Tax status of NIL?

Outside of the very high profile teams and players, my guess is that most of the $$ is still getting paid under the table anyway
 
The Champ said:
Outside of the very high profile teams and players, my guess is that most of the $$ is still getting paid under the table anyway
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Why would you risk IRS and NCAA sanctions doing it under the table when it’s perfectly legal to do it above the table?
 
gtphd said:
Why would you risk IRS and NCAA sanctions doing it under the table when it’s perfectly legal to do it above the table?
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Lol. The ncaa isn’t governing anything. NIL immediately turned into something they said they didn’t want (schools paying kids to play) and they didn’t say a peep. This is way beyond their scope of control.
The irs? Money has moved off the books for years across industries in this country. If a coach wants to funnel kids some cash he doesn’t need to do it through a shell company
 
Gobees said:
Gee, that sounds like the commentary of an uninformed bigot.
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Kinda like your first post where the IRS is going to “socially engineer” something.

Back on topic though… easy to see some kids getting into trouble for unreported income. Let’s hope they get good financial advice.
 
Pay them all in crypto to wallets not in the USA and use the decentralized system to wash the money from coins to NFT's back to other coins and repeat sending the proceeds to various wallets in various crypto friendly locales. This is going on all day every day to cleanse criminal cash why not do the same for NIL money.
 
JudgeJudy said:
Pay them all in crypto to wallets not in the USA and use the decentralized system to wash the money from coins to NFT's back to other coins and repeat sending the proceeds to various wallets in various crypto friendly locales. This is going on all day every day to cleanse criminal cash why not do the same for NIL money.
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Because your average uga recruit can't spell "NFT," not to mention figure out how crypto works.

As an aside, I'm tangentially connected to someone who works in blockchain, which has somehow become a core part of her identity. She likes to mention every 5 minutes "Do you know that I work in blockchain? It's going to change the world." I've come to figure out that she doesn't know what blockchain is.
 
goldeagle said:
Cannot remember this being covered in previous discussions. Are these benefits taxable to the players receiving them? Anyone got a handle on this topic,surely it has been considered,hasn't it?
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It's income, so yeah. And I guarantee universities will bring in tax prep resources to make sure no one gets in trouble with the IRS.
 
GT98 said:
Kinda like your first post where the IRS is going to “socially engineer” something.
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The IRS is extremely politically motivated when those in power want it to be.
We are in a highly political environment led by people who have very devious and destructive goals.
Therefore, I stand by my assertion which was directed at the organization and not any specific employees within the IRS, although there are surely a few (many) very politically motivated actors working there.
 
Gobees said:
The IRS is extremely politically motivated when those in power want it to be.
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Remember when the IRS targeted groups using “tea party” in their name?

www.npr.org

IRS Apologizes For Aggressive Scrutiny Of Conservative Groups

Attorney General Jeff Sessions announced settlements in two long-running cases against the IRS, saying, "There's no excuse" for the agency's treatment of the groups, which sought tax-exempt status.
www.npr.org www.npr.org

But there will be no sympathy for someone earning a $1MM NIL contract. They’ll pay taxes on it.
 
Had a friend that new someone who was “bookmaking” during undergrad and allegedly that person was filing federal taxes on the “ill-gotten” gains…..

If you live long enough you see it all
 
Gobees said:
The IRS is extremely politically motivated when those in power want it to be.
We are in a highly political environment led by people who have very devious and destructive goals.
Therefore, I stand by my assertion which was directed at the organization and not any specific employees within the IRS, although there are surely a few (many) very politically motivated actors working there
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All true. The IRS however is incredibly understaffed and underfunded at this point at time. The idea that they are going to forgo revenue for something around the NIL is silly.
 
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