Tax Law News and Insights

Players, Staff And Draft Picks May Be Traded Tax-Free Under New Safe Harbor

Published: May 14, 2019
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On April 11, 2019, the Internal Revenue Service (the "IRS") issued Revenue Procedure 2019-18, creating a safe harbor that allows professional sports teams to treat trades of personnel contracts (including contracts for players, coaches and managers) and draft picks as having a zero value for determining gain or loss recognized for...

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What Is Qualified Small Business Stock And Why Does It Matter For You And Your Startup?

Published: May 14, 2019
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Over the past 25 years, the US tax code has given founders and investors a significant tax break. Taxpayers holding qualified small business stock ("QSBS") may be able to avoid tax on all or part of their gain from the sale of QSBS if certain requirements are met. Because of...

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IRS Expands Self-Correction Options For Plan Sponsors

Published: May 10, 2019
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On April 19, the Internal Revenue Service (IRS) released Rev. Proc. 2019-19, which provides an updated statement of the correction programs under the Employee Plans Compliance Resolution System (EPCRS). This update follows closely on the heels of the most recent update, Rev. Proc. 2018-52, issued on September 28, 2018, as...

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