As you revel in the financial benefits of your endorsements and partnerships, it’s crucial to remember the responsibility that comes with it—taxes. The tax deadline is April 15, 2024. To ensure you stay on the right side of the law and to make the most of your hard-earned income, we’ve put together this guide on […]
Navigating NIL Income: A Guide to Preparing Your Taxes as an Athlete with DPW Read More »
On December 22, 2023, the IRS released Rev. Proc. 2024-09 containing new and revised procedural guidance concerning specified research and experimental (SRE) expenditures under IRC Section 174. We will release a more comprehensive analysis of the procedural guidance in the new year. In the interim, we have included a few key takeaways below. The guidance
IRS Releases Revised Procedural Guidance for Section 174 R&E Costs Read More »
Effective January 1, 2024, U.S. and foreign entities doing business in the U.S. may be required to disclose information regarding their beneficial owners to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is being implemented under the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA) passed by
Forms 1099 Businesses (including Schedule C’s; farms, rentals, etc.) are required to prepare these annual informational returns for certain amounts paid during the conduct of their trade or business. Recipient copies are required to be issued by January 31, 2024. In order to meet this deadline, we need you to submit all of your information,
Important 2024 Tax Deadlines and Cutoff Dates Read More »
The Internal Revenue Service (IRS) has released the new 2024 contribution limits for investors’ retirement accounts, bringing some noteworthy changes. These adjustments impact 401(k) plans, individual retirement accounts (IRAs), and other retirement savings vehicles. For 401(k) plans, the employee contribution limit will increase to $23,000 in 2024, marking a slight uptick from the previous year’s
A Tax Break with a Patriotic Purpose Oregon has taken a remarkable step in recognizing the sacrifices and contributions of National Guard members by implementing a tax break for these dedicated individuals. The tax change specifically impacts the income tax of Oregon National Guard members, providing significant relief for those who serve in this important
The Oregon National Guard Tax Change: Supporting Our Troops on the Homefront Read More »
Oregonians have a reason to celebrate as the state is set to inject some unexpected cash into the pockets of eligible residents. The Oregon ‘kicker’ program, which refunds surplus state revenue to taxpayers, is making headlines for its remarkable $5.61 billion revenue surplus during the 2021-2023 biennium. This surplus, recently confirmed by the Oregon Office
Oregon ‘Kicker’ Credit: Who Qualifies and What’s It Worth? Read More »
Consolidated groups that acquire new members that were members of another consolidated group can elect to waive all or part of the pre-acquisition portion of an extended consolidated net operating loss (CNOL) carryback period under Section 172 for some loss attributable to the acquired members under final Treasury regulations (TD 9977) released on July 10.
IRS Adopts Final Rules on Consolidated Return Split-Waiver Elections Read More »
In recent years, the world of college athletics has seen a significant shift with the introduction of Name, Image, and Likeness (NIL) regulations. This means that student-athletes are now able to earn money from endorsements, sponsorships, and other activities related to their personal brand. While this is undoubtedly an exciting development for student-athletes, it also
Tax Implications Around NIL Read More »
With tax season fast approaching and it is taking the Internal Revenue Service (IRS) and Oregon Department of Revenue (ODR) 7-10 days to confirm your online account, we encourage you to create your accounts now to prevent payment delays. As technology evolves everyone, including the IRS and ODR, is moving toward only accepting online payments
Create an Account Now with the IRS/ODR Read More »
