Tag: tax
Explaining the taxability of professional athletes
Nonresident professional athletes must use the "duty days" method to determine their Michigan income tax obligations. Personal Service Income Income tax is calculated by multiplying the athlete's personal service income by a fraction. The numerator is the total Michigan duty...
IRS reminds taxpayers to report virtual currency transactions
The IRS recently reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their...
Where services revenue is sourced has changed for Michigan cities
The rules for where city sales for service-based businesses are sourced has changed, but the city of Detroit may appeal it. Honigman, the largest law firm in Detroit, wanted to source its services not based on where its attorneys were...
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