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 […]
The end of 2017 has seen a flurry of activity as both the House of Representatives and the United States Senate passed tax reform Bills. Both Bills have been promoted as providing tax relief and simplification to individuals, small business and corporations. The House of Representative’s Bill entitled The Tax Cuts and Jobs Act was […]
Peyton Manning is going out in style with two last wins. One over the Carolina Panthers in the Super Bowl and the other over the California Tax Board. Situation: This past off-season, Peyton Manning restructured his contract and converted a portion of his base salary into $4,000,000 in performance bonuses. By winning the Conference […]
Cam Newton eyes a Super Bowl ring while California has visions of taxing his salary. This Sunday at Levi Stadium in Santa Clara California, in addition to the 75,000 fans at the game and an expected television audience of over 188 million, the action on the field will also attract the attention of tax authorities […]
Former Indianapolis Colts lineman Jeff Saturday’s case against the City of Cleveland proves a cautionary tale to jurisdictions that reach beyond their constitutional rights. INTRODUCTION The United States Supreme Court’s decision to not hear Jeff Saturday’s case against the City of Cleveland is a significant victory for all professional athletes. Professional athletes face complicated tax […]
Peyton Manning eyes a second Super Bowl ring while New Jersey has visions of taxing his salary. This Sunday, fans of the National Football League (NFL) will not be the only ones paying attention to the players in this year’s Super Bowl. Tax authorities from the State of New Jersey will also be keeping a […]
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 […]
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