for student-athletes and overall tax fairness, but ultimately it...

Industry Groups Suggest Changes To Aussie Reporting Rules

by usoftax_admin | May 7, 2024 | Tax News

A coalition of global fund industry associations asked Australia to further amend its proposal for public country-by-country tax data reporting by including, among other measures, a provision that would allow companies to withhold sensitive information, according to a...

Colo. House OKs Conservation Easement Tax Break Extension

by usoftax_admin | May 7, 2024 | Tax News

Colorado would extend its conservation easement tax credit through 2031 and raise its statewide annual cap on available credits under legislation approved Tuesday by the state House of Representatives.

Calif. Credit For Tax Paid Doesn’t Apply To Couple, OTA Says

by usoftax_admin | May 7, 2024 | Tax News

A couple is not entitled to a credit against their California tax liability for capital gains tax paid in Virginia, even if the tax was paid in error, the California Office of Tax Appeals ruled. 

IRS To Release Self-Employment Tax Regs

by usoftax_admin | May 7, 2024 | Tax News

The Internal Revenue Service plans to release self-employment tax regulations, an agency official said during the Practising Law Institute webcast Tuesday.

Mo. Laundromat May Owe Sales Tax On Customer Payments

by usoftax_admin | May 7, 2024 | Tax News

A Missouri laundromat wouldn’t need to remit sales tax on payments made by its customers for use of its laundry machines if the company already paid sales tax when purchasing the machines, the state Department of Revenue said in a letter ruling.
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