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Newly Wealthy Student Athletes to Encounter Tax Issues (Podcast)

Aug. 27, 2021, 8:45 AM

College football season starts this weekend and this will be the first year in which the players suiting up can earn significant income off of their name, image, and likeness. Partially in response to losing a case at the Supreme Court, the NCAA this summer lifted its longstanding ban on its student athletes generating this type of revenue for themselves.

Though it may not be something most sports fans are thinking about, these newly wealthy athletes, many still in their teens, will run into a host of tax issues if they’re not careful. To learn more about this, Bloomberg Tax reporter Sam McQuillan spoke with John Karaffa, the head of ProSport CPA— a firm that specializes in working with athletes—for our weekly Talking Tax podcast.

Listen to the episode here.

Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

To contact the reporter on this story: David Schultz in Washington at dschultz@bloombergindustry.com

To contact the editors responsible for this story: Patrick Ambrosio at pambrosio@bloombergtax.com; Yuri Nagano at ynagano@bloombergtax.com

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