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Started By
Message
re: NIL, IRS, and Players
Posted on 2/3/24 at 10:48 am to Germany1941
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
0
Posted on 2/3/24 at 10:53 am to SECSolomonGrundy
quote: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.
OK and the following are also true
College athletics were never supposed to be a billion-dollar industry.
Athletic scholarships were never supposed to be a thing.
College sports were supposed to be comprised of students focused on getting a college degree who wished to also engage in physical competition to maintain good physical conditioning.
Students not on athletic scholarships have always been allowed to obtain and hold a job including work at jobs for the university,
A lot of things change, it is called life. which iteration would you like to fall back to?
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 1:31 pm to Globetrotter747
quote:
Yes, totally. The students that college is supposed to benefit are so much worse off now with people paying them big money.
You mean students therr to get an education? Or did you mean athletes there to play school?
Posted on 2/3/24 at 6:36 pm to Geauxgurt
quote:
You mean students therr to get an education? Or did you mean athletes there to play school?
Call them students, athletes, or student-athletes. Regardless, the system should support their interests, not that of fans or alumni or coaches. And if fans and alumni don’t like it, they can withdraw their money and interest. But they can’t do it because winning is too important, so NIL will continue to be a factor. And coaches can go work a normal job if they don’t like it.
It’s not the student who has made a mockery of college athletics. It’s the fans.
When an SEC school would rather enroll a 5 star from Los Angeles who can’t spell his name (and pay him money to boot) over a 3 star in-state kid with a perfect SAT, blame the adults in the room.
This post was edited on 2/3/24 at 7:19 pm
Posted on 2/3/24 at 6:41 pm 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
Oh I am sure that the athletes whose families are living in poverty will look out for the athletes. They will make sure that the athlete stops at the tax assistance table in Wal Mart before the athlete goes and buys a Charger.
Posted on 2/3/24 at 7:24 pm to Germany1941
NIL is exempt from taxes probably.
Posted on 2/3/24 at 9:51 pm to kywildcatfanone
It can't be exempt. It's income.
Posted on 2/3/24 at 9:52 pm to kywildcatfanone
Negative. A good friend has a son who is a TE at Arkansas. NIL is definitely NOT tax exempt. Got his 1099 this week.
Posted on 2/4/24 at 11:23 am to Floyd Dawg
Some degrees these days aren’t worth the student loan debt you incur with cost to attend
In todays market you can market your skills without a degree
In todays market you can market your skills without a degree
Posted on 2/4/24 at 12:09 pm to kywildcatfanone
quote:
NIL is exempt from taxes probably.
It’s earned income for “marketing.” Thats 100% taxable. The students are also on scholarship so pretty much everything else is paid for, meaning they really won’t have a lot of write offs to offset their tax obligation.
The ones who are going to be screwed are the ones who made $50k and blew it all and didn’t account for taxes. They are going to have to get another NIL deal just so they can pay their taxes.
Posted on 2/4/24 at 12:18 pm to BigBinBR
Turn 'em in and get a bigger cut than their managers.(Heck, even turn their managers in.)
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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