Archive for the ‘Conferences’ Category

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.

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

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