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 […]
What type of advantage does the NHL expansion team in Vegas have in signing free agents in the open market? Introduction Earlier this month, the Vegas Golden Knights outbid several NHL teams in signing Russian forward Vadim Shipachyov to a two-year $9 million contract. Vegas General Manager George McPhee noted that with no state income […]
With a rash of suspensions and fines among NHL players this past month, we explore the tax consequences of these two forms of punishments Over the past month, the NHL has taken several disciplinary actions against its players resulting in both suspensions and fines. In late January, Boston Bruins Forward Brad Marchand was fined $10,000 for […]
Even though Tom Brady lowers his non-resident tax by over $20,000 by playing in this year’s Super Bowl in Texas, his home state of Massachusetts will make him pay, win or lose Although all income is subject to federal tax, where the bonuses from this year’s NFL playoffs and Super Bowl becomes interesting, is at […]
As tax season approaches, I thought it might be helpful to provide some guidance on how to successfully proceed in collecting and organizing your information. Tax Questionnaire The first step is to download this year’s tax questionnaire. The questionnaire is our basis in understanding your unique tax situation and provides the opportunity for you to […]
Los Angeles Kings prospect and current Ontario Reign Forward Justin Auger will find that California’s state income taxes will take a greater percentage of his earnings now that the Kings top affiliate has moved west to California from New Hampshire This weekend marks the start of the 80th American Hockey League (AHL) season and the first with […]
Even though fines are deductible and will lower an athlete’s taxable income, Lynch’s fines by themselves fall under the 2% threshold and won’t provide him any tax benefit. This past week Seattle Seahawk running back, Marshawn Lynch was informed that the NFL wouldn’t fine him for wearing a hat with his “Beast Mode’ logo during […]
Max Scherzer’s new seven year $210 million contract is a good example of how proper tax planning in a negotiation can increase its’ overall net (after tax) value. Much has been made of the resident and non-resident tax liability that professional athletes face in the multiple states and cities in which they preform services. Often […]
LeBron James and Tim Duncan, by playing against each other in this year’s NBA Finals have lowered their ‘jock tax’ burden and if the series goes the full seven games they will lower them even more. States that enforce non-residence income tax – also referred to as a ‘jock tax’ – allocate an athlete’s income […]
Athletes consider alternatives as California’s latest tax increase is implemented In January, California increased its income tax rate by 2%—to 12.3%—for resident and non-resident individuals earning over $500,000. With California’s Mental Health Service Act imposing an additional 1% on individuals earning over $1,000,000, the state’s 13.3% income tax rate represents the highest of any state […]
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 ...
AFP Consulting LLC has had the awesome privilege of working with a handful of sport professionals from many different sports. ...
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