Institute for Professionals in Taxation’s Post

Join us!! Webinar this Tuesday on the new NIL landscape!! The college athletics landscape continues to shift toward educational institutions getting directly involved in name, image, and likeness (NIL) rules and revenue-sharing arrangements with student-athletes. This webinar will address tax considerations for educational institutions due to changes in NIL rules as well as shared responsibilities for tax directors and athletics departments to help address issues and minimize risks in this changing environment. https://lnkd.in/eDZnR-4N

In case you missed it: Both parts of our NIL webinar series are now available for on-demand viewing. Make sure that you and your team understand the latest updates in the NIL space. If your institution is exploring how it might be impacted by these changes, reach out to our Crowe team to start the discussion today!

March Madness may have ended, but the opportunity for student-athletes to secure name, image, and likeness (NIL) deals continues. With these deals, athletes need to navigate a complicated tax landscape. Working with an experienced tax professional can help untangle the complexities of federal, state, and local tax issues that come along with NIL income. https://hubs.li/Q02sBfsY0

Imagine what you could do with unlimited access to 130 hours of IRS-approved courses taught by the best in tax preparation and education. Learn about your unlimited potential here. https://bit.ly/3RFO0oS

Check out these great webinar recordings if you're interested in learning about the current and future regulatory and legal environment for college athlete NIL compensation, and the accompanying tax implications for schools and athletes. #nameimagelikeness #collegeathletics #sportslaw

As the spring semester ramps up for Calvin students, so does the often-daunting task of filing taxes. Enter Tax Knight: a one-night event free to students seeking help with their tax returns. Hosted by Nexus, Calvin’s peer financial coaching service, Tax Knight provides a practical way for students to file their taxes. Nathan Weflen, coordinator of Nexus and Tax Knight, says the “secret sauce” in Calvin’s financial literacy program, including the Tax Knight event, is that education and content are delivered peer-to-peer. “It’s relational, not transactional,” Weflen says. “Students form genuine relationships to talk about personal finance and all its associated aspects in a fluid way.” Read more about how Tax Knight makes filing taxes just a little bit easier. ⬇ https://lnkd.in/dzMPGkW4

In an important taxpayer decision, the Fifth District Court of Appeals ruled that school boards cannot appeal board of revision decisions to the local court of common pleas. This is a significant win for property owners! Previously, school boards cited R.C. 2506.01 as authority for their appeals. However, the Fifth District has clarified that the intent of the Ohio General Assembly is clear—BOE's do not possess the right to appeal these decisions. This ruling could reshape how property tax disputes are handled, promising more straightforward processes for property owners. Congrats to Cecilia J. Hyun (she/her) & Kristopher Nicoloff for their dedication & expertise in achieving this victory! 🔗 Read the full decision here: https://lnkd.in/euPA_rWw Will other district courts agree? Will this lead to a fairer tax system for Ohio property owners? Will the school boards appeal to the Supreme Court of Ohio? Share your thoughts! It's important to note the court held: "We find no ambiguity in either R.C. §5717.01 or R.C. §5717.05." (para 29.) The school boards are arguing ambiguity in another line cases already pending at the Supreme Court of Ohio regarding when the removal of their right to appeal took effect. Two of the same judges found for the school boards regarding whether school board's could appeal 2022 tax year cases to the Ohio Board of Tax Appeals. "R.C. Chapter 5717 could not be clearer in expressing the intent that the right to appeal to the common pleas court under R.C. 5717.05 resides solely with the property owner." (para 32.) #PropertyTaxes #CommercialRealEstate #TaxpayerRights #LegalWin #RealEstateLaw Pic: Fifth District Court of Appeals Judge John W. Wise, who was one of 3 authors along with Judge Craig R. Baldwin & Judge Andrew J. King.

When you partner with the AAA Scholarship Foundation (AAA), you not only put your tax dollars to work, you create a brighter future for all of Florida’s children. The Florida Tax Credit Scholarship Program allows any company that pays Florida corporate income tax, insurance premium taxes, direct pay sales and use tax, oil and gas tax and/or alcohol beverage excise tax to redirect a portion to the AAA to fund K-12 education scholarships. Participating corporations receive a dollar-for-dollar tax credit from the state of Florida, making it a simple, cost-effective way for your company to support the children in your community. Approx. $400 million in tax credits are still available through the for the 2024 Cap Year and approx. $209 million for the 2023 Cap Year. By simply redirecting your taxes, you make a life-changing difference for a child. For more information go to: https://lnkd.in/eYXPC2wg. FL: A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE 1-800-HELP-FLA OR ONLINE AT https://lnkd.in/eTytBM36, REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. FL REGISTRATION #CH38386.

Interesting read. I totally agree that we need to educate high schoolers about taxes. But maybe start with the basics of how taxes work and not so much the broad policies behind them. I love discussing tax policy, but there are too many people today that do not understand what a tax refund is. I was blessed to have gone to a high school (and a public one!) where you took a "consumer business" course and learned about real things like taxes, loans and how interest works, credit cards, credit card scores, mortgages, what running a business is really like, etc. We even did a fun Thanksgiving shopping contest with coupons . . . and I won! (It's no secret that I've never been athletic or coordinated; so, I did not spend my time in high school on sportsball or cheerleading/dancing teams. I poured my energy into very nerdy things and worked part-time as an office assistant.) #taxpolicy #taxeducation #taxes #taxcompliance https://lnkd.in/ey9Ssu2M

The world of college athletics has transformed with the arrival of Name, Image, Likeness (NIL) deals. While profiting from your fame is exciting, it also introduces new tax responsibilities. Don't worry, we've got you covered! Understanding NIL Income as Taxable Income Consider everything you receive through NIL activities taxable income – money, goods, services, even free products for endorsements or NFT sales. Basically, anything of value obtained through NIL needs to be reported. Employee vs. Independent Contractor This distinction matters for tax purposes. As an employee, you'd complete a  W-4 form. But as an independent contractor, you'd require a W-9 form. Tax Filing Requirements and Potential Steps The amount you earn and your dependency status determine your filing obligations. You might need to file a federal tax return if your NIL income surpasses $400 or the standard deduction (especially if your parents claim you as a dependent). Here are some crucial steps: *Track your NIL income and expenses meticulously. *Make estimated tax payments quarterly to avoid penalties. *File relevant tax forms (Schedule C or Schedule E with your Form 1040) depending on your situation. Stay Informed, Stay Compliant Understanding your tax obligations and keeping good records is key to a smooth tax season with NIL deals. Check out all our blogs, https://lnkd.in/gbWCdTdW to learn more about navigating the tax world.   Remember, Lakeesha V. Browne, CPA is here to help you. Reach out today for a free consultation and discover how she can support you in understanding your rights and responsibilities, and help you navigate your tax responsibilities. Stay informed, stay compliant, and focus on winning – both on and off the field!