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NIL impact
Posted on 11/30/23 at 10:37 am
Posted on 11/30/23 at 10:37 am
18-23 year old kids with newly found wealth .. assume they must file NIL $'s with IRS, when will we see the first high profile player unable to compete due to tax fraud, evasion, or other troubles with IRS?
2
Posted on 11/30/23 at 10:39 am to KreweKitchen
you don't think a booster will come in and fix that scenario
players have been getting paid for a long time, only difference is now it's out in the open
players have been getting paid for a long time, only difference is now it's out in the open
This post was edited on 11/30/23 at 10:40 am
Posted on 11/30/23 at 10:42 am to KreweKitchen
quote:
assume they must file NIL $'s with IRS, when will we see the first high profile player unable to compete due to tax fraud, evasion, or other troubles with IRS?
I would be shocked if the schools don't have several tax people on hand helping out with it.
Posted on 11/30/23 at 10:51 am to 0
quote:
I would be shocked if the schools don't have several tax people on hand helping out with it.
LSU has had classes, seminars, tax professionals and investment advisors available to the players since the onset of NIL.
Posted on 11/30/23 at 10:58 am to 0
quote:
I would be shocked if the schools don't have several tax people on hand helping out with it.
Many of the higher profile players have agents. They take care of the taxes etc.
Posted on 11/30/23 at 11:18 am to nicholastiger
If a booster gives them money to pay their taxes they would have to pay taxes on that too.
It compounds
It compounds
Posted on 11/30/23 at 12:26 pm to doubleb
quote:
If a booster gives them money to pay their taxes they would have to pay taxes on that too. It compounds
Not how it works. If a booster gives (key word) a player the money to pay taxes, the booster has to pay taxes on the gift. Gifts are taxable to the giver, not the receiver.
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