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re: NIL will land some of these young stars in career ending hot water....
Posted on 7/1/21 at 11:08 am to Decatur
Posted on 7/1/21 at 11:08 am to Decatur
quote:
Are the players going to hire agents to get them some of these sweet deals?
I'd recommend hiring a CPA to make sure they don't run afoul of IRS regulations. We don't need 1/2 the players suspended for tax fraud.
Posted on 7/1/21 at 3:58 pm to sportjunkie69
quote:
I'd recommend hiring a CPA to make sure they don't run afoul of IRS regulations. We don't need 1/2 the players suspended for tax fraud.
This is EXACTLY the problem that the "get em paid" crowd does not even consider. I hope the universities help the athletes figure this out before it becomes a legal issue for many. Also, if any are on FAFSA low-income scholarship money it could be reduced or discontinued with income.
Posted on 7/1/21 at 4:10 pm to sportjunkie69
quote:
I'd recommend hiring a CPA to make sure they don't run afoul of IRS regulations. We don't need 1/2 the players suspended for tax fraud.
This.
Access to cars, clothes, drugs, etc has ALWAYS been there for major college athletes. Nothing new there. What is new (for many) is that the money they will be receiving will be out in the open now (rather than $1,000 cash slipped in a Burger King bag after a game). I doubt many 17, 18, 19, 20 year olds have any understanding whatsoever about income tax. Many "F-the rich!, Everything should be free" crowd are about to have a rude awakening. They are absolutely going to need some type of professional advising them on tax and, likely, legal issues (trademark/copyright issues).
For example: Stingley might be the athlete. But LSU still owns their trademarks. Now, it would benefit LSU to work TOGETHER with their athletes (and it looks like they will), but not all schools may. JT Daniels can now use his NLI to promote a product/service. But unless he has UGA's permission, he (generally) can't do it while appearing in his UGA football uniform
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