Man Up, Manning: Truth Is, Peyton Won’t Pay A Ton in NJ Taxes

Peyton_Manning_(cropped)Man, New Jersey apparently must hate Peyton Manning. It’s threatening to tax his Super Bowl earnings at a rate of 51.08% if he wins. Or 101.83% if he loses. Seriously, 101.83%. And that’s just his New Jersey taxes; he’ll also owe federal income tax.

Or so says K. Sean Packard over at Forbes. In a widely circulated blog post,[fn1] Packard explains the tax trap that Manning will fall into by virtue of being the quarterback of one of the two teams playing in the Super Bowl this year.  Continue reading

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Taxing Bitcoin

bitcoinsOver at Slate, Matt Yglesias mentions that, in addition to the existential questions surrounding bitcoin, there are a handful of practical questions that need to be worked out. Specifically, he wants to know if bitcoin transactions should be taxed and, if so, how they should be taxed.  Continue reading

Downton Abbey: More (or Rather, Less) Tax

Well, another week without any significant movement tax-wise.[fn] The closest we came: an old friend with the government came to look at the various manors in Yorkshire, many of which are apparently in bad shape, to evaluate the effect of the war.

So I suspect that next week it’ll get back to what we care about. Until then, well, oh well.

An Addendum to the Prior Note re: Same-Sex Marriage in Utah

simple-chic-wedding-cake-3On Tuesday, I wrote about the tax consequences to married same-sex couples of Utah’s decision not to recognize its same-sex marriages for the duration of the stay. The quick version is, that decision, combined with the federal government’s decision to recognize such marriages, was going to force Utah’s same-sex married couples to prepare dummy returns, substantially increasing the expense of filing their tax returns.  Continue reading

Note to Utah’s Newly-Married Same Sex Couples

wedding ringsOn December 20, 2013, Judge Shelby of the District Court of Utah ruled that Utah’s prohibition on same-sex marriages violated the U.S. Constitution.[fn1] For various reasons, there was no stay of the decision, and approximately 1,300 same-sex couples married in Utah.

On Monday, January 6, the Supreme Court issued a stay of Judge Shelby’s decision, halting same-sex marriages at least until the 10th Circuit Court of Appeals has a chance to rule on the issue. Continue reading

Lord Grantham’s Tax Strategy

uktv-downton-abbey-episode-3-6[Spoiler alert: if you haven’t seen Season 4, Episode 2 of Downton Abbey yet, this post contains an ever-so-minor spoiler.]

Tonight’s episode of Downton Abbey confirms my suspicion that Season 4 is the tax season. (Apparently, the writers were desperate to snare the tax attorney demographic.) So why is Lord Grantham so set on selling land to pay Matthew’s death duties? We learned tonight, in Episode 2, that other tax considerations have a lot to do with it.  Continue reading