Entertainment & Music - Prager Metis

Global opportunities can create global income, but they also introduce hidden risks.

For professional athletes earning across borders, foreign withholding taxes, currency fluctuations, and timing mismatches can quietly erode value before funds are even received.

Partner Mark Carter outlines how misalignment across tax planning, currency management, and financial reporting can quietly reduce net earnings, whether through double taxation, inaccurate currency conversion, or missed opportunities to structure earnings more effectively.

Bottom line: Compliance isn’t enough. Managing cross-border earnings requires upfront coordination before contracts are signed.

Read the full article to see how tax and currency planning can help maximize earnings. pragermetis.co/4f5tauD

For many athletes, the biggest tax risk isn’t income; it’s where it’s earned.

Playing professionally across states or countries can trigger tax filings, withholding, and compliance obligations long before the season ends. Without proactive planning, athletes may face higher withholding, cash‑flow strain, or double taxation.

This article outlines the key tax issues athletes should be aware of, including how residency impacts global income, how withholding works in the US and UK, and why early planning can help maximize earnings.

Where athletes most often get caught off guard:

· When does competing in another state or country create a tax filing requirement?

· How is endorsement income sourced across jurisdictions?

· Can withholding agreements or tax treaties reduce what’s taken upfront?

Read the latest insights from Arvinder Matharu, Partner & UK Global Services Co‑Leader, and Hillary Green, Senior Manager, U.S. International Tax Department at Prager Metis, about domestic and international tax obligations for athletes. pragermetis.co/4cbRgC4

We're excited to hear Joseph Rust, Chief Strategic Innovation Officer, speak at the Trusted Advisor LA Summit on January 22nd.

He is a feautred speaker on the panel: The New Money Stack: Data Analytics, Advances, and Smarter Financial Decisions: how artists and their teams manage money end-to-end: data platforms that clarify relationships and revenue flows across the industry, modern funding models that advance against royalty streams without giving up ownership, and advisors who sit closest to the financial and investment realities of an artist’s career.

Prager Metis is proud to partner with Trusted Advisor for the one-day summit, which brings together leading voices from the sports and entertainment industries for a day of insights and meaningful connections.

We can't wait to see everyone at the event!

See event details here: https://bit.ly/4pGiRyU

Award season is here, and our team is proud to stand alongside the artists, creators, and innovators who shape the entertainment and music industries.

For over a century, our experts have partnered with talent, production companies, and music professionals, to name a few, to help them navigate the business side of creativity.

Our clients focus on their craft, and our experts handle the rest: business management, tour accounting, royalty services, and tax planning.

Learn more about our team and how we support the entertainment industry behind the scenes: pragermetis.co/44QX11H