Newly Wealthy Student Athletes to Encounter Tax Issues

What this episode covers

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

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Frequently Asked Questions

How long is this episode of Talking Tax?

This episode is 13 minutes long.

When was this Talking Tax episode published?

This episode was published on August 26, 2021.

What is this episode about?

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...

Can I download this Talking Tax episode?

Yes, you can download this episode by clicking the download button on the episode player, or subscribe to the podcast in your preferred podcast app for automatic downloads.