Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
 
Client Update - quarterly newsletter
 
   

The Sports Industry

(plus Operations Checklist)

The Sports Industry

Compensation for College Athletes

 

Let's get to the specifics!!

In July 2021, the National Collegiate Athletic Association(NCAA) followed a Supreme Court ruling and gave permission to College Athletes to earn money from organizations that use their Name and Public Image to promote their products and services. That include Endorsement, Personal appearance, and Autograph signing. Before that ruling came into effect, colleges were receiving money and paying NOTHING to those Athletes who were involved in promoting commercial products. Damn!! That is a lot of "Loot" those colleges were keeping in their pockets/endowment accounts.

Businesses/Brands Reaction:- As soon as the Supreme Court ruling came into effect, a flood of endorsement deals from Local and National brands poured into Colleges for top Athletes, and a lot of Athletes have received endorsement deals. They are too numerous to mention here.

Athletes Reaction:-Hercy Miller, an incoming freshman basketball player to Tennessee State University (TSU) has signed a 4year, $2million contract with WebApps America.

University of Connecticut (UConn.) Huskies point guard, Paige Bueckers, TradeMark her nickname, "Paige Buckets" and signed a 3 year endorsement contract as the brand ambassador for StockX, an on-line footware and apparel marketplace platform. 

A football player at the University of Wisconsin has debuted his personal trademark logo on his social media account; and a basketball player at the University of Iowa has announced a line of branded apparel that he plans to released. 

Independent Contractors:-Athletes who received compensation will be isues Form-1099 by the College or Corporation to report their income to the IRS and State(s) as Resident, Non-Resident or Part-Year Resident. Athletes are qualified to deduct all necessary business expenses that they incurred(IRC-162).

Tax Advisor:- A Non-Cash deal can be problamatic if it is not handled properly. If, instead of receiving Cash, an Athlete is given a New Car to drive for one or more years, the IRS will treat the use of the Car as Taxable Income. Athletes should work closely with a Tax Advisor to develop a Business and Personal goal/plan. It is a clear Financial Plan to manage their Income and Expenses and pay Federal and State income taxes, in addition to investing wisely in assets that will appreciate/compound in value overtime.

My best selling book,"Sweet Success" by Clemson Barry, is on Amazon.

Services we provide sports clients

*Book-keeping and Review contracts for tax planning purposes.

*Tax planning & Multi-state and/or Foreign tax preparation.

*Business, Franchise, and Real-Estate Advisory.

*Investment and Retirement Planning.

*Public Relations Planning & Implementation.

We work with Sports clients/Athletes and high-income individuals and business corporation in the entertainment industry. They operate as C-Corp., S-Corp., and LLC. We will make EVERY U.S. and Foreign regulatory Tax loophole, deduction, credit, exemption and exclusion in the new tax laws work for you and save you Millions of dollars in taxes. Every assignment will be completed quickly, efficiently, and accurately. Our methodology/strategies are very effective; and we put our commitment, track record, and reputation behind them. Lets start today!!!

How we obtain sports clients

*Direct mailing from our exclusive database.

*Sports Coach and Athletes Business Managers.

*Sports Marketing personnels searching on Google and on other search engines.

How we know about sports superstars.

We search for them in sports magazines (Athletics Weekly, SLAM, Beckett Basketball, Inside Gymnastics, Sports Illustrated, USA Today, Soccer 360, American Football Monthly, Golf Magazine, Baseball America, Baseball Digest, Tennis Magazine, and F1 Racing); and we watch them perform in sporting events/tournaments.

What we want from sports clients

1) Your Cell Phone number and E-mail address for quick communication.

2) A paper copy of the last tax return you filed.

3) Your Business Gross Income and expenses if you have a corporation or LLC.

4) Forms W2 and 1099 if you are an employee or freelancer. Your mortgage interest and real estate tax if you own a private home and a vacation homes; and income, mortgage interest, real estate tax and expenses for each rental property you own.

5) Forms 1099 from your banks and stock brokers (Dividends, Interest Income, purchase of stock, sales of stocks, etc.).

6) A copy of your Driver's license or State ID. (Starting in 2016, the IRS required the information be included on your tax return). 

7) Form 1095-A, 1095-B or 1095-C from your employer or union to show that you had Medical/Health insurance during the year. The information on the form would be included on your tax return to stop the IRS from charging you a penalty.

8) Job related expenses you incurred that were not reimbursed to you.

9) Your Credit Card or Bank Account Information to pay for the service.

***NOTE: Clients must communicate with us and receive our approval before sending information to us.

 

Click here for "Financial Planning & Wealth Management"

Click here for "The Culinary Industry"

Click here for "The Entertainment Industry"

Click here for "Tax Appeals/Representation"