Monday, August 30, 2010
What is BLESTO and National?
For those of you who are already thinking of the 2011 NFL draft here's a good article on what outside services some of the NFL boys use to get there draft lists together. Note some guys may be a turd on one list and a top 3 round pick on the other.
Wednesday, May 12, 2010
What To Get Your Local Bullfighter to Sign So He Doesn't Sue Your Ass
Waiver and Release for this type of activity
I, _____________, acknowledge that bullfighting is an extremely dangerous activity, that participation in and presence at a bullfighting venue or event, including but not limited to the bullfighting event and its related activities that is to take place at the Comanche County Fairgrounds in Lawton, Oklahoma on November 6, 2010 (hereinafter collectively the “Event”), exposes me to serious and substantial hazards and risks of property damage, physical injury and/or death, and that I have been fully warned with regard to all such risks and hazards. I realize that the risks are not restricted to only competing but also include being in the arena, behind the chutes, in the livestock holding area, pens and any other areas associated with the Event. Being fully aware that my participation in and presence at a bullfighting event will result in my exposure to substantial and serious hazards and risks of property damage, physical injury and/or death and in consideration of participating in the Event and its related activities, I, for and on behalf of myself and my spouse, children, parents, next of kin, heirs, representatives, successors and assigns, unconditionally and irrevocably agree to assume all such hazards and risks and do hereby unconditionally and forever discharge, waive, hold harmless and release Extreme Bullfighters Tour LLC and its subsidiaries, affiliates, officers, directors, shareholders, employees, members, agents and representatives (all hereinafter “EBT”) and EBT’s officials, judges, bullfighters, volunteers and contractors, together with all other parties or entities involved in the sanctioning, approval, production, organization, conduct, sponsoring, advertising and performance of the Event and its related activities (and each such persons’ or entities’ affiliates, officers, directors, employees, volunteers and agents, hereinafter collectively the “Releasees”), for any matter relating to my participation in the Event or relating to this Waiver and Release, and from any and all claims, demands, losses, costs, liabilities and responsibilities arising from or in any way relating to my participation in or presence at the Event, including any claims, demands, losses, costs, liabilities or other responsibilities that are known or unknown, seen or unforeseen, future or contingent, and whether or not such claims, demands, losses, costs, liabilities, or other responsibilities are occasioned, in whole or in part, by the negligence of the Releasees, or otherwise. In addition, I agree I will not now or at any time in the future, directly or indirectly, commence, threaten or prosecute any claim, action, suit or other proceeding against or all of the Releasees, arising out of or related to the claims, demands, liabilities and other responsibilities I am by this Release and Waiver document assuming, discharging, waiving and releasing.
Further, in consideration of being able to participate in the Event, I hereby indemnify and shall continue to indemnify and agree to hold harmless EBT (and all related companies, parent companies, subsidiaries, affiliates, associates, members, partners, shareholders, officers, directors, employees, agents, officials, contractors and sponsors) from any and all claims, liabilities, actions costs, expenses and all other financial obligations asserted, made or threatened by any person (including without limitation, myself, any employer of mine, any business of mine, my spouse, children, parents, next of kin, heirs, representatives, successors and assigns of mine) against EBT (and all related companies, parent companies, subsidiaries, affiliates, associates, members, partners, shareholders, officers, directors, employees, agents, officials, contractors and sponsors) in respect to all injuries and damage including without limitation any and all property damage, personal injury or death occasioned by me by virtue of or arising out of my participation in the Event.
The undertakings and covenants of the provisions of this Waiver and Release document shall survive the expiration or termination of the Event and are binding upon me, any employer of mine, any business of mine, my spouse, children, parents, next of kin, heirs, representatives, successors and assigns. I have carefully read and understand this Waiver and Release document and have been advised to seek legal counsel and advice pertaining to the matters released and waived herein.
I hereby acknowledge and affirm by signing below that I have read this Waiver and Release document and that I hereby intend to be bound by the provisions of this Waiver and Release document as stated herein.
Signed this ____ day of _______, 2010.
Name: (print) _______________________
Name: (sign) _______________________
I, _____________, acknowledge that bullfighting is an extremely dangerous activity, that participation in and presence at a bullfighting venue or event, including but not limited to the bullfighting event and its related activities that is to take place at the Comanche County Fairgrounds in Lawton, Oklahoma on November 6, 2010 (hereinafter collectively the “Event”), exposes me to serious and substantial hazards and risks of property damage, physical injury and/or death, and that I have been fully warned with regard to all such risks and hazards. I realize that the risks are not restricted to only competing but also include being in the arena, behind the chutes, in the livestock holding area, pens and any other areas associated with the Event. Being fully aware that my participation in and presence at a bullfighting event will result in my exposure to substantial and serious hazards and risks of property damage, physical injury and/or death and in consideration of participating in the Event and its related activities, I, for and on behalf of myself and my spouse, children, parents, next of kin, heirs, representatives, successors and assigns, unconditionally and irrevocably agree to assume all such hazards and risks and do hereby unconditionally and forever discharge, waive, hold harmless and release Extreme Bullfighters Tour LLC and its subsidiaries, affiliates, officers, directors, shareholders, employees, members, agents and representatives (all hereinafter “EBT”) and EBT’s officials, judges, bullfighters, volunteers and contractors, together with all other parties or entities involved in the sanctioning, approval, production, organization, conduct, sponsoring, advertising and performance of the Event and its related activities (and each such persons’ or entities’ affiliates, officers, directors, employees, volunteers and agents, hereinafter collectively the “Releasees”), for any matter relating to my participation in the Event or relating to this Waiver and Release, and from any and all claims, demands, losses, costs, liabilities and responsibilities arising from or in any way relating to my participation in or presence at the Event, including any claims, demands, losses, costs, liabilities or other responsibilities that are known or unknown, seen or unforeseen, future or contingent, and whether or not such claims, demands, losses, costs, liabilities, or other responsibilities are occasioned, in whole or in part, by the negligence of the Releasees, or otherwise. In addition, I agree I will not now or at any time in the future, directly or indirectly, commence, threaten or prosecute any claim, action, suit or other proceeding against or all of the Releasees, arising out of or related to the claims, demands, liabilities and other responsibilities I am by this Release and Waiver document assuming, discharging, waiving and releasing.
Further, in consideration of being able to participate in the Event, I hereby indemnify and shall continue to indemnify and agree to hold harmless EBT (and all related companies, parent companies, subsidiaries, affiliates, associates, members, partners, shareholders, officers, directors, employees, agents, officials, contractors and sponsors) from any and all claims, liabilities, actions costs, expenses and all other financial obligations asserted, made or threatened by any person (including without limitation, myself, any employer of mine, any business of mine, my spouse, children, parents, next of kin, heirs, representatives, successors and assigns of mine) against EBT (and all related companies, parent companies, subsidiaries, affiliates, associates, members, partners, shareholders, officers, directors, employees, agents, officials, contractors and sponsors) in respect to all injuries and damage including without limitation any and all property damage, personal injury or death occasioned by me by virtue of or arising out of my participation in the Event.
The undertakings and covenants of the provisions of this Waiver and Release document shall survive the expiration or termination of the Event and are binding upon me, any employer of mine, any business of mine, my spouse, children, parents, next of kin, heirs, representatives, successors and assigns. I have carefully read and understand this Waiver and Release document and have been advised to seek legal counsel and advice pertaining to the matters released and waived herein.
I hereby acknowledge and affirm by signing below that I have read this Waiver and Release document and that I hereby intend to be bound by the provisions of this Waiver and Release document as stated herein.
Signed this ____ day of _______, 2010.
Name: (print) _______________________
Name: (sign) _______________________
Wednesday, April 7, 2010
The Feds Need Money, So the IRS Hammers Your Client
As the government deficit grows, the Tax Man seems to be increasing its compliance audit of big coin taxpayers. Below is a response that I sent to an IRS request for 'additional information" concerning some deductions that my client took on his federal tax return (the letter was accepted and no additional assessment was made).
Internal Revenue Service
P.O. Box 309011, AMC 8228
Memphis, TN 37501-0001
Re: Player X
2007 Tax Year Inquiry
Notice #: LTR 566
Dear Sir or Madam:
As tax counsel to the above taxpayers (Form 2848 attached), and incident to your notice dated November 30, 2009 (Attachment A to this letter), please find enclosed the following information that you have requested in regard to Lines 20, 21, 22 and Employee Business Expenses for the 2007 taxable year. More specifically, the following is noted in regard to the expenses deducted by the taxpayer on his 2007 tax return (the relevant portions of said return noted on Attachment B).
The taxpayer is a professional football player in the National Football League (“NFL”). Even though he presently plays for XXXXX, in 2007 the taxpayer played for the XXXXX (see Attachment C). On line 21 of Schedule A of his 2007 tax return, the taxpayer deducted a total of $52,903 for unreimbursed employee expenses. Note that there is no reimbursement policy by NFL clubs (including the XXXXX, the taxpayer’s employer in 2007); no reimbursement payments are included in the taxpayer’s 2007 Form W-2 from the XXXXX. As to the $52,903 figure, the appropriate breakdown and supporting documentation is as follows:
1. Union Dues of $10,000. The taxpayer paid to the NFL Players Association union dues of $10,000 during the 2007 tax year (see Attachment D). Note that the union dues are not reimbursed by his employer (i.e., the team). This amount of $10,000 is noted on Line 4 of the Miscellaneous Itemized Deductions Statement for Schedule A (see page 3 of Attachment B).
2. Agent Fees of $32,812. Like all NFL players, the taxpayer has an agent that handles his contractual matters. As noted on Attachment E (which includes invoices and copies of cancelled checks for 3 separate agent fees paid in 2007), the taxpayer paid his agent contracted for and deductible agent fees of $32,812 during 2007. This amount of $32,812 is part of the $38,148 amount noted on Line 4 of Form 2106-EZ (i.e., line 4 of page 2 of Attachment B). Note agent fees are not reimbursed by the taxpayer’s employer.
3. NFL Fine of $1,531. The taxpayer was fined by his employer for the infraction of being late to a team meeting; this amount of $1,531 is noted on the Year-to-Date payroll report provided by the team (See Attachment F, notation ‘F’). The amount was directly deducted by the team from the taxpayer’s pay and is a business expense. This amount of $1,531 is part of the $38,148 noted on line 4 of Form 2106-EZ (i.e., page 2 of Attachment B).
4. Equipment of $1,536. The taxpayer purchased specific shoes and other equipment for the purpose of his football profession; the amount of $1,536 for this business expense was deducted by his employer from his paycheck as noted on Attachment F (notation ‘E’). Note that the employer did not reimburse the taxpayer for this expense. This amount of $1,536 is part of the $38,148 noted on line 4 of Form 2106-EZ (i.e., page 2 of Attachment B).
5. Ticket Expense of $2,269. The taxpayer purchased NFL game tickets for individuals that were assisting him in potential various income producing activities and in his professional football career, including for his agent and other advisors. The amount of $2,269 represents the deductible business expense portion of the $6,728 of tickets deducted by the taxpayer’s employer as noted on Attachment F (notation ‘T’). Note that the employer did not reimburse the taxpayer for this expense. This amount of $2,269 is part of the $38,148 noted on line 4 of Form 2106-EZ (i.e., page 2 of Attachment B).
6. Travel Expenses of $4,755. The travel expense amount of $4,755, which is part of the $42,903 amount noted on line 1 of the Miscellaneous Itemized Statement and also separately stated on line 3 of Form 2106-EZ (i.e., pages 2 and 3 of Attachment B), relates to travel that the taxpayer made to XXXXX and XXXXX during the year for purposes of the taxpayer visiting individuals and events that relate to his job as a professional football player and other related business matters, including meeting with potential business opportunities, meeting with his football agent and other advisors, and helping to plan a football camp (see article noted as Attachment G). These expenses are included as a portion of the deduction that is noted on the Saints pay summary on previously referenced Attachment F (see notation ‘A’), it being the customary policy for teams to deduct from the paychecks of players their personal purchase of air tickets and other items such as non-team lodging expenses.
Note that as instructed by the IRS, I have also included a completed Form 13825, “Employee Business Expense Questionnaire” (see Attachment H).
It is requested that all further correspondence in this matter be directed to my office.
Sincerely,
Ronald M. Del Duca, Jr.
Internal Revenue Service
P.O. Box 309011, AMC 8228
Memphis, TN 37501-0001
Re: Player X
2007 Tax Year Inquiry
Notice #: LTR 566
Dear Sir or Madam:
As tax counsel to the above taxpayers (Form 2848 attached), and incident to your notice dated November 30, 2009 (Attachment A to this letter), please find enclosed the following information that you have requested in regard to Lines 20, 21, 22 and Employee Business Expenses for the 2007 taxable year. More specifically, the following is noted in regard to the expenses deducted by the taxpayer on his 2007 tax return (the relevant portions of said return noted on Attachment B).
The taxpayer is a professional football player in the National Football League (“NFL”). Even though he presently plays for XXXXX, in 2007 the taxpayer played for the XXXXX (see Attachment C). On line 21 of Schedule A of his 2007 tax return, the taxpayer deducted a total of $52,903 for unreimbursed employee expenses. Note that there is no reimbursement policy by NFL clubs (including the XXXXX, the taxpayer’s employer in 2007); no reimbursement payments are included in the taxpayer’s 2007 Form W-2 from the XXXXX. As to the $52,903 figure, the appropriate breakdown and supporting documentation is as follows:
1. Union Dues of $10,000. The taxpayer paid to the NFL Players Association union dues of $10,000 during the 2007 tax year (see Attachment D). Note that the union dues are not reimbursed by his employer (i.e., the team). This amount of $10,000 is noted on Line 4 of the Miscellaneous Itemized Deductions Statement for Schedule A (see page 3 of Attachment B).
2. Agent Fees of $32,812. Like all NFL players, the taxpayer has an agent that handles his contractual matters. As noted on Attachment E (which includes invoices and copies of cancelled checks for 3 separate agent fees paid in 2007), the taxpayer paid his agent contracted for and deductible agent fees of $32,812 during 2007. This amount of $32,812 is part of the $38,148 amount noted on Line 4 of Form 2106-EZ (i.e., line 4 of page 2 of Attachment B). Note agent fees are not reimbursed by the taxpayer’s employer.
3. NFL Fine of $1,531. The taxpayer was fined by his employer for the infraction of being late to a team meeting; this amount of $1,531 is noted on the Year-to-Date payroll report provided by the team (See Attachment F, notation ‘F’). The amount was directly deducted by the team from the taxpayer’s pay and is a business expense. This amount of $1,531 is part of the $38,148 noted on line 4 of Form 2106-EZ (i.e., page 2 of Attachment B).
4. Equipment of $1,536. The taxpayer purchased specific shoes and other equipment for the purpose of his football profession; the amount of $1,536 for this business expense was deducted by his employer from his paycheck as noted on Attachment F (notation ‘E’). Note that the employer did not reimburse the taxpayer for this expense. This amount of $1,536 is part of the $38,148 noted on line 4 of Form 2106-EZ (i.e., page 2 of Attachment B).
5. Ticket Expense of $2,269. The taxpayer purchased NFL game tickets for individuals that were assisting him in potential various income producing activities and in his professional football career, including for his agent and other advisors. The amount of $2,269 represents the deductible business expense portion of the $6,728 of tickets deducted by the taxpayer’s employer as noted on Attachment F (notation ‘T’). Note that the employer did not reimburse the taxpayer for this expense. This amount of $2,269 is part of the $38,148 noted on line 4 of Form 2106-EZ (i.e., page 2 of Attachment B).
6. Travel Expenses of $4,755. The travel expense amount of $4,755, which is part of the $42,903 amount noted on line 1 of the Miscellaneous Itemized Statement and also separately stated on line 3 of Form 2106-EZ (i.e., pages 2 and 3 of Attachment B), relates to travel that the taxpayer made to XXXXX and XXXXX during the year for purposes of the taxpayer visiting individuals and events that relate to his job as a professional football player and other related business matters, including meeting with potential business opportunities, meeting with his football agent and other advisors, and helping to plan a football camp (see article noted as Attachment G). These expenses are included as a portion of the deduction that is noted on the Saints pay summary on previously referenced Attachment F (see notation ‘A’), it being the customary policy for teams to deduct from the paychecks of players their personal purchase of air tickets and other items such as non-team lodging expenses.
Note that as instructed by the IRS, I have also included a completed Form 13825, “Employee Business Expense Questionnaire” (see Attachment H).
It is requested that all further correspondence in this matter be directed to my office.
Sincerely,
Ronald M. Del Duca, Jr.
Tuesday, March 23, 2010
What can the professional athlete deduct on his tax return?
Most agents have no clue on this issue...being a tax guy too I do....here's what they can deduct.
NFL Draft Visits: Most Media Have No Clue
I always get a laugh when I see media mouthpieces -- which include some of the supposed 'big boys - "report" that Player X will visit a NFL team before the draft to "work out." Doesn't happen. Unless its a invited local workout for draft-eligible players who are from the team's metropolitan area (term defined by the NFL) most player invites to team HQ before the draft are 'meet and greet' sessions -- they can include medical testing but per NFL rules no "physical testing" can occur (this directly from the NFL Personnel department). Get your facts straight people.
Sunday, March 14, 2010
Workout Scores that NFL Scouts Want to See at the Combine and Pro Days
'40', short shuttle, bench and other drill 'objectives' can be seen by position at this link at DelDucaSports.com
You want a sports blog that is to the point....?
Then check out this new one from a current Pittsburgh sports icon.
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