Withum is excited to announce its new agreement as a Player Care Partner with Premier Sports Network (PSN). PSN is the leading private network for the global sports industry, connecting key stakeholders and suppliers across the world of professional sport to improve the performance of those working behind the scenes and drive the development of the professional sports industry.
This six-month agreement enables PSN to offer premier accounting services to benefit professional athletes and provide them with an expanded suite of resources to help sustain their success. Giving players access to Withum’s accounting and tax services will ensure they have accurate and compliant books and set them up to thrive in the long term.
We are excited to join PSN as a Player Care Partner. The sports industry is a lifelong passion for our team members. Athletes live complex lives, not just in the limelight. Their accounting needs shouldn’t have to be complex, and that’s why so many professional athletes and sports organizations choose Withum. We are looking forward to educating players and helping protect the wealth and reputations of PSN members.Josh Horowitz
Team Leader of the Professional Sports and Esports Services Team
“We’re thrilled to introduce Withum to our network as a Player Care Partner,” said Spencer Hidge, CEO and Founder of Premier Sports Network. “Accounting for professional athletes is a highly-specialized area, and I am confident that by giving our people access to Withum, we are setting them up with the best possible, most experienced team.”
Accounting Services for Professional Athletes
Withum’s Professional Sports Services Team helps traditional athletes and professional esports, sports teams and clubs navigate complex tax regulations in an industry unlike any other. Long-standing industry experts have mastered the industry’s unique accounting rules and regulations and stay relevant to the latest tax regulations to minimize tax liability, develop tax strategies and maximize profits.
Challenges and Trends for Professional Athletes
Many startup companies incur costs that are treated differently pre-revenue than they would be when the company is operational. Tax laws around this topic can be confusing and time consuming. These laws changed for the 2022 tax return and deductibility of expenses are now amortized.
Whether through purchase of an existing building or construction of a new one, classification of the assets is pivotal in determining annual depreciation costs. There are also many tax advantages that can be taken based on these classifications. A cost segregation study will identify when these advantages can be exploited.
Each state has different tax laws. Reviewing residency is essential in minimizing individual taxes.
A growing issue that is often forgotten until a breach occurs. High profile athletes and public persons are a constant target for online hackers. Preventative measures are always better, and cheaper, than reactive ones. This also applies to any businesses who keep valuable information on servers.
Companies impacted by loss of revenue in 2020 and 2021 can take advantage of payroll credits and recoup significant capital in some cases.
Whether it be the purchase or sale of a building or business, valuation of the assets is paramount to the transaction. Our services can assist in either the valuation of those assets or review the inputs used in an already prepared valuation.
With many companies having local or foreign subsidiaries under their umbrella, transactions between those entities are almost inevitable. However, the terms of the transactions must ensure that they are made within arm’s length. Our team specializes in reviewing these terms to ensure compliance in any jurisdiction.