Piascik Teams With Athletes and Agents at NBA All-Star Weekend

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CPA stresses partnerships as critical to athletesÂ? financial well-being

NBA players beware: Don’t run out and spend your earnings on luxury cars. Don’t run out and buy a multi-million dollar home. And don’t loan your friends money.

Unless you first have met with your financial team.

These are just some of the tips that Steven M. Piascik, a noted CPA who specializes in the financial needs of NBA players and other pro athletes, will tell agents and athletes during the 2005 NBA All-Star Weekend in Denver, February 18-20. Amidst an action-packed weekend of contests, games and parties, Piascik will network with top agents to pro ball players on ways his firm can ensure their clients’ financial well-being.

“Teamwork wins championships,” says Steve Piascik, who is founder and president of Piascik & Associates, P.C. “The NBA All-Star Weekend is the perfect opportunity for our firm to network with athletes and agents who live in all corners of the U.S., face-to-face in one location. Pro ball players and their agents alike need to understand the importance of having a CPA on their team, who is experienced in protecting their financial interests, even if the CPA is based elsewhere than an athlete’s home town or ball club.”

Having a savvy tax advisor who can work in partnership with agents is ideal to NBA players, where the minimum salaries average $800,000 annually and even rookies can earn anywhere between $600,000 and $3 million in their first year.

“Often at a very young age, pro-athletes are faced with demands from family members, friends and investors who approach them in attempts to share in their wealth,” adds Piascik. “At Piascik & Associates, we understand the pressures these athletes are facing, and we help them find the best solutions. We offer not only tax and financial planning services, but also financial concierge services that differ from traditional concierge services, because we look out for athletes’ best financial interests. We can book flights for them and advise them on purchasing luxury items such as homes and jewelry, while guiding them to make financially wise decisions. This can lead them down the path of wise investments and wise use of their money, which will have the greatest impact on them and their families’ financial success in years to follow.”

Founded in 2001, Piascik & Associates is among a handful of CPA firms specializing in the tax needs of athletes from NBA, NFL and professional baseball teams. The firm helps athletes to perform monthly financial budgets, develops tax minimization strategies, and creates tailored financial plans to provide for the athletes’ and their families’ futures. The firm has successfully managed to lower athletes’ tax rates from 39% (federal and state[s] tax rates combined) to nearly 29%.

Headquartered in Richmond, Virginia, Piascik & Associates also provides premier personalized financial services to private and publicly traded companies, multi-million dollar international companies and other high net worth individuals. In 2004, the firm was recognized nationally by Practical Accountant magazine with a Practice Innovation Award. It also is the recipient of the 2004 Torch Award for Marketplace Integrity by the Better Business Bureau of Central Virginia. For more information, please visit http://www.piascik.com.

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Windy Campbell