Saturday, March 12, 2011

Tax and Financial Aspects of Motorsports.

This is the first of an ongoing series of articles designed to give anyone in the motorsports community - team owner, racer, track owner, museum official, car collector, car restorer, educator - some insight into the ins and outs of the tax and financial aspects of motorsports.


I hope to be covering many of the topics that interest you. So, in the next issue I'll list some of them and hope get feedback from you as to what areas you'd like to see covered.


About me...


I was born and raised in the Detroit area and, yes, I'm at "that age" where I was cruising Woodward Avenue long before there was a Woodward Dream Cruise. (I remember going through the parking lot of Ted's Restaurant at the corner of Woodward and Square Lake Road checking out the girls  -  and the cars.)


I've been to the Indianapolis Motor Speedway, garage pass in hand, and even said "hi" to Janet Guthrie. I saw $200 in silver dollars poured into Tom Sneva's helmet when he broke the track record for qualifying in 1978. 200 mph - quite a feat in those days!


I’ve been a Certified Public Accountant since 1974 and have worked for 15 years for Public Accounting firms (including my own). I spent another 15 years working in the Tax Department of a large manufacturing company that had a successful leasing subsidiary. Since 2004, I’ve been teaching Accounting and Taxation full-time at Bowling Green State University in northwest Ohio.



For some time  I've been gathering material with the idea of writing a book entitled "Tax Guide for Motorsports." Unfortunately, that project seems to keep getting postponed, so I'm starting this blog and will write about some of the material I've collected.



Until next time...


Phil Schurrer

Contact me at: phil.schurrer.racingprof@gmail.com