Archive for the ‘Professional Athlete Tax’ Category

Tax “Doctor” Offering 2nd Opinions to Professional Athletes

Friday, December 3rd, 2010

Dr. John Karaffa, owner of ProSport CPA and a college professor, is offering professional athletes free tax check-ups. These comprehensive reviews are simple, effective, and often result in uncovering additional refunds.

Many good tax accountants are available; however, finding good tax accountants who focus on serving professional athletes is tough. Professional athletes face unique tax circumstances that require specialized knowledge in several key areas:

-       Sports-specific deductions,

-       Various types and sources of income, and

-       Multiple city, state, and foreign tax complexities.

In the same way you consult a doctor for a second opinion to have more confidence in your diagnosis; tax check-ups give you more peace of mind and possibly gain you money.

For more information or to speak with a tax professional, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.

Overseas Professional Athletes Facing Increased IRS Scrutiny

Wednesday, November 3rd, 2010

Helio Castroneves, three-time winner of the Indianapolis 500 and professional race-car driver, was embroiled in a long, public battle with the Internal Revenue Service over his income taxes. The Castroneves case puts other professional athletes on notice to ensure that they remain in compliance with their U.S. tax filing obligations. All U.S. citizens and residents have a U.S. tax reporting obligation, irrespective of the geographical source of their income. Professional athletes overseas are not exempt.

Whether it is an American in the Canadian Football League (CFL) or a basketball player playing in the German pro leagues, U.S. tax returns (and host country taxes) must be filed. And in this day and age, when the public often knows how much a player earns, pro athletes can’t hide. IRS agents can access Twitter, Facebook, and overseas team rosters, just like anyone else. A positive aspect of filing is that there are often credits a player can claim, and the potential for a tax refund exists. So, it can pay to file.

For more information or to speak with a tax professional, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.

Tax Deadline Readily Approaching for Professional Athletes

Sunday, October 3rd, 2010

Professional athletes often need to postpone the filing date of their U.S. tax returns due to their playing seasons, travel schedules, and other obligations. For those individuals who filed U.S. federal extensions (Forms 4868) by April 15, 2010, their tax returns were extended to October 15. A couple points to keep in mind with regards to extended due dates:

 -       The extension of time to file does not extend the due date for payment,

-       Filing a federal extension does not guarantee that a state will accept it, and

-       There’s no official extension form to get more time past October 15.

Therefore, for those who have not filed their tax returns, quick action is needed.

For more information or to speak with a tax professional, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.

John Karaffa Recognized as “Super CPA”

Sunday, September 26th, 2010

Virginia Business has recognized Dr. John Karaffa, the Founder of ProSport CPA, as one of its 2010 “Super CPAs” in the categoy of Individual Taxation. Virginia Business identifies the “best of the best” of the Certified Public Accountant (CPA) profession through this special program that highlighs Virginia’s top CPAs for their contributions to their profession and to the prosperity of the Commonwealth of Virginia. The full results will be released in the November edition of Virginia Business.

Dr. Karaffa’s company, ProSport CPA, is a tax, accounting, and financial education firm that specializes in helping professional athletes. More information is available at www.prosportcpa.com.

Professional Athletes and Charitable Foundations

Tuesday, August 10th, 2010

Professional athlete charitable foundations often have substantial impacts on the causes they support. One has to look no further than Lance Armstrong’s LIVESTRONG, Ronnie Lott’s All Stars Helping Kids, or Andre Agassi’s Athletes for Hope.

Despite the great successes of such pro athlete charitable foundations, many charities founded by pro athletes fail. Setting up a charity is not right for every professional athlete. Charities should be NOT be set up:

 -       For marketing or public relations purposes,

-       To put friends and family on payroll, or

-       To be used as a vehicle to support yourself later on in life.

Creating a charity requires a lot of passion, time and money, and most of all, a worthy cause.

For more information or to speak with a tax professional, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.

Dr. John Karaffa profiled in the Journal of Accountancy

Thursday, July 1st, 2010

ProSport CPA Founder Tapped for Prestigious Accounting Journal

Dr. John Karaffa, President and Founder of ProSport CPA, is profiled in the July issue of the Journal of Accountancy, the leading journal in the accounting industry. The magazine selects Certified Public Accountants in all walks of life to profile in each issue. Dr. Karaffa’s background proved quite interesting for the journal, as his past jobs included stints as a Chief Financial Officer, Controller, Professor, Coach, and Professional Basketball Player.

Dr. Karaffa’s company, ProSport CPA, is a local tax, accounting, and financial education firm that specializes in helping professional athletes. More information is available at www.prosportcpa.com.

The full article can be found at http://www.journalofaccountancy.com/Issues/2010/Jul/20102722.htm.

Karaffa – Journal of Accountancy July 2010

Dr. John Karaffa Speaks at NFLPA Financial Advisors Conference

Thursday, May 6th, 2010

Dr. John Karaffa, President of ProSport CPA, was invited to speak at the National Football League Players Association’s Financial Advisor Conference in May in Hollywood, Florida. Dr. Karaffa’s study, Retired NFL Players Perceptions of Financial Decisions Made: A Phenomenological Study, provided valuable insight to the field of financial planning for professional athletes. Dr. Karaffa presented his findings at the conference to over 100 financial advisors, who serve as NFLPA Registered Player Financial Advisors, as well as members of the NFLPA, NCAA, and several former NFL players.

More information can be found at www.prosportcpa.com.

NFLPA Financial Advisors – Conference Agenda

Karaffa Dissertation – NFLPA Presentation 06MAY10

AICPA Campaign Profiles John Karaffa

Friday, April 2nd, 2010

Certified Public Accountant Marketing Campaign Profiles Dr. John Karaffa of ProSport CPA

The American Institute of Certified Public Accountants (AICPA) has chosen Dr. John Karaffa as one of its key members for the recent advertising campaign to attract new entrants into the profession.

Start Here, Go Places (www.startheregoplaces.com) was created by the AICPA to inform students and educators about the range and breadth of an accounting career. “The website is a place for students to realize the incredibly rich possibilities of a career in accounting,” said Jeannie Patton, AICPA vice president – students, academics and membership. “As more college students graduate with degrees in accounting, younger people are increasingly intrigued by the field. Start Here, Go Places. is designed to be their guide to this rewarding profession. The site offers a more personalized experience for students to explore an accounting career, breaks stereotypes and features real CPAs.”

Dr. Karaffa’s company, ProSport CPA, is a tax, accounting, and financial education firm that specializes in helping professional athletes. More information is available at www.prosportcpa.com.

The complete AICPA profile can be found at: http://www.startheregoplaces.com/why-accounting/real-life-cpas/john-karaffa/.

Karaffa – AICPA.org – April 2010

John Karaffa Awarded Doctor of Business Administration

Wednesday, March 24th, 2010

John Karaffa, President of ProSport CPA PLLC in Virginia, recently received a Doctor of Business Administration from the School of Advanced Studies at the University of Phoenix. Dr. Karaffa, who pursued his doctoral studies starting in 2006, had earned a MBA from Schiller International University in 1995, and a Bachelor of Science in Accounting from Butler University in 1991, where he also played intercollegiate basketball for the Butler Bulldogs, the 2010 NCAA Men’s Basketball Championship Runner-Ups.

Dr. Karaffa completed a widely-acclaimed doctoral dissertation in cooperation with the National Football League Players Association entitled, Retired NFL Players’ Perceptions of Financial Decisions Made: A Phenomenological Study. His study focused on the financial decisions made by former NFL players during their playing careers. Dr. Karaffa’s research study was the first of its kind in professional sports. His work has gained notoriety for its in-depth recommendations to professional athletes, as well as to financial advisors who support this challenging niche.

Dr. Karaffa’s firm specializes in tax, accounting, and financial education services for professional athletes and entertainers. For more information, please contact ProSport CPA or visit www.prosportcpa.com.