Sports & Entertainment

Athletes and entertainers are often parties to complex financial contracts and negotiations, invest in businesses and create private foundations to support charitable interests. In addition, most athletes and entertainers maintain personal residences in one state, but earn income in many others, subjecting them to multi-state tax compliance filing requirements. Our comprehensive personal financial and tax planning services (online brochure) are designed specifically to meet the growing and complex personal needs of individual athletes, artists and entertainers. These services include:

1.    Basic Accounting Services

Generally, given the extreme time commitment, travel away from home, numerous investment opportunities and personal needs (including body maintenance, acquisition of personal assets, etc.), professional athletes or entertainers often becomes a business unto themselves.  To ensure your good credit and timely compliance with applicable income tax filing obligations, we will provide:

• Bill receipt, monthly accounting and bill pay services (utilizing online banking services and other efficiencies)
• Preparation of personal financial statements on a quarterly basis, including tracking and reporting changes in value of investments (accounts, business, real estate, etc.)
• Laptop with preloaded applications that will allow 24 hour access to financial information, financial statements and other information prepared by RBM

2.    Tax Compliance Services

Professional athletes and entertainers may often be required to file in ten (10) or more state and local jurisdictions, plus a federal income tax return. Domestic employees, businesses and other investments will complicate and even create additional tax filings.  To ensure proper compliance with applciable federal, state and local tax laws and procedures, RBM will provide the following:

• Preparation of federal, state and local income tax compliance, including gift tax returns
• Calculation of estimated taxes (as needed)
• IRS and state taxing authority representation and problem resolution (as needed)

3.    Tax Planning and Minimization Services

In many cases, a little bit of planning can save a significant amount of state income taxes. These considerations should be addressed immediately, prior to signing a contract.  We will work with you and your agent to develop and determine the most efficient methods of minimizing federal, state and local income taxes and estate taxes. This includes:

• State tax nexus planning and implementation assistance
• Coordination of and timing of signing bonuses and withholding with employer, agent and financial advisor
• Maximization of tax benefits of itemized deductions and business expenses
• Coordination of and timing of guaranteed salary payments and withholding with employer, agent and financial advisor
• Development of federal and multi-jurisdictional tax minimization and savings strategies (including focus on Alternative Minimum Tax or "AMT")
• Estate, gift and trust planning

4.    Financial Planning and Management Consulting Services

The same logic holds true for investing as for tax planning. Certain investments may not be advisable due to passive loss rules and alternative minimum tax limitations. Still other investments, such as business ventures, may be risky or distract you from your professional responsibilities.  As part of our comprehensive personal financial and tax planning services, RBM will provide:

• Assistance with the establishment of a personal budget to meet both your current lifestyle and retirement goals
• Business management and review, including development of financial evaluation models to assist you in assessing the financial viability of business investments
• Implementation and monitoring of your retirement plan (The provision of advice, planning and investment recommendations provided only in coordination with your financial advisor.)
• Facilitate completion of mortgage applications, loan requests and other personal financial paperwork, including coordination with your investment advisor, financial institution, and other members of your financial planning team
• Through our international affiliates, represent you in connection with international business and tax matters

For more information about our Sports & Entertainment services, contact
Lesley Booty Amos at (318) 221-3615.