College Athletes and Tax Laws—What to Know Before Going Pro

By Dr. John Karaffa, CPA/PFS, CFP®, President of ProSport CPA PLLC   Successful college athletes are often treated like heroes on their campuses. They might feel like stars around town, and the 2 percent who are offered professional contracts will continue to attract attention. But heading into professional sports will come with more than a nice salary, as the tax authorities are keenly interested in garnering tax revenue from professional athletes.   These young women and men will be