A first-time Olympic medalist’s life is almost certain to change big time after a monumental win—along with the recognition and medal(s) comes cash prize money and endorsement deals. But aside from perhaps hiring a public relations team or manager to keep up with their appearances and deals, many athletes should also consider getting a wealth advisor or estate planner because when they win big, so does the Internal Revenue Service.

A “Victory Tax”

Related: What’s an Olympic Gold Medal Worth?

In addition to the medals awarded by the International Olympic Committee, the United States Olympic & Paralympic Committee awards a cash prize to athletes for winning—$37,500 for gold, $22,500 for silver and $15,000 for bronze. Also, track and field became the first sport to introduce prize money at the Olympics, with World Athletics paying $50,000 to each individual gold medalist and $50,000 to be split among the winning relay teams in Paris.

Historically, prize money and the value of any medal awarded were treated as income for federal tax purposes under Internal Revenue Code Section 74. However, following the 2016 Olympics, the Obama administration decided that penalizing athletes who make personal sacrifices to train and represent the United States on a global stage wasn’t fair. As a result, Congress passed H.R. 5946, the U.S. Appreciation for Olympians and Paralympians Act (the Act), which amended IRC Section 74 to make a distinction for those athletes with more modest financial success.

Related: Six Financial Lessons from the Olympics

While those athletes who earn more than $1 million in income after deductions are still subject to the so-called “victory tax” at the top marginal rate of 37%, those who earn less than that threshold amount are now spared the tax. So, while someone of Simon Biles’ stature, who potentially rakes in millions in appearances and endorsements, or Lebron James’, who’s paid millions by the Los Angeles Lakers, will likely owe thousands in taxes from their medal wins, a first-time Olympic gold medalist, such as 16-year-old Hezly Rivera, who helped win team gold for the U.S. gymnastics team, may potentially owe nothing.

Some states, however, such as California, still require athletes who bring home a medal to report that income for state tax purposes. Furthermore, the bonus money awarded by World Athletics isn’t exempted by the Act, which only exempts “the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.”

Money earned by U.S. athletes who may have bonus clauses in endorsement contracts triggered by winning a medal also isn’t exempted by the Act and is taxable under federal and state tax laws.

Other Tax Consequences

Typically, Olympic athletes (and most other international athletic event participants) don’t face any international cross-border taxation, as host countries typically have special tax treatment in place for prize awards for non-resident athletes. Under a U.S-France tax treaty, however, “artistes and sportsmen,” which includes Olympians—are only exempt from paying French taxes on up to $10,000 for services performed while in France. Since the gold, silver and bronze medals all exceed that threshold, U.S. winners will need to file a French tax return.

Transferring Olympic prize money directly to charity won’t allow an athlete to save on taxes either—according to Section 74, prizes and awards are only excluded from gross income if “the recipient was selected without any action on his part to enter the contest or proceeding.” The tax consequences of regifting any prize money get murky under the IRC, as does writing off travel, training and other expenses leading up to the Olympic games.

Even those athletes spared the victory tax will likely need professional tax advice to tread the waters as endorsements and other opportunities flood in post-win.