At issue before the court was whether the state tax commissioner properly subjected NASCAR broadcasts to Ohio’s commercial activities tax during an audit from 2005 to 2010. The tax requires payments on a company’s annual sales. The court ruled that the Daytona Beach, Fla.-based NASCAR’s broadcast revenue, licensing revenue, media revenue and sponsorship fees were wrongly subjected to the tax.
America’s richest tech executives and their companies are in the crosshairs of a new effort by Democrats to pay for the party’s ambitious social spending plans. While the new billionaires tax and corporate tax minimum proposals are not specifically targeted toward tech, the industry would be among the hardest hit.
A Challenge To Media Industry Tax Leaders: Buckle In, And Step Up
As we learned at Media Financial Management’s Media Tax Summit earlier this year, those who act as tax leaders within their media companies have a tougher row to hoe than ever. As new challenges such as Big Tech taking local ad dollars away from print, broadcast and other media, tax leaders will need to step up in new ways to watch out for their companies.
Media Financial Management Association’s (MFM’s) Media Tax Summit will be a two-day virtual event. Understanding that the role of the media tax executive is changing, co-chairs Paul Nesterovsky, senior vice president of […]
Collins | COVID-19 Effects Extend To Company Taxes
The disruption that defines 2020 seems to extend into every corner of our professional and personal lives. It’s even affecting the tax calculations and reporting responsibilities for media businesses’ accounting and financial professionals.
In response to today’s announcement of a proposed tax reform outline, NAB CEO Gordon Smith said: “NAB supports today’s outline and the efforts of leaders in the U.S. Senate, House of Representatives and Administration to reform and simplify the tax code in a manner that will grow America’s economy. As lawmakers undertake the critical next step of crafting the details of this legislation, America’s broadcasters will continue to make the case that the tax reform goals of simplicity and economic growth will be undermined by any limitation to the full and immediate deductibility of business advertising costs. Advertising is a driving engine of the American economy, supporting millions of jobs and generating hundreds of billions in local economic activity, and this deduction must be fully retained in any successful tax reform effort.”
