Archive for the ‘Press Release’ Category

Tax Hints for Overseas Pro Basketball Players

Tuesday, December 20th, 2016

You’re facing some big financial decisions and filing taxes needs to be a priority. Some American athletes are playing a dangerous game with the Internal Revenue Service (IRS) by not complying with U.S. tax laws. Others are passing up valuable opportunities to receive refunds from their host countries.

As Americans, no matter where we earn money, we are required to report our worldwide income on our U.S. income tax returns. Additionally, the U.S. Department of Treasury requires Americans to report their foreign bank accounts. Failure to do so can result in fines as much as half the account value.

Certified Public Accountants (CPAs) who are fluent with the international aspects of the tax code can help you navigate the complex rules. They also understand the provisions in the U.S. tax code which provide relief from double taxation for international athletes.

Here are a few tips we give our international basketball clients:

1. Make sure you obtain official foreign earnings statements and paystubs from your team. These forms show what you earned and how much foreign taxes were paid on your behalf (equivalent to U.S. Form W-2). For example, BEFORE you come home after the 2016-17 season, make sure your team provides you with your 2016 annual wage and tax statement. These are usually available by the end of January. For the months played in 2017, be sure to have your last paystub, showing what you earned thus far as well as the taxes paid year-to-date. In early 2018, obtain your 2017 official foreign earnings statement for that part of the season. Always keep each of your paystubs to prove what you earned and the taxes paid.

2. Retain a copy of all your overseas playing contracts. These contracts supplement your wage statements and help to detail what you were supposed to get paid in the respective calendar years.

3. Keep a copy of all receipts for any basketball-related expenses that you incur. This includes things like agent fees, training expenses, sports equipment, and travel costs that you incur as a professional athlete. We provide our clients with a questionnaire that reminds them what expenses are possibly deductible; however, it is easier to track these expenses as they incur during the year, as opposed to having to scour bank and credit card statements to try to identify deductions.

Remember that paying taxes is an obligation of every American. Failing to declare what you earned to the IRS is a form of tax evasion. The penalties can be quite severe, including jail time and hefty fines. Make sure you are in the headlines for your successes on the court and not for being a victim of the IRS global crackdown on people who hide their offshore income or accounts.

For more information or to speak with an experienced tax professional knowledgeable about international taxes for overseas pros, please call us at (804) 557-2648, e-mail TaxPro@ProSportCPA.com, or visit www.ProSportCPA.com. ProSport CPA is the leading tax firm exclusively for professional athletes, serving more than 150 professional basketball players. Good luck with your pro career!

Tax Hints for Canadian Football League (CFL) Players

Tuesday, December 1st, 2015

For Americans playing in the Canadian Football League (“CFL”), along with learning the playbook, absorbing the foreign culture, and taking care of business on the field, filing taxes should be of paramount concern. Some American imports, however, are playing a dangerous game with the United States’ Internal Revenue Service and the Canada Revenue Agency by not complying with tax laws. Others are potentially passing up valuable opportunities to receive refunds.

As Americans, no matter where in the world we earn our money, we are required to report all of our worldwide income on our U.S. income tax returns. There are provisions in the U.S. tax code, such as the foreign earned income exclusion and foreign tax credits, which provide relief from double taxation for international athletes. Navigating these complex rules require the use of qualified tax preparers, such as Certified Public Accountants (“CPA’s”), who are fluent with the international aspects of the tax code.

Here are a few tips for Canadian Football League players:

1. Make sure you obtain your Form T4 from your team. The Canadian Forms T4 and T4A are the foreign equivalent of the U.S. Form W-2, which shows how much you earned and how much Canadian taxes you paid. CFL players usually receive their Forms T4 by early February of the following year. Also, keep your paystubs as further evidence of what you earned and taxes you paid.

2. Retain a copy of all your CFL playing contracts. These contracts supplement your wage statements and help to detail what you were entitled to get paid during the respective season. The tax authorities sometimes request copies of your playing contracts.

3. Keep a copy of all receipts for any football-related expenses that you incur. This includes any agent fees, training expenses, sports equipment, travel costs, etc. that you incur directly-related to your occupation as a professional athlete. We provide our clients with a questionnaire that guides them on what expenses are possibly deductible; however, it is easier to track these expenses as they occur during the year, as opposed to having to scour bank and credit card statements to try to identify deductions.

Remember to keep in mind that taxes are an obligation of every American. Failing to declare what you earned to the Internal Revenue Service and Canada Revenue Agency is a form of tax evasion…and the penalties can be quite severe, including jail time and hefty fines. Make sure you are in the headlines for your successes on the field and not for being a victim of the global crackdown on people who fail to declare their worldwide income.

For more information or to speak with a tax professional, please call us at (804) 557-2648 or visit www.ProSportCPA.com.

BasketballElite Interview with John Karaffa

Monday, June 24th, 2013

BasketballElite caught up with John Karaffa of ProSport CPA at this year’s Portsmouth Invitational Tournament. ProSport CPA provides expert tax, accounting, and financial education services to professional athletes, including over 100 professional basketball players in the NBA, WNBA, and overseas.

For more information or to speak with a financial professional, knowledgeable about taxes for professional athletes, please contact Dr. Karaffa at (804) 363-9684 or visit us at www.ProSportCPA.com.

CLICK HERE FOR VIDEO >>>>> John Karaffa – Super CPA’s Advice for Pro Athletes

Richmond Times-Dispatch Profiles ProSport CPA

Monday, May 27th, 2013

The Richmond Times-Dispatch caught wind of ProSport CPA’s great story and ran a feature article on Memorial Day. Professional athletes, such as Virginia Tech’s Danny Coale who now competes for the Dallas Cowboys, realize the importance of having trusted, quality advisors on their team.

For more information or to speak with a financial professional, knowledgeable about taxes for professional athletes, please contact Dr. Karaffa at (804) 363-9684 or visit us at www.ProSportCPA.com.

http://www.timesdispatch.com/business/investment/article_4f0d8970-e00d-5830-bd6d-4f6ddf72cb96.html

2013-05-27 Richmond Times – ProSport handles accounting needs for pro athletes

ProSport CPA’s President, John Karaffa, Named Accountant of the Month by Accounting Today

Friday, December 7th, 2012

Accounting Today magazine named Dr. John Karaffa its Accountant of the Month. The article is available online currently and will appear in the January 2013 edition of the magazine. More can be found by accessing the article online.

Accounting Today is a leading provider of online business news for the tax and accounting community, offering breaking news, in-depth features, insightful editorial analysis, and a host of Web-related resources and services.

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

Tax Time Tips for the Pros

Monday, January 9th, 2012

As the New Year is here, it’s time to start accumulating the data you will need to provide to your accountant. Whether you’re a player in the NFL, NBA, MLB, NHL, MLS, WNBA, CFL, racing, boxing, overseas, or other pro sports, you have unique deductions that you can take due to your profession. Some tips to help save you money:

1. Find a qualified, credentialed tax preparer (such as a Certified Public Accountant, “CPA”), who specializes in working with professional athletes.

2. Communicate your situation, ask questions, and be open and honest with your tax professional.

3. Provide as much documentation as you can to your tax pro.

Follow these tips, and you’ll be well on way to saving yourself money. Good luck to you.

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 Again Recognized as “Super CPA”

Tuesday, November 1st, 2011

Virginia Business has again recognized Dr. John Karaffa, the Founder of ProSport CPA, as one of its 2011 “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 highlights Virginia’s top CPAs for their contributions to their profession and to the prosperity of the Commonwealth of Virginia. Dr. Karaffa was a winner of the same award in 2010. The full results were 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.

FORUM Magazine Publishes Article by Dr. John Karaffa

Thursday, May 5th, 2011

John Karaffa Featured in Strayer University’s FORUM: Advancing Academic Discourse Winter/Spring 2011 Edition

An article written by Dr. John Karaffa, President and Founder of ProSport CPA, was published in the Winter/Spring 2011 edition of Strayer University’s magazine, Forum: Advancing Academic Discourse. Forum is the semiannual academic newsletter of Strayer University. The mission of Forum is to provide a venue for Strayer University faculty and academic administration to discuss issues affecting adult learners and share experiences that further professional growth.

The article written by Dr. Karaffa provided recommendations to Leaders in the National Football League, NFL Players Association (NFLPA), and NFL Teams to help them increase NFL player awareness about making better financial decisions. Recommendations revolved around the categories of (1) disabilities and injuries, (2) NFL pensions, (3) careers after football, and (4) financial education.

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 is attached Strayer University Forum Winter-Spring 2011

Professional Athlete Deductions Can Provide Substantial Tax Relief

Saturday, February 12th, 2011

With professional athletes facing overall tax rates in excess of 40%, appropriately utilizing all available Internal Revenue Service (IRS) tax deductions is a necessity. Professional athletes face unique costs due to their profession. Fees for agents, trainers, advisors, and union dues are all tax-deductible, as well as many other expenditures that are often overlooked.

The timing of taking certain deductions is also very important and an important element of optimal, effective tax planning. A year-end tax check-up with a tax accountant who specializes with professional athlete taxation is highly recommended.

With the big dollars involved, it is imperative that professional athletes receive all the appropriate credit from deductions that they are due on their taxes.

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 Shares Financial Tips with NFL Prospects

Thursday, February 3rd, 2011

 

Dr. Karaffa Sharing Financial Tips with NFL Prospects

College professor and renowned personal finance expert, Dr. John Karaffa, recently spoke with participants of this year’s NFL combine training program at Tom Shaw Performance Enhancement in Orlando, Florida. Dr. Karaffa shared his experiences as a former professional athlete, tax accountant, and advisor to professional athletes with the audience that included over 20 professional football prospects. The 45-minute session provided the future pros with valuable financial guidance derived from former NFL greats on what to do and what not to do as they enter the professional ranks. Dr. Karaffa’s research with former NFL players resulted in a series of practical financial tips that help professional athletes make better financial decisions.

Tom Shaw Performance Enhancement is training program hosted at Disney’s Wide World of Sports. Coach Tom Shaw helps college players improve their ”speed, power, agility, quickness, and quickness” prior to attending the National Football League’s scouting combine. Coach Shaw, a former coach for the New England Patriots’ SuperBowl Championship teams, also trains current NFL players, and past participants of his program include 10 SuperBowl MVPs, 122 NFL first round draft picks, and 8 #1 picks.

For more information about financial education seminars tailored to meet the needs of professional athletes, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.

Future NFL Pros Learn about their Personal Finances