Where sports and tax law collide — contracts, trades, endorsements, and the tax questions that come with playing (or owning) the game.
Taxpayer asks: I saw on twitter that you ran a race this year so maybe you can help me. I run a number of races throughout the year and I occasionally win some money. My friend told me that I have to include that money on my taxes. Can I deduct the cost of the…
The National Football Post notes that what’s on the minds of NFL players this week isn’t what foolishness is going to come out of the mouth of TO, but taxes. Agents for NFL players were reportedly sent a memo this week by the the National Football League Players Association, calling their attention to IRS code…
Helio Castroneves will face the music – again – in March. Only, he won’t be able to tango his way out of this one quite so easily. The Indy 500 race car driver and winner of the 5th season of Dancing with the Stars (along with fan favorite Julianne Hough) found out this week that…
After a federal judge initially barred Helio Castroneves from leaving the country as part of the race car driver’s bail conditions, it seems he has changed his mind. Despite arguments by the prosecutors that Castroneves had both motive and assets to flee the country, U.S. Magistrate Judge William Turnoff said that he believed “the dumbest…
You have to wonder what Helio Castroneves did to garner the wrath of the IRS. You know, except for the tax evasion part – perhaps they were Melanie B/Scary Spice fans? The two-time Indianapolis 500 winner and 2007 “Dancing With The Stars” champion pleaded not guilty today to tax evasion charges. He is accused of…
The Vikings apparently can’t win for losing. First, they had to deal with the soap opera that is Brett Favre and the Green Bay Packers – in case you somehow remarkably missed the drama, Favre talked to the Vikings about a position on the team – as a result, the Packers, who have indicated that…
IRS Special Agent Jeff Novitzky has a special interest in the hearing for seven-time Cy Young Award winner Roger Clemens. Novitzky has been at the helm of a five-and-a-half-year investigation into steroids in professional sports including drug use in Major League Baseball. Novitsky had expected to hear testimony from New York Yankees pitcher Andy Pettitte,…
When it comes to Super Bowl, folks think chili, beer and commercials. They also think gambling. It’s one of those games that inspires a lot of big money, sure, but also enormous numbers of side bets and the ubiquitous office pools. What does gambling have to do with tax? Plenty. Gambling winnings, no matter whether…
Taxpayer asks: Hello, My husband’s business gets letters from people asking for cash donations/sponsorships. Specifically, when students write to us asking for sponsorship for a People to People Ambassador program for their son/daughter to attend, or Cheer camp sponsorship for their cheerleading daughter to attend, or asking for a sponsorship for their child’s go-kart racing…
Penn State University has released the official salary of Joe Paterno and the news is BIG. Really BIG. And why? Because it’s… get this… $512,664. No missing digits here. The provost at the University of Alabama should be weeping by now. And the folks at the University of South Carolina should demand a refund from…