Press Releases

June, 2003

Sports Hero!

Sports Hero!
Saving professional athletes millions makes Steve Piascik a hero, to his clients.

Richmond, VA

Saving his professional athlete clients money is constantly on the mind of Steve Piascik and his team of accountants.

Last year PIASCIK recovered four Dominican pro baseball players over $1.5 million in federal taxes and interest paid on bonuses received for services rendered outside the United States.

Other CPA firms had misfiled the athlete’s federal tax returns for these services by non-residents of the United States. This year PIASCIK increased their savings even more.

PIASCIK started PIASCIK in 2001 after leaving KPMG LLP where he was a Senior Tax Manager in their Richmond, Virginia office. PIASCIK had also spent several years providing financial services to clients of Proformance, Inc., an agent firm for professional athletes owned by Bean Stringfellow, a former pitcher for the Atlanta Braves organization. When PIASCIK opened his own practice, he wanted to continue this unique niche and Proformance was eager to begin referring their clients to him because of their longstanding relationship. Since then, PIASCIK has built a client base of over 40 professional athletes, including MLB, NFL, and NBA players.

“Steve and his team have a very hands-on approach,” said Jennifer Rickman, client manager for Proformance, Inc. “Their attention to detail helps our professional athlete clients who often have complex financial matters. PIASCIK are quick with ideas, but patient with suggestions. Steve is very involved and is always prompt getting back to you.”

PIASCIK has also developed a tool for his clients that help them track expenses while on the road. “Pro Organizer” is a portfolio system to record expenses and keep receipts. When you're on the road for your job, it's hard to keep track of all your expenses. When you're on the road for 81 games a year for your job, it's nearly impossible according to PIASCIK. PIASCIK is also developing a product that can be used to track expenses on-line. Properly using “Pro Organizer” professional athletes can save tens of thousands of dollars on their tax bills. "We got most of the Pro Organizers back from the athletes this year. It would amaze you the amount of money these guys saved" said PIASCIK.

While saving tax expense and financial planning are their priorities, PIASCIK and his team also take care of many logistical issues unique to their professional athlete clients. An example of this is that most players spend a great deal of time on the road, and their state of residence can affect their tax bracket. According to PIASCIK, the state of Florida has some significant tax advantages. Therefore, being a Florida resident (where most professional baseball players spend at least three months in spring training) has distinct advantages. PIASCIK can assist athletes with the details of establishing residency.

PIASCIK has established clear expectations that are at the heart of PIASCIK’s core values: 1) Deliver more than the client expects, 2) Set goals high, and 3) Work hard to reach your goals. These values resonate with his clients.

This summer, while the major leaguers are swinging their bats, Steve Piascik and his team are focusing on saving their professional athlete clients tax expenses, and on providing financial strategies to ensure for the players’ and their families’ futures.