Taxes on Visiting Professional Athletes and Entertainers

Professional athletes must pay taxes in many of the cities and states in which they play road games, which can create a tax preparation nightmare.  Article – Pittsburgh Post-Gazette

…nonresident athlete taxes — seldom collected 20 years ago — are now significant sources of revenue for municipalities and states and can cause serious headaches for entertainers, athletes and accountants at tax time.

Any employee who travels with the team, which includes coaches, broadcasters, equipment managers and scouts, is subject to the same tax requirements.

Of the 24 states that house professional sports teams, 20 collect income tax on their home and visiting teams. And nearly a dozen cities, including Pittsburgh, Philadelphia, Cleveland and Cincinnati, impose “jock taxes” and fees on teams and players to address budget shortfalls and to help pay for arenas and stadiums built with the taxpayers’ wallet.

Athletes, entertainers and support staff receive dozens of W-2s in the mail each year, and the stack of tax returns for dozens of states is as thick as a phone book.

Advertisements

The Great Gatsby Curve

The Great Gatsby is one of those stories everyone can relate to in some way.  These economic and cultural times offer up even more correlations and connections than in past decades.

“The Great Gatsby,” is a novel by F. Scott Fitzgerald and now a movie (again) that highlights the inequality and class distinctions in America during the Roaring 20s.

PNG file - Great Gatsby Curve
It is hard to look at these figures and not be concerned that rising inequality is jeopardizing our tradition of equality of opportunity. The fortunes of one’s parents seem to matter increasingly in American society.

The Great Gatsby Curve was introduced in a speech last year (Jan 2012) by Alan Krueger, Chairman of the Council of Economic Advisors. It illustrates the connection between concentration of wealth in one generation and the ability of those in the next generation to move up the economic ladder compared to their parents. Krueger’s speech

The curve shows that children from poor families are less likely to improve their economic status as adults in countries where income inequality was higher – meaning wealth was concentrated in fewer hands – around the time those children were growing up.

So why does this matter for the United States? The U.S. has had a sharp rise in inequality since the 1980s. In fact, on the eve of the Great Recession, income inequality in the U.S. was as sharp as it had been at any period since the time of “The Great Gatsby.”

It is hard to look at these figures and not be concerned that rising inequality is jeopardizing our tradition of equality of opportunity. The fortunes of one’s parents seem to matter increasingly in American society.  Whitehouse.gov Article

Future? Sight

Sight is a short futuristic film, which may not be that far-fetched.

In fact, Google Glass has many similarities to what is shown in Sight.

Google Glass   What It Does

The Redesigned $100 Note

Front view of the new $100 bill, which will begin circulation in October, 2013

The Federal Reserve Board on Wednesday announced that the redesigned $100 note will begin circulating on October 8, 2013. This note, which incorporates new security features such as a blue, 3-D security ribbon, will be easier for the public to authenticate but more difficult for counterfeiters to replicate.  Full press release: http://www.newmoney.gov/stakeholder/journalist/release_04242013.htm

The Redesigned $100 Note
The new $100 note is the latest denomination of U.S. currency to be redesigned. Over a decade of research and development went into its new security features.  Read more:  http://www.newmoney.gov/newmoney/default.aspx

New Security Features
The advanced security features offer a simple and subtle way to verify that a new $100 note is real.

  • 3-D Security Ribbon-  Look for a blue ribbon on the front of the note. Tilt the note back and forth while focusing on the blue ribbon. You will see the bells change to 100s as they move. 
  • Bell in the Inkwell- Look for an image of a color-shifting bell, inside a copper-colored inkwell, on the front of the new $100 note.

Additional Design and Security Features

  •  Portrait Watermark- Hold the note to light and look for a faint image of Benjamin Franklin in the blank space to the right of the portrait. The image is visible from either side of the note.
  • Also:  security thread, a color-shifting “100” on bill, raised printing, and more.

Security Features:  http://www.newmoney.gov/uscurrency/redesigned100.htm

Many additional features are included in the redesigned bill for added security

Tax Day!