Residency & Multi-State Issues – Professional Athlete
At KROST, we provide consulting services to professional athletes regarding residency issues. It is not uncommon for athletes to change their state of residency to reduce taxes, however, there are many factors to consider. The more digital our world becomes, the more important it is to be able to collect as much data about day-to-day whereabouts in case of a residency audit. We also perform multi-year, multi-state tax projections in order to determine the true economic benefit of changing state residency.
Multi-state tax issues arise quite often for professional athletes. From filing taxes in numerous states to responding to various tax notices throughout the year, dealing with these types of issues is what we do best. Another area we can assist with is when an athlete lands on the injured reserve list and decides to change residency to a low or no tax state. It is imperative to track the time and place spent rehabilitating. If this is done, then we at KROST can assist in reapportioning wages which can save thousands of dollars in tax.
In addition to residency and multi-state tax services, we also provide a full suite of catered, industry-specific services including wealth management, accounting, and additional integrated tax solutions. » Learn more