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Central Withholding Agreement

Central Withholding Agreement Services in Charlotte

Serving Athletes & Entertainers from All Around the World

Obtaining an O or P visa can be one of the most challenging aspects of bringing your talents and contributions to the United States. However, it is not the only problem you may face. Without proper planning, foreign entertainers and athletes often owe staggering amounts of money to the United States’ Internal Revenue Service (IRS). This can be extraordinarily frustrating for O and P visa holders because of the substantial contributions they are already making to the U.S. economy.

With the right guidance, however, you may arrange your business operations in a way that allows you to meet your tax obligations without paying more than you need to. At Oakhurst Legal Group, we provide highly effective central withholding agreement services to clients in Charlotte and all around the world. With years of experience and a track record of success, our attorneys can help you maximize profit and minimize liabilities.

To learn more about central withholding agreements and what our law firm can do for you, call (704) 288-1003 or contact us online today.

How Do Central Withholding Agreements Minimize Taxes?

Most foreign athletes and entertainers are contractors, which means they are subject to income withholding of 30%. Withholding agents that comply with this 30% rule include The Ultimate Fighting Championships, Top Rank Inc., and the PGA Tour.

A central withholding agreement is an effective way of avoiding this rate because it allows you to pay taxes on your net revenue rather than your gross income. As such, you can negotiate your expenses into the withholding agreement.

Let’s say, for example, that a fighter enters into a $70,000 contract. Without the central withholding agreement, the fighter’s taxable income would be $70,000, and the government would collect $21,000. But if the fighter establishes a central withholding agreement, they can deduct $31,000 of expenses (e.g. management, training, promotional costs, part of the agreement fee, etc.) from the taxable income. Taxes and fees are then just short of $9,000, rather than $21,000.

The source of revenue to pay the U.S. government is usually the promoter of the competition, a booking agent, or another manager with financial authority and control. The central withholding agreement must be established at least 45 days before the event.

Get Started on Your Central Withholding Agreement Today

Oakhurst Legal Group works closely with our CPA partners to ensure total compliance with U.S. tax law as we form central withholding agreements.

You can depend on our law firm and partners to:

  • Take careful inventory of your expenses;
  • Negotiate an agreement with the IRS that minimizes your tax obligations;
  • File all paperwork with the IRS on time; and
  • Make sure the contract manager or booking agent makes all payments in an efficient and timely manner.

Time is of the essence with central withholding agreements, and the stakes can be extraordinarily high. As such, you can trust us to work with a sense of urgency and close attention to detail.

Get started on your central withholding agreement as soon as possible by calling (704) 288-1003 or contacting us online today.

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Our Victories Speak for Themselves

  • Successful Petition for E-2 Visas Auto Investor Ari Heikkinen and Wife Kaarina Received E-2 Visas

    Sherrod Seward of Oakhurst Legal Group successfully petitioned for E-2 investor visas for Finland national Ari Heikkinen and his spouse, Kaarina Heikkinen.

  • Successful Not Guilty Verdict DUI Charge

    Client was found not guilty at trial due to a successful litigation strategy crafted and used by Attorney Harris.

  • Successful Case Dismissal Felony Charge

    Client charged with felony inciting a riot. After disputing the evidence presented by the D.A. and noting their obvious lack of evidence, this case was dismissed prior to trial.

  • Successful Case Dismissal Felony Possession of Marijuana Charge

    Client charged with possession of marijuana for edible foods. After disputing the lack of evidence and proof in the case, charges were dismissed prior to trial.

  • Successful Case Dismissal Local Ordinance Violation

    Client charged with violating a local ordinance. Attorney Harris argued that the ordinance itself was unlawful therefore, in the interest of justice the case should be dismissed prior to trial.

  • Three-Year Visa Approved Obaika Racing, LLC President and CEO Approved for Three-Year Visa

    We effectively petitioned for a three-year approval for Obaika Racing, LLC superstar Victor Obaika’s L-1A status.

  • Television Broadcast Host Receives O-1B Visa For The Role Of Hockey Analyst
  • World Class Boxer Receives O-1 Visa With Nel-Sons Promotions
  • World Class Boxer Receives O-1 Visa With Nel-Sons Promotions
  • World Class Boxer Receives O-1 Visa With Nel-Sons Promotions
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