Playing in Europe or Asia this season? Playing abroad doesn’t excuse you from paying income taxes in North America: If you’re a U.S. citizen or a Canadian resident, you’re required to claim all worldwide income on your year-end income tax return. For more information on your filing requirements please review “What Does Tax Free Really Mean?”
Authors Alan Pogroszewski and Kari Smoker examined this very question in their recent law review article and conclude that you should believe them. Marquette Sports Law Review May 31, 2015 In November 2010, former Los Angeles Laker, Lamar Odom, sued the Internal Revenue Service (IRS) because it disallowed tax deductions of $12,000 in sports fines […]
The scorecard regarding the new tax law shows that the location of your earnings creates both winners & losers Introduction There have been sensational headlines concerning the new tax law and how it will impact professional athletes. The most obvious change with the new tax law is the lowering of tax rates for all income […]
William Nylander’s recent signing provides a multitude of lessons in the valuation of a linked contract for a restricted free agents INTRODUCTION Minutes prior to the December 1st deadline to sign, restricted free agent William Nylander, agreed to a six-year $45 million contract with the Toronto Maple Leafs. However, there are many facets to this […]
INTRODUCTION John Tavares, the top prize in this year’s NHL free agent market, chose to sign with the Toronto Maple Leafs over five other teams on July 1st to live out his “childhood dream.” Tavares, whose contract is reported to be $77 million over seven years, chose Toronto after having narrowed his prospective options to […]
The Buffalo Sabres may have won the NHL Draft lottery however their draft selection Rasmis Dahlin was not as lucky Introduction This year’s entry draft was held in Dallas, Texas. Although there is no state income tax in Texas, players selected this past weekend will in nearly all cases be subject to it as they […]
Regardless of where Kirk Cousins signs this off season, it provides an example, once again on how the ‘jock tax’ can affect the net (take home) value of a contract. With Kirk Cousins set to become the first high profile quarterback to test the free agent market since Peyton Manning in 2012, his sights are likely set on […]
Jimmy Garoppolo’s five year, $137.5 million contract is being touted as the largest contract signed in National Football League (NFL) history, however a closer look at the contract indicates that it falls just short of David Carr’s and substantially below that of Mathew Stafford’s recently signed deals when comparing the the three contracts in terms […]
Introduction As Tom Brady leaves Minneapolis empty handed following a disappointing loss to the Philadelphia Eagles in Super Bowl LII (52), he soon could be met with a substantial tax bill from the State of Minnesota to be paid next April 15th. All athletes are subject to the jock tax, but it should be noted […]
Introduction When taxpayers from Minneapolis and the state of Minnesota contributed $498 million of the $1.027 Billion to build US Bank Stadium, they envisioned days like Sunday, when the stadium will be the location of Super Bowl LII (52). However, the 66,665 fans in attendance and a worldwide television audience will not be the only […]
January 1, 2012
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