Hess Law Group p. 248-585-5555  f. 248-585-5556
Hess Law Group

Tax & Legal Services For American Basketball Players Overseas

American basketball players overseas should be aware, according to a recent publication from the IRS, “[n]ot reporting income from foreign sources may be a crime.”

A family member is now heading toward his twelfth year playing professional basketball in Europe. In advising our family member and other players, we have come to realize that many Americans playing overseas have a need for tax and legal advice related to matters other than those matters typically handled by their agents.

Americans employed as professional basketball players overseas are subject to the U.S. Federal income tax system in all its glory; including the foreign income exclusion, foreign tax credit, and other complex adjustments, inclusions, exclusions, and deductions. Since many players have failed to file required U.S. tax returns while they have been employed overseas, one of the services we render is straightening out prior year tax affairs of those players.

In addition, particularly between seasons while they are visiting in the U.S. during the summer, players may, unfortunately, have need for health and/or general liability insurance coverage not comprehended by insurance provided by overseas teams. Further, overseas basketball players may require some guidance in investing their savings in a manner suited to their fairly unique circumstances. Finally, players, who are mature adults (often with families) and are accumulating substantial assets, need to consider providing for the uncertainties of life with financial and medical powers of attorney as well as wills and trusts. Members of our firm stand ready to assist in these areas.

Please note, we are not agents. We are attorneys who, with the assistance of a knowledgeable Certified Public Account, have developed a segment of our practice to address the needs we perceive to exist among those talented, fortunate Americans worldwide who make their living playing the game they love.

The contact attorney for this segment of our practice is Brandon D. Hess. He may be contacted at (248) 585-5555 or at brandon.hess@hesslawgroup.com, should you have further questions or concerns, including a wish to be provided with more in-depth, detailed information concerning the issues referenced above. A General Discussion of Tax Matters for American Basketball Players Employed Overseas can be found by clicking here.