NIL Tax Issues?

The caregivers will pay the taxes, too. I don't think any big time players are worried about paying taxes on NIL money.....

But Uncle Joe will go after them! He is hiring 79,000 more IRS agents to increase tax revenue.

We gotta a long way to go in this whole debacle.

This would worry me if O was still in charge

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Agree with all except it’ll be the music city bowl and not CFP. Because Texas 8&4 gonna 8&4

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The TaxSlayer Gator Bowl would be the most ironic...lol.

Many states (including Texas and Louisiana) have implemented financial literacy workshop requirements for NIL. There are going to be a ton of eyes in this stuff and I don’t think it will be as big of an issue as people are making out. Sure there will probably be some one-off cases where guys land in hot water but the people acting like players are going to be arrested left and right for tax evasion are being silly.

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Companies like MatchPoint take 18% to handle such things. When a player doesn't want to give up his 9%, he will probably end up owing Uncle Sam.

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Companies like MatchPoint take 18% to handle such things. When a player doesn't want to give up his 9%, he will probably end up owing Uncle Sam.

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Match point or no MP there will be tax consequences if the athlete makes over a certain amt.

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The caregivers will pay the taxes, too.

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Wouldn’t that be considered “taxable income” also ?

They are about to get a hard life lesson (because they will all have to pay quarterly estimated taxes). Becomes real when you have to stroke that check.

Of course some kids will run into tax problems just like some every day people run into tax problems because they are dumb. It’s funny how most of this board just assumes each kid getting an NIL and his family have zero idea about taxes won’t seek any help whatsoever

LA law requires a 5 hr. class that covers tax and other money management for players receiving a NIL deal put on by the school (or somebody they contract).

There's been some debate, mainly by LA lawmakers with the NCAA if this constitutes impermissible benefits because it is a "service" offered only to athletes and not the general student body. But...

A) It's in law, the NCAA doesn't want to even attempt to pit its bylaws against a states laws.
B) That calls into question every other seminar they do for athletes only including equity, Title IX, sexual harassments, drugs, etc. The amount of annoying arse mandatory seminars these athletes are required to attend probably rival your most woke big corporation. Lots of people going to lose a lot of money if they have to stop those so they aren't willing to risk that.

- I don't know about other states.
- Even if it is very basic it will cover taxes; but probably only superficially.
- Yes the player is required by law to disclose to the school they got a deal. There is no real penalty or enforcement mechanism, at this time, for that.
- This is just knowledge, not enforcement or even oversight (which is what should be provided). There is still a buttload of room for them to get in trouble.

Also note that traditionally the School of Finance does taxes for athletes. It didn't happen 2020 due to covid. But, it is voluntary. If the athlete doesn't bring the info to them and ask for it their arse is still hanging in the wind.