ProSportsTax
Financial Services for Professional Athletes
At ProSportsTax, we pride ourselves on providing accurate, innovative, and reliable services to professional athletes while maintaining a positive relationship with not only the client but also with the client's agent and financial advisor. We find that this team approach helps unify direction, minimize taxes, and ultimately maximize the athlete's after-tax income and cash flow.
We understand the unique time constraints that exist in professional sports and go out of our way so that the athlete has access to us when they need us, including evenings and weekends.
"Outstanding service, actually made the whole process easy." Jared Allen, Defensive End, Minnesota Vikings
Tax Preparation and Other Professional Services
- Preparation of federal, state, and local income tax returns
- Preparation of federal and state estimated tax payments, when necessary
- Proactive tax planning with an emphasis on minimization of the Alternative Minimum Tax
- IRS and state representation in the event of an audit
- Examination of state of residency/nexus issues to minimize taxes
- Business management and review services
- Full bookkeeping and accounting services available
- Coordination of signing bonuses, guaranteed salary payments, and withholding with employer, athlete's agent, and financial advisor
- Facilitation of mortgages, loans, and miscellaneous financial transactions through coordination with the athlete's financial advisor, bank, etc.
- Working relationships with leading individuals in the fields of insurance, investments, and sports agency representation
Frequently Asked Questions
What sets ProSportsTax apart from other CPAs?
First and foremost, the personal contact we provide is a welcome change for most professional athletes. When you contact us you will speak to a live person and not play a game of phone tag through secretaries and voicemail. We pride ourselves in the personal relationships we develop with our clients.
Why else should I consider ProSportsTax?
ProSportsTax works with your agent and financial advisor to create a financial team intent on maximizing your after-tax income. You deserve to keep more of what you've worked so hard to achieve and we will do our best to help you do just that. In the event you require services outside of our abilities, ProSportsTax can immediately put you in touch with leading agents, financial advisors, and a number of ancillary specialists.
What are the fees for a ProSportsTax-prepared tax return?
Our rates vary, depending on the type of return being prepared and the number of state and local returns required to be filed. We do our best to keep our costs reasonable and most clients find us to be very competitive in terms of fees.
If I have questions throughout the year will I be billed for short phone calls?
No. ProSportsTax does not charge for miscellaneous phone calls throughout the year. We find that educating our clients allows us to help you help us do a better job of tax planning. Obviously, if a project comes up that requires substantial time on our part we will charge for that time.
What about providing tax return copies to my lenders and financial advisors?
We will, with your approval, provide copies of your tax returns to individuals and entities that require such information. As part of your basic fee, we do not individually charge for this service. Please note that your financial information is always kept confidential. ProSportsTax will not release such information without your authorization.
What about audits?
If you are audited, ProSportsTax will stand by you to make the whole process as painless as possible.
Does ProSportsTax only specialize in football?
Absolutely not. ProSportsTax has experience not only with football, but also with athletes involved in professional baseball, Olympic track and field, and professional golf. We also provide service to a number of coaches at all levels of sport.
Is every professional athlete an employee?
No, there are exceptions such as golf. These athletes are treated as self-employed taxpayers and ProSportsTax works with such individuals proactively to minimize taxes. Additionally, endorsement and appearance income is considered to be self-employment income. The overriding majority of professional athletes, however, are treated as employees. This means that athletes in football, baseball, basketball, hockey and various other sports are all viewed by the IRS as belonging to the same basic occupation and therefore all file very similar tax returns.
Can I incorporate to save on income and employment taxes?
For a number of reasons it is possible to incorporate for self-employment and endorsement type income, however this is not always the best way to proceed. For earnings received in wages it is simply not possible to incorporate. There is a long list of court cases in favor of the IRS disallowing such arrangements.
What about life after my professional career is over?
ProSportsTax is affiliated with Sink Gordon Accountants/Advisors, LLC. SGA is a large, local firm which specializes in businesses of all types, sizes and structures. Whatever direction you choose to go after sports, ProSportsTax and SGG can provide you with the accounting and tax services you may require.
What do I do now?
Give us a call or send us an e-mail. We never charge for an initial consultation and welcome the opportunity to visit with you about your particular situation.
About ProSportsTax
ProSportsTax operates as a division of Sink Gordon Accountants/Advisors, LLC, a public accounting firm in Manhattan, Kansas. Victor D. Barbo, CPA, is the president and CEO of ProSportsTax and is the main contact for a majority of our clients.
Contact ProSportsTax
Victor Barbo, ProSportsTax president and CEO
Phone: (785) 537-0190 ext. 117
Fax: (785) 537-0158
Email: vbarbo@sinkgordon.com
