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Sports & Entertainment
Tax Implications of Kaepernick’s Settlement with the NFL
More than 16 months after filing a formal grievance alleging that NFL owners and teams had colluded to keep him off the field, former San Francisco 49ers quarterback, Colin Kaepernick, has reached a formal (and confidential) settlement with the league. After the lengthy legal back and forth, Kaepernick has likely walked away with tens of millions of dollars. However, from a tax law perspective, how much of this settlement will he be able to take… Read More
Corporate Tax Planning
Canada’s Biggest Loyalty Points Company Facing Significant Tax Reassessment
A Canada Revenue Agency (CRA) audit of Montreal based Aimia Inc. (Aimia) has concluded. Aimia, which is responsible for customer loyalty programs worldwide, may now be facing a large tax bill. Aimia – An Overview Aimia Inc. which describes itself as a “global data-driven marketing and loyalty analytics company” providing “clients with the customer insights they need to make smarter business decisions” and also “partner[ing] with companies to help generate, collect and… Read More
Sports & Entertainment
Tax Considerations for Professional Athletes in Canada
A few weeks ago we blogged about tax considerations for professional athletes playing in the U.S., this week we discuss tax considerations for professional athletes who play in Canada. Non-Resident Athletes Playing for Canadian Teams Under s.2(3) of Canada’s Income Tax Act, non-resident individuals can be taxed by the Canada Revenue Agency if that individual has: Been employed in Canada; Carried on a business in Canada; or Disposed of a taxable… Read More
Sports & Entertainment
Superbowl LIII Players Face Large Taxes on Winnings
Last week we blogged about the so-called “Jock Tax” which is levied on earnings made by professional athletes depending on which state they play in. As a result of this frequently applied levy, the big earnings made by players of both the Patriots and the Rams in this month’s Superbowl LIII are now subject to tax at various levels. Superbowl Bonuses For playing in this year’s Superbowl, every New England Patriots player will receive… Read More
Sports & Entertainment
Tax Considerations for Professional Athletes in the U.S.
Professional sports are a multi-billion-dollar industry, propelled by major leagues including the NFL, NBA, MLB, MLS, among others, and made popular by players earning millions of dollars a year. It is also an area of tax complexity for athletes for a wide range of reasons. What are the biggest areas of concern for players in the U.S.? The Tax Cuts and Jobs Act We’ve previously blogged about the Trump administration’s Tax Cuts and… Read More