--(BUSINESS WIRE)--Wolters Kluwer Tax and Accounting:
What: The 2016 Summer Olympics just wrapped in Rio de Janeiro, Brazil. From Friday, August 5, 2016 to Sunday, August 21, 2016, Olympic athletes representing the U.S. won a total of 121 medals. American athletes won 46 gold, 37 silver and 38 bronze medals. After the thrill of standing on the podium and hearing the national anthem, winners at the Olympics may come home to significant financial gain, serious bragging rights and unexpected tax implications.
Why: Americans who bring home the gold medal receive $25,000 from the U.S. Olympic Committee. Silver medalists receive $15,000 and bronze medalists receive $10,000. Winners must pay taxes on their prize money, plus any money they make from endorsement deals.
Who: All-American tax expert Mark Luscombe, JD, LLM, CPA and Principal Federal Tax Analyst for Wolters Kluwer Tax and Accounting, is available for interviews and in-depth information about the tax implications of going for gold. Among the topics Mark can discuss:
- How much medalists pay in taxes on their prize money from the Olympic Committee
- How much their actual medal is worth and the tax implications
- Tax implications for selling an Olympic medal
- Tax treatment of professional vs. amateur athletes
- Writing off training expenses as a tax deduction
- Tax implications of endorsement deals
- Legislative proposals to change the tax treatment of Olympic medal winners
When: Mr. Luscombe is available for phone interviews to provide in-depth background and analysis on the taxes Olympic athletes must pay.
Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax and Accounting on this or any other tax-related topics, please contact: