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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 8:11 am to Gifman
quote:
NIL is already a disaster
Yes, totally. The students that college is supposed to benefit are so much worse off now with people paying them big money.
Posted on 2/3/24 at 8:35 am to Globetrotter747
A lot of people are saying it but it’s not sustainable and I agree. It needs guardrails along with transfer portal. The job of a head coach has changed so much, what a bitch roster management alone is when players and often your best players can leave at any given time.
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 8:42 am to Mo Jeaux
I get 1099d and not one cent is taken out for taxes and it's all relied on me to handle that. I dunno if they're in that situation with nil, but if they are, plenty will be screwed
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 8:51 am to Jones
quote:
I get 1099d and not one cent is taken out for taxes and it's all relied on me to handle that. I dunno if they're in that situation with nil, but if they are, plenty will be screwed
I wonder what the set up is at smaller schools, but schools like LSU, Bama, UGA etc etc have teams of people to manage their athletes' NIL stuff regarding staying within the (very loose) rules and taxes etc.
Posted on 2/3/24 at 8:53 am to Globetrotter747
quote:
The students that college is supposed to benefit are so much worse off now with people paying them big money.
College was never supposed to be a paying job. You go to college to learn.
Posted on 2/3/24 at 8:53 am to SA4LSU
quote:
A lot of people are saying it but it’s not sustainable and I agree.
How’s that? Will the game not exist anymore? The fans are going to watch regardless and you know it. People are addicted to their football.
quote:
The job of a head coach has changed so much, what a bitch roster management alone is when players and often your best players can leave at any given time.
I’m all broken up over coaches making 7-8 figures to coach an extracurricular activity having to deal with tough roster management that empowers students.
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 9:02 am to SECSolomonGrundy
quote:
College was never supposed to be a paying job. You go to college to learn.
The world has changed, as it always does.
If folks don’t like NIL, DON’T frickING PAY IT. It only exists because people contribute to it and have a warped sense of pride in the sports teams at a school of higher “learning.”
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 9:10 am to JohnnyKilroy
I'm curious about the big schools. Do they have just guidance as in here is the contact info of a cpa and you need to go to them. Does LSU stay on top of that or do they have a cpa in house to help.
I would imagine you basically have to be a helicopter parent about this because some 18 year old kid isn't going to know a damn thing about taxes
I would imagine you basically have to be a helicopter parent about this because some 18 year old kid isn't going to know a damn thing about taxes
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 9:23 am to Jones
quote:
I'm curious about the big schools. Do they have just guidance as in here is the contact info of a cpa and you need to go to them. Does LSU stay on top of that or do they have a cpa in house to help.
I remember when this all started a couple years ago big schools like LSU made it a point that they provided all the resources necessary for their athletes. LSU is probably a top 2 or 3 school in the country as far as embracing NIL and advertising how successful with NIL their athletes are (see Livvy, Angel Reese, Jayden etc.)
I think that's just another selling point for the big schools. They can provide more resources than smaller schools when it comes to administering and managing NIL.
Posted on 2/3/24 at 10:20 am to SECSolomonGrundy
quote:
College was never supposed to be a paying job. You go to college to learn.
College athletics also weren't originally intended to be fortune 500-esque earning machines either yet here we are. The players generate billions a year for these universities. Are they supposed to just be happy with that while receiving an "education" valued in the thousands with very limited access to use it to further their career and financial goals? In most cases the paper is worth more than the degree itself. Most only "learn" that failure and disappointment are major components of the human existence.
The education/amatuerism farce surrounding major college athletics needed to be eliminated decades ago. Even the Olympics sold out amatuerism for $. The American education system is corrupt and fully politicized to the point where the average American is openly advocating straying outside of it. It's more broken than the sports affiliated with them. You ever really delve into why politicians are so eager to be involved?
Posted on 2/3/24 at 10:34 am to SECSolomonGrundy
quote:and college football and basketball were never supposed to be billion dollar industries
College was never supposed to be a paying job. You go to college to learn.
yet here we are
This post was edited on 2/3/24 at 10:35 am
Posted on 2/3/24 at 10:38 am to Germany1941
The kids have been counseled on taxes.
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