Introduction On June 30, 2021, the National Collegiate Athletic Association (NCAA) released a statement allowing college athletes to profit on their name, image, and likeness (NIL) for all incoming and current student-athletes. The NCAA’s decision was a direct result of several states across the country passing their own legislation and the Supreme Court’s ruling just […]
Whether you are a seasoned veteran or a rookie navigating tax season for the first time, it can prove to be an extremely stressful time of year for all professional athletes. In addition to facing the same tax requirements as others, professional athletes have several additional layers of complexity. First, filing requirements can be confusing […]
How the Pandemic, Covid-19 Protocol and the bubble have affected how the Jock Tax is Calculated and Reported Introduction During the 2019-20 NHL season players visited thirteen states and seven cities that impose a personal income tax. Games in these states and cities generated over $136.8 million in personal income tax revenue from NHL players […]
Trainer tips have always been considered income and should be reported and included on your tax return. However, a change in law means trainers need to be mindful the income is not double reported going forward. What Changed? As part of the American Recuse Plan Act that was signed into law on March 11, 2021, […]
As part of the American Recuse Plan Act that was signed into law on March 11, 2021, changes were implemented that effects how third-party transaction companies, such as PayPal, Stripe, Venmo, and Square, must report earnings by user starting with the 2022 tax season. Starting in the 2022 tax season, business owners who pay contractors […]
As part of the American Recuse Plan Act that was signed into law on March 11, 2021, changes were implemented that effects how third-party transaction companies, such as PayPal, Stripe, Venmo, and Square, must report earnings by user starting with the 2022 tax season. The change in the law lowered the threshold for issuing a […]
Although Athletes receive credits for taxes paid overseas, they should understand that foreign income isn’t tax free and they still need to file in the US as well Introduction First of all: There’s no such thing as ‘tax free.’ However, the way your income is reported and distributed may make it appear to be without […]
Introduction In negotiations, knowledge is power for both the athlete and the organization. By quantifying the financial and tax implications for multiple offers, an accurate after-tax present value or true value of a contract can be expressed. A player, and their representative equipped with this information can evaluate each team’s proposal, based on the city […]
What type of advantage does the NHL expansion team in Seattle have in signing free agents in the open market? Introduction This past summer, through the league’s expansion draft, 30 players joined the National Hockey League’s (NHL) 32nd franchise the Seattle Kraken. By joining the Kraken, players contracts will now be paid by Seattle and […]
Whether the Chiefs win or Lose the State of Missouri is the big winner on Sunday. Introduction Win or lose the State of Missouri will cash in this weekend with the Kansas City Chiefs appearance in this year’s Super Bowl. With the game being played at Raymond James Stadium in Tampa Bay and in a state […]
