A Specific IRS Request For “Additional Information”
It sure seems like tax season here at Sports Agent Blog. Here are tax related posts that have been published in the month of December:
- Cliff Lee Thinking About Texas Taxes
- Did Taxes Have A Role In Cliff Lee’s Decision?
- Agent Fees Often Raise A Red Flag To The IRS
After writing the IRS post, I received a message from attorney-agent Ron Del Duca of Del Duca Sports. He referenced a piece that he wrote in April 2010 on his blog, which detailed a specific instance where he responded to an IRS request for “additional information” concerning deductions that one of his unnamed clients listed on his federal tax return. The IRS accepted Del Duca’s response and closed the case.
Del Duca can separate himself from the competition, because not only does he have a J.D., but he also completed Master of Laws Taxation Degree (LLM) from William & Mary in 1984. Thus, he does not have to seek help from someone outside of his company should the IRS come calling one of his clients.
Del Duca’s client was seeking to deduct a total of $52,903 in expenses. The breakdown was as follows,
- NFLPA union dues of $10,000.
- Agent fees of $32,812.
- A fine of $1,531 for being late to a team meeting.
- Shoes and other football equipment of $1,536.
- Game tickets for agents and other advisors of $2,269.
- Business related trip expenses of $4,755.