Tax laws are ever-changing and complex. For professional athletes, taxes play a huge role and they must be accounted for comprehensive financial plans are being developed. Financial advisors, who work with professional athletes, can grow their businesses by partnering with strong accountants who also specialize in serving this unique niche.
As regulatory agencies and brokerage firms scrutinize financial advisors and limit their dealings with clients, advisors find it more necessary and fruitful to ally themselves with quality accountants. Certified Public Accountants (CPAs) can often offer services that the financial advisor is not allowed or adept to provide to professional athletes.
Accountants, who specialize in providing tax, accounting, and financial education services to professional athletes, can be a valuable member of the team by bolstering the financial advisor’s position with the athlete, acting as a sounding board for ideas, and sharing best practices.
For more information on how to team up successfully or to speak with a tax professional, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.