Where sports and tax law collide — contracts, trades, endorsements, and the tax questions that come with playing (or owning) the game.
(Update: A reader sent an email last night suggesting that Pacquiao’s manager’s tax calculation of $10 million was too high since all of Pacquiao’s income would not be taxed at the highest tax rate. To clarify, that is correct since we have a progressive tax system (and, as was pointed out to me in the…
This year, you can bet on everything from the winning team to who will score first and which Harbaugh brother – or both – will sport a cap during the game. What does all of this mean come tax time?
Michael Vick’s troubled days may be over (if you don’t count his turnover problems this season) but he’s apparently still fodder for the tabloids. The gossip site, TMZ.com blasted the Eagles quarterback with this headline: “Michael Vick: I’ve Spent $29 MILLION In Four Years.” The inflammatory headline was meant to make readers think that Vick…
I’ll confess: I’m still on an Olympic tear at my house. My family and I have watched the end of the USA/Japan women’s soccer match three times. Yes, three. I’m not proud. We just really love soccer. And the Olympics. But as we watched the medal ceremony, I was reminded of all of the hubbub…
Even President Obama has Olympic fever, it seems. That’s the only plausible explanation for the latest word that the President is throwing his support behind a proposal to exempt U.S. Olympians from taxes on their awards. The President is responding to a measure which, as I previously blogged, had been introduced by Sen. Marco Rubio…
I love the Olympics. I make no apologies. I love the whole spectacle from the tacky opening ceremonies to the lovefest that is the closing ceremonies. I’ve perched on the edge of my sofa, hoping for Michael Phelps to make history (even though the tape delay and CNN meant that I already knew) and I…
Okay, best part of the 2012 Olympics so far? I say David Beckham in a speedboat because David Beckham in anything is always going to win. My kids say the giant Voldemort puppet because, well, puppets. But the Olympians? I’m guessing it’s a toss-up between marching in the opening ceremonies and the giant tax bill…
“The most powerful coach in college football” has weighed in on the Jerry Sandusky child abuse scandal. Nick Saban, coach of the Alabama Crimson Tide spoke out about the scandal yesterday, suggesting that an additional tax on ticket sales might be an appropriate part of any resolution for Penn State University. He didn’t offer specific…
While many across Britain were devastated last week by Roger Federer’s victory at Wimbledon over hometown darling Andy Murray, others had something to celebrate: money for charity. In 2003, Nick Newlife (no, I’m not making up his name) placed a £1,520 bet that Roger Federer would win the Wimbledon crown seven times by the year…
It’s got to be hard to be a Dodgers fan these days. All-Star center fielder Matt Kemp just came off the DL only to find himself injured again this week. Injuries continue to plague other players including Mark Ellis, Ted Lilly, and Juan Rivera. And the Dodgers have little money to buy their way out…