Been wondering when tax issues would start to crop upâŠ
Setting up a scheme to try to claim tax deductions [using 501(c)(3) status] in order to fund the recruitment and payment of college athletes to attend your particular school seems like such a blatant and obvious sham. [And it also seems to be so UT-ish.]
At this point, new federal regulations and/or federal intervention seems necessary.
We suspected this was comingâŠ
Thank you for posting Chris. How could the IRS like it? At the end of the day NIL is going to become/has already(?) become a full sponsorship.
The biggest programs/blue bloods fight each other for recruiting the best recruits. It is whoever pays the most. The ncaa has sold us a propaganda that schools play by the rules. We all know that this has been total BS for decades. Blue blood programs have indeed bought National Championships. There are no other ways to put it. The programs that can afford these recruits are usually on top. The Cam Newton example has been kept mostly silent because it is so black and white. To this day Auburn still has their National Championship. I am 100% for paying athletes and have athletes pay tuition back to schools when they sign their first pro contract. Why paying back tuition cost? Because and indeed the schoolâs sports program is a âfarmingâ system for the athlete.
Why is it that it only happens with Football?
Because the nfl does not want to spend a cent on having a baseball type farming system.
Itâs being used for both football and basketball. This is âprofessionalâ collegiate sports.
I agree with you but basketball has the one and done. The NBA has a farming system with their development league. It is indeed pro sports.
Regarding our QB battle this is a blank slate. Yes one was the starter last season and the other transferred from HCWF wants. It makes it for a tremendous battle.
So much more than basketball and football. Livvy Dunne is making $3.5 million a year
Tax man is coming now. Git some
Not all athletes get full scholarships, and many of the non revenue sports get any scholarships at all
Why should a NFL player who might get cut after 2 years have to pay back tuition
Letâs be real about Livvy Dunne. Sheâs a better gymnast than any of us will ever be, but youâre lying if you think gymnastics is what initially got her paid in a sport thatâs already sexualized enough. She went viral on TikTok for posting sexually charged videos just as NIL became a thing, and it was mere perfect timing and luck with her. Now granted, all power to her. I canât knock the hustle. And over time, she appears to have gotten better at her sport that perhaps justifies the money sheâs getting
That said, who truly deserves money here in respect of pure athletics. Livvy Dunne or Caitlin Clark?
I so enjoy this commercial on Squawk Box at 5:30am
I mean both her and the clothing company know what theyâre doing, but if I was in her shoes, I would struggle turning down millions too
Do athletes pay taxes on the NIL funds/income they receive?
They are supposed to if they receive a 1099
I guess itâs time for UH to start a gymnastics team.
Yes! The best answer is always MORE government!
The IRS will get the athletesâ attention if they start going after athletes for not paying taxes on taxable income. I favor athletes getting paid but the athletes need to act responsibly. I think almost all NILs come with tax disclosures so ignorance is not a defense.
I donât think they want to spend the money, and the sad part is that Simone Biles had publicly stated she would be willing to be the coach.
Having the most decorated woman in gymnastics history Iâm sure would attract lots of potential talent in the Houston area or around the country