Given their high-profile status, professional athletes and entertainers are easy targets for state tax officials seeking to collect income taxes on earnings in their states. But because the rules covering multistate taxation are so confusing and often contradicting, many athletes and entertainers find themselves out of compliance in one or more states.
This course will help you assist high-profile clients by providing a practical review of the multistate personal income tax issues and traps that have to be carefully managed. Presenter Timothy P. Noonan, Esq., brings significant experience dealing with multistate tax issues for high-profile clients. He will show you how to safely navigate the dangerous waters of multistate taxation with confidence for your athlete and entertainer clients.
Publication Date: November 2020
Designed For
CPAs, EAs, tax attorneys and other business and financial advisors working with athlete and entertainer clients will benefit from this insightful seminar.
Topics Covered
- Understanding the Tax Burden after 2018 Tax Reform
- The All”Important Concept of Residency
- Nonresident Income Allocation Issues
- Tax Credits, Withholding, and Other Stuff
Learning Objectives
- Recognize the multistate personal income tax treatment, trends and issues related to athletes and entertainers
- Identify steps to take and opportunities to pursue to reduce state tax problems for athletes and entertainers
- Identify the big three as it relates to a professional athlete/entertainer's tax burden
- Differentiate the central issues related to income taxes
- Recognize state requirements and how they apply to residency
- Describe which allocation methods has largely been abandoned
- Identify the number of states that have a "convenience rule"
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of state income tax topics.
Advance Preparation
None
Instructor
Timothy Noonan
Tim focuses his practice in the state and local tax area. His work primarily involves New York State and New York City tax litigation and controversy. Over the past 20 years, he has handled more than 1,500 personal income tax, sales tax, corporate tax, or other New York tax audits. Tim also has handled about 100 cases in New York’s Division of Tax Appeals.
Tim leads the firm’s Tax Residency Practice and he is one of the leading practitioners in this area of the law. He has handled some of the most high-profile residency cases in New York over the past decade, including a 2014 win in the Gaied case, one of the first New York residency cases to ever reach New York’s highest court. Tim also co-authored the 2018 edition of the CCH Residency and Allocation Audit Handbook and Contesting New York State Tax Assessments (Fourth Edition), published by the New York State Bar Association, and he authored the New York Tax Litigation chapter in Thomson Reuters’ Commercial Litigation in New York State Courts treatise. He is often quoted by media outlets, including The Wall Street Journal, The New York Times and Forbes, on residency and other state tax issues.
Tim also has handled a significant number of residency and sales tax issues in other states, including work with many national and international clients on multistate compliance or voluntary disclosures. He has also appeared before the Connecticut Supreme Court and the Michigan Court of Appeals in litigated matters and is admitted to practice law in Connecticut.