Introduction Under the United States Constitution each state has the freedom to invoke their own tax policy separate from the federal government. With professional athletes playing in multiple states, the definition of state residency may potentially cause them to face resident tax issues in multiple states. State or city residents are required to pay tax […]
Potential tax reform takes a substantial bite out of not only Lebron James contract extension but all professional athlete’s contracts. Introduction December 2nd, 2020 – The Los Angeles Lakers agreed to a two-year contract extension with LeBron James, reported to be worth $85,655,532. The extension pushes James’ original four-year contract into a fifth year, in […]
Introduction For US resident hockey players, playing outside the United States borders in two Canadian hub cities in this year’s Stanley Cup playoffs could mean substantial tax savings on their US state tax returns and the longer they stay within the bubble the larger those tax savings could be! Background In March when the COVID-19 […]
Professional sports teams in high-tax states need to adjust to a new economic reality under the Tax Cut and Jobs Act of 2017. This past fall, an article by Alan Pogroszewski, Kari Smoker and Keith Donnelly, published in the NYS Society of CPAs online publication, The Tax Stringer, addressed the impact the Tax Cut and […]
Non-resident NHL players face five times the jock tax in Pittsburgh as compared to their resident counterparts This past November, the Players’ Associations from the NFL, NBA and NHL filed a lawsuit against the City of Pittsburgh claiming that the City’s Non-Resident Sports Facility Usage Fee is actually a tax. The lawsuit argues the “tax” […]
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 […]
As the Los Angeles Ram’s advance to his year’s Super Bowl the State of California ends up the ones paying! INTRODUCTION When the Los Angeles Rams defeated the New Orleans Saints in overtime to advance to this year’s Super Bowl in Atlanta Georgia, Saints fans were not the only ones who mourned the loss, the […]
Agents use the term ‘tax free income’ when they discuss playing in Europe or Asia, but what do they really mean and what are the tax implications? 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 tax. Here’s […]
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 […]
January 1, 2012
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