Illinois’s tax policy causes nearly a million dollars in tax savings for Jonathan Toews and Patrick Kane INTRODUCTION Nonresident taxation on professional athletes gained national attention in the early 1990s as Illinois retaliated against California’s nonresident tax on Michael Jordan and his Chicago Bulls teammates following their 1991 National Basketball Association (NBA) Championship against the […]
Blog Posts Tagged with "personal income tax"
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 […]
Authors Alan Pogroszewski and Kari Smoker examined this very question in their recent law review article and conclude that it is. Marquette Sports Law Review May 31, 2013 In July of 2009 the state of Tennessee imposed a Professional Privilege tax on athletes performing services in the NBA and NHL. Those athletes are assessed a […]
Earlier this year, Federal Reserve Chairman Ben Bernanke stated, “Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases.” The tax increases include cancelling the Bush era tax cuts of 2001 and 2003 which would increase the individual tax rate for those in […]
Week one of the National Football League (NFL) season means a bonanza of tax revenue for New Jersey As week one of the NFL concluded with 16 games in 15 states, it’s time to look at the tax ledger to see which states were the big winners. With states looking for ways to increase their […]
Steve Nash’s recent signing revives international income tax debate Steve Nash is a two time league MVP who has played in the NBA since being drafted by the Phoenix Suns in the 1996 entry draft. Nash, from Johannesburg, South Africa, was raised in British Columbia and with his recent free agent status had many Canadians […]
Are Athletes Overpaid or Well Paid? At the heart of this debate is marginal revenue produced. If the marginal revenue produced by an athlete is greater than the cost of his services, everyone wins. Prior to the fall of the reserve clause, which essentially forced indentured servitude on professional athletes, owners kept the revenue produced […]
Trading Spaces and Moving Expenses With training camp just around the corner for the NHL and NBA and all the athletes who change teams this off-season, it’s a good idea to review which moving expenses are tax deductible. This article discusses the requirements and limitations, deductible moving expenses, and necessary documentation. Business related expenses for […]
Please note: the IRS has increased scrutiny of employee business expenses–specifically business miles. So to verify the business miles you drove during a tax year, it’s important you know how the IRS defines business miles for a professional athlete and how to document your legitimate business miles. Here’s what the IRS considers to be legitimate, […]
In a time when budget crunches have increased the need for revenue among states, Massachusetts has offered their taxpayers the unique opportunity to assists the state by paying more in taxes. Although the state income tax rate in Massachusetts is officially 5.3%, the state provides the opportunity for residents and non-residents to pay income tax […]
January 1, 2012
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- MLB Jock Tax Index: Quantifying the Monetary Value in After-Tax Dollars
- International Tax Requirements for Athletes
- My Tax Accountant Says I can Deduct My Hot Tub. He’s The Expert – Should I Question Him?
- Professional Athletes in High “Jock Tax” States pay the Price Under the New Tax Law
- William Nylander’s $45M Contract Takes Big Hit from NHL Escrow & Jock Tax
Abstract The Jock Tax Index (JTI) is a new proprietary tool and has been featured in “Off the Charts” by Scarlet Fu on Bloomberg Television’s ...
AFP Consulting LLC has had the awesome privilege of working with a handful of sport professionals from many different sports. ...