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Started By
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NIL, IRS, and Players
Posted on 2/3/24 at 7:52 am
Posted on 2/3/24 at 7:52 am
With all the Tennessee and Virginia lawsuits and investigations. Just curious on thoughts when the IRS is gonna come calling on players.
WHO knows what is true or not but if we were given the $$ people are saying players are getting ... Uncle Sam will be going after their cut.
WHO knows what is true or not but if we were given the $$ people are saying players are getting ... Uncle Sam will be going after their cut.
This post was edited on 2/3/24 at 7:54 am
12
Posted on 2/3/24 at 8:01 am to Germany1941
NIL is already a disaster
Posted on 2/3/24 at 8:36 am to Germany1941
Look don’t be coming in here talking all that fancy numbers talk.
Just give us our money
Just give us our money
Posted on 2/3/24 at 8:36 am to Germany1941
quote:
WHO knows what is true or not but if we were given the $$ people are saying players are getting ... Uncle Sam will be going after their cut.
Look, I'm not saying money under the table doesn't still happen (like it always did), but don't you think that most of the NIL arrangements are being 1099'd?
Posted on 2/3/24 at 8:48 am to Germany1941
quote:
IRS is gonna come calling on players.
This isn’t some big thing. Players will have to file and pay their taxes just like everyone else. They’ll get a 1099 just like any other person and from there it’s on the player. Why do people act like this is some new potentially untaxed revenue stream or something. The players that pay their taxes won’t have issues. Those that don’t will. It’s not complicated
Posted on 2/3/24 at 8:54 am to Germany1941
quote:
WHO knows what is true or not but if we were given the $$ people are saying players are getting ... Uncle Sam will be going after their cut.
While I agree with you, a lot of the colleges are making sure they provide financial resources for their students, and it's not like under the table payments haven't been rampant the last 20 years.
Posted on 2/3/24 at 9:06 am to Germany1941
This was taxable income from day one and has always been required to be reported as such. If these kids and "handlers' aren't smart enough to address this, oh well.
Posted on 2/3/24 at 9:16 am to Germany1941
These are now officially professional sports. College sports should be dropped that require NIL.
Posted on 2/3/24 at 10:38 am to Germany1941
The kids have been counseled on taxes.
Posted on 2/3/24 at 10:48 am to Germany1941
Honestly the fans can put an end to this by refusing to donate to collectives and only give to the athletic departments. This won’t happen, but it’s the answer to all of this and just let the small handful that are truly marketable make deals
Posted on 2/3/24 at 12:13 pm to Germany1941
quote:
Just curious on thoughts when the IRS is gonna come calling on players.
I hope like heck they do. And I’m saying this as someone that absolutely HATES the irs because of their lazy, deadbeat, useless, criminal activity. Another government branch that needs an enema.
Posted on 2/3/24 at 7:24 pm to Germany1941
NIL is exempt from taxes probably.
Posted on 2/4/24 at 1:23 pm to Germany1941
I’m looking forward to teams snitching on opponents to the IRS. It’ll get pretty funny.
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