Academic journal article Journal of Accountancy

The Last Word

Academic journal article Journal of Accountancy

The Last Word

Article excerpt

As a tax and financial adviser to professional athletes, I enjoy working with them and helping them manage their wealth. Their issues are not unlike yours and mine, really, only on a larger scale. They need to learn to budget their money, be committed to savings and investments, and focus on their career.

I'm a managing director at Octagon, a full-service sports agency and sports consulting business. We handle athletes from just about all sports: tennis, basketball, football, baseball, hockey and others. In just about every sporting event, we have a client in it somewhere. So we're always pulling for them and wishing the best for them. In the longer term, I enjoy seeing clients reach retirement with a nice portfolio. I love that part of our business, and I do love sports, too. I grew up with five brothers and had to learn to love sports if I was going to hang in there with them!

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I've lived in the D.C. area or Maryland most of my life. I graduated from the University of Maryland, got my CPA and worked in public accounting for just a couple of years before I started working with Octagon. I've been here for 23 years now. My husband, Steve, and I live in Gaithersburg, Md. We have three children, with the oldest recently married and the youngest just having graduated from high school. My husband has his own financial planning business in Gaithersburg.

I took my first accounting class in college, and I caught on pretty quickly and liked it. So I pursued it as a degree and found I really enjoyed working in the tax area. When I started working at Octagon, it was primarily to do tax work for the athletes. Their returns can be tricky because they're required to file in every state in which they earn income, so you can have 10 or 15 different states for one client. This past year, we had a couple of very large and complex tax cases that we took to IRS appeals and which were settled favorably for the clients. It can get rather complicated. For example, for nonresidents of the U.S., we have to determine how much of their endorsement income is required to be reported in the U.S. and how much of that is considered royalties. …

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