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Professional athletes and performing artists have unique and complex tax issues. Generally, the income of such persons comes from royalties and endorsements and from personal services. This income is often taxed not once but twice: firstly where the services are provided, and secondly where the person is resident. This can lead to double taxation. Furthermore, international tax treaties may not be an effective shield for such persons, as they are often not applicable.
Typically, professional athletes and performing artists earn income from various sources and in various locations. Often tax planning is possible to reduce the rate of tax on this income, or to avoid double taxation.
In order to advise such persons properly, an international group familiar with the issues facing athletes and performing artists, with capabilities in major jurisdictions around the world, should be engaged to consult on the tax issues which are likely to arise. ITSG member firms have significant experience in advising athletes and performing artists in a large number of situations. By consulting on a regular basis with professional tax advisors, costly mistakes can be avoided, and opportunities can be maximized.