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income tax

Federal Income Tax

IRS takes professional golfers to court

September 4, 2017
Golf photo by LukΓ‘Ε‘ Opekar via Unsplash.

Spanish golfer Sergio Garcia recently litigated a $1.7 million tax case arising out of a major endorsement contract with TaylorMade, a golf equipment manufacturer. At issue in the case is how Garcia should characterize the income that he received from the endorsement deal. The income could be classified as personal services, royalties, or a combination of both. (As a Swiss resident, Garcia would only have to pay U.S.…

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Brookings: How Income Tax Changes Impacts Economic Growth

April 30, 2017
Photo of 20 dollars by Vitaly, Sand City, United States - via Unsplash

A report from Brookings: “Effects of Income Tax Changes on Economic Growth.” Brookings has an interesting white paper about how changes to the individual income tax affect long-term economic growth. The structure and financing of a tax change are critical to achieving economic growth. Tax rate cuts may encourage individuals to work, save, and invest, but if the tax cuts are not financed by immediate spending cuts, they…

Daily

Dealbook: Could the State and Local Tax Deduction be on the Chopping Block?

April 28, 2017
Home / house photo by Drew Coffman via Unsplash.

From The New York Times:Β To some, it is a tax on blue-state liberalism. To others, it eliminates a costly perk for the wealthy. To many taxpayers, however, the federal deduction for state and local taxes is a cherished break that can save them thousands of dollars in double taxation. President Trump and House Republicans, riding a wave of conservative and populist sentiment, are pushing to end the provision.…