Login | Sign Up
TechSideline

All Hokie, All the Time. Period. Presented by First Bank & Trust Company

Conference Realignment Board
◀ ▶
PadrosWindup
Joined: 06/16/2003
Posts: 7,593
Likes: 3,115
PadrosWindup
Subscriber

That is the beauty of NIL income.

Get the NCAA out of trying to regulate player income. Let the IRS deal with it. NIL cooperatives would be wise to supply competent tax services. There will be a time when SEC programs turn each others' players in for tax evasion, the way they used to turn each other in to the NCAA for recruiting violations.
Posted: 02/26/2024 at 08:32 PM ET
(In response to this post by anotherdamnyankeehokie)

Thread Replies (17)

Full Thread →
Does anyone think that the IRS will wind up taxing the athletes for the
anotherdamnyankeehokie • 02/26/24 07:10 PM ET
Tax fraud is/is not an NCAA violation so players can keep playing. Right?
astrohokiebob • 02/28/24 07:41 AM ET
The employers will be turning in their documents, so yes.**
IB4TECH • 02/27/24 11:38 AM ET
I'm sure they will to an extent, but if they have to use 100% of that money
reestuart • 02/27/24 08:50 AM ET
I'm no tax accountant but I sure do know from paying taxes that benefits
anotherdamnyankeehokie • 02/27/24 12:39 PM ET
it's certainly a benefit, but they aren't able to keep it. It's used
reestuart • 02/27/24 12:50 PM ET
How is that different from the income I use to pay my son's tuition?
PadrosWindup • 02/27/24 12:04 PM ET
If tuition is considered income, the athlete has to use 100% of that to
reestuart • 02/27/24 12:24 PM ET
Absolutely they will...**
Hokie83 • 02/27/24 08:46 AM ET
Why wouldn’t they if they are employees?**
Stech • 02/26/24 08:34 PM ET
That is the beauty of NIL income. ◄
PadrosWindup • 02/26/24 08:32 PM ET
Last statement made me laugh , each school will staff former IRS agents 🤣**
Stech • 02/26/24 08:48 PM ET
yeah, the whole tax evasion theory will be a non-story.**
reestuart • 02/27/24 12:25 PM ET
Wait - are you staying that paying taxes on these benefits will
133966Hokie • 02/27/24 05:27 PM ET
No, they'll pay taxes on actual income.**
reestuart • 02/27/24 05:41 PM ET
An you imagine Kentucky and Louisville collectives turning each other in
PadrosWindup • 02/27/24 06:45 AM ET
Yes. The IRS rules on employee compensation are quite clear**
tarheelblue • 02/26/24 08:15 PM ET
Yes, if they are employees. The first $5,250 per year is exempt. **
vtfaninnc • 02/26/24 07:40 PM ET