Godsend?
Godsend?
ALL and we all know it. ALL so called blueblood programs have been cheating since College Football got popular. The difference today is that the ncaa “legitimized” cheating.
The nil? reminds me of “there is no performance enhancing drugs in football”
The business entity that pays the athlete should be considering the athlete an independent contractor, and thus issuing an IRS Form 1099 annually to the athlete. If the athlete does not declare the income, he/she is in violation of federal law.
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It wasn’t the NCAA, it was the federal courts.
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Fair enough. They still had to give their final approval. The point is that cheating has been going with the bluebloods since day 1.
Hence why this is a godsend. Besides, you’re wrong because it was not the ncaa. It was the federal government. Which makes it even better.
The ncaa had nothing to do with it. Their approval, final, or anything, was not a consideration and irrelevant.
The blue bloods now have to pay way more to get what they used to get. It helps the non blue bloods more bc they used to get hammered by ncaa for just a few hundred dollar handouts. Now the non blue bloods can pay and not get burned. Bama etc were already ready getting top classes now they have to pay for the same result.
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The ncaa wouldn’t let a lineman from Marshall sing at bars on the weekend without using an assumed name. They made a volleyball player from UT choose between her makeup channel on YouTube that she created in high school and had millions of subscribers generating damn good money and playing volleyball because they said it wasn’t ok. Football players that had YouTube channels had to delete them because the ncaa said it was the college that made them famous regardless of how much content they had before.
Going back to the Bobby knight quote about how 15000 people don’t show up to watch a science project. Well, if they did, the student could monetize it but not an athlete.
The rules made no sense.
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I don’t see many benefits to the restaurant (or other business) to take money from the donor to give the athlete, then provide a kickback to the donor. It sounds an awful lot like money laundering. Are there a bunch of drug dealers in the NIL collectives?
FYI, NIL is exactly paying for their NAME, Image, Likeness.
I think there is still a lot if issues with NIL both enforcement and understanding.
NIL is about paying an athlete for their image or autograph or ability to help market something, such as with an appearance in a commercial or social media influence. That is what the government said could not be restricted.
It is technically still against the rules to pay a player to play for a specific school. The NCAA is just not enforcing everything that is happening. It is too much happening in so many different ways for them to attempt to fight lawsuits whether they have grounds or not.
Why would the donor need a kickback? Any donor can give nil money to any athlete and the beauty is it becomes a business deduction.
did you actually read the post I replied to first? That poster said “and the donor gets a piece of it back”
Yes i did and it makes no sense. Why would the donor get any of it back?
PS. It might be a business expense, but giving someone money is not a deduction for taxes unless the player becomes a non-profit entity.
You need to ask that poster. I didn’t set the topic.
So my electrician is a non profit? That was meant in jest. Giving money to the athlete for his “name, image, or likeness” for advertising, even if you don’t end up using the advertising campaign on print or air, is still a business deduction.
Understood. But your earlier question of whether the donor getting money back could be money laundering is valid. If the donor gives money to deduct on his business taxes, then gets the money back somehow and still uses the deduction, then it’s tax fraud.
I am using the word deduction specifically as a different item from an expense to refer to a donation of sorts where you do not expect a return but still get to lower taxes (ie. to a non-profit for example). An expense, in my reference points, is spent on marketing materials where the person is expected to provide something in return. If that helps my postings make more sense.
The ncaa is the final decider when they impose sanctions. They/ncaa make that decision.
It is going to come a time when major donors will build a cfp championship team…atm and madcowsu are trying their best at it. Despite all of the money thrown at them they still SUCK.
I do think we might get some interesting articles on tax fraud this summer for the 2022 taxes.
Donating to a university as a non-profit organization is straight forward tax deduction for many individuals and corporations. However, I do not know how NIL collectives are set up, but with the recent cut backs on athletic donations being deductible (don’t remember the specifics on it), I could see that if they are trying to be non-profit, the IRS might question calling giving players money a charitable exercise. If the collectives are not non-profits, then all donations are not going to give anyone a tax break when filing time comes around, yet I expect many will claim it.