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Message
re: Shilo Sanders declares bankruptcy following $11M judgment. NIL value in question.
Posted on 5/24/24 at 9:11 pm to Covingtontiger77
Posted on 5/24/24 at 9:11 pm to Covingtontiger77
He is tip of the iceberg. I was at a conference this week with a focus on NIL deals and accounting/tax implications. Multiple CPAs/Agents expressed concern over their clients having to file bankruptcy because they spent all their money and left none for their income tax liabilities. I was told majority are from very low income groups and have no way to recover from this. It’s pretty terrible
5
Posted on 5/24/24 at 9:15 pm to Rendevoustavern
quote:
their clients having to file bankruptcy because they spent all their money and left none for their income tax liabilities.
You can’t discharge tax liability in bankruptcy
Posted on 5/24/24 at 11:12 pm to Rendevoustavern
If a CPA really told you that turn and run from letting them touch anything you have.
More likely you are fibbing though.
More likely you are fibbing though.
Posted on 5/25/24 at 8:15 am to Rendevoustavern
quote:
He is tip of the iceberg
NIL will end up benefitting few, most will find themselves unemployed and broke.
Posted on 5/26/24 at 8:24 am to Rendevoustavern
quote:
I was told majority are from very low income groups and have no way to recover from this. It’s pretty terrible
There’s a reason there’s a saying about someone’s checkbook being fricked up.
Posted on 5/26/24 at 9:20 am to Rendevoustavern
quote:was this a conference of CPA’s Who got their degrees at the University of Phoenix?
Multiple CPAs/Agents expressed concern over their clients having to file bankruptcy because they spent all their money and left none for their income tax liabilities.
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