As a student-athlete earning income through Name, Image, and Likeness (NIL) deals, choosing the right tax professional is vital for your financial success. Asking targeted questions helps ensure your tax expert is qualified, experienced, and aligned with your specific needs. Here are essential questions to ask before hiring a tax professional.

Experience and Specialization

• Do you have experience working specifically with student-athletes and NIL income?
• How familiar are you with the latest NIL tax regulations and compliance requirements?
• Can you provide examples of similar clients or scenarios you’ve handled?

Qualifications and Credentials

• What credentials do you hold (CPA, Enrolled Agent, tax attorney)?
• Are you licensed and in good standing with professional regulatory bodies?
• Do you participate in continuing education focused on NIL taxation or related fields?

Services Provided

• What specific tax services do you offer related to NIL income?
• Can you help with quarterly estimated payments and multi-state filings?
• Do you offer year-round support, or only during tax season?

Communication and Availability

• How accessible are you for questions or advice throughout the year?
• What’s your typical response time for client inquiries?
• Will I primarily communicate with you directly or with an associate?

Fee Structure and Costs

• How do you structure your fees (hourly, flat rate, or retainer)?
• Can you provide an estimate for your services based on my specific situation?
• Are there additional costs I should anticipate (filing fees, audit support)?

Audit and IRS Issues

• What support do you provide if I receive a notice or audit from the IRS or state tax authority?
• Have you represented clients in tax audits, and what were the outcomes?
• What steps do you take to reduce audit risks?

Technology and Tools

• What software or tools do you use to track and manage financial information?
• Can you recommend specific digital tools or apps to streamline my expense tracking?
• How do you ensure the security and confidentiality of my financial information?

Tax Planning and Strategy

• How proactive are you with tax planning advice and strategies?
• Can you provide examples of tax-saving strategies you’ve implemented for other student-athletes?
• How frequently do you review and adjust tax strategies based on changing regulations or income fluctuations?

References and Reviews

• Can you provide references or testimonials from current or previous NIL clients?
• How long have your current clients typically been working with you?
• Are there publicly available reviews or feedback about your services?

Final Thoughts

Selecting the right tax professional is crucial for effectively managing your NIL income and achieving financial peace of mind. Asking these questions upfront ensures clarity, builds trust, and positions you for long-term financial success.