Does anyone think that the IRS will wind up taxing the athletes for the
Scholarship $ as well as NIL and any other compensation they received. After all these all became benefits
17 Replies
Tax fraud is/is not an NCAA violation so players can keep playing. Right?
** Edited by astrohokiebob at 2/28/2024, 11:35:33 AM
(In response to this post by anotherdamnyankeehokie)
2y
(In response to this post by anotherdamnyankeehokie)
2y
to pay for tuition, how much will actually be taxable? They're not really realizing any income in this case. Now, anything above and beyond that will certainly be taxed like regular income. This is when they'll cease having to be actual students.
** Edited by reestuart at 2/27/2024, 8:51:37 AM
(In response to this post by anotherdamnyankeehokie)
2y
Can be considered income and if I'm already getting xnil dollars and quote a free education that others are paying $30 to $70,000 for. I sure as heck think the IRS will consider it a benefit. That is a taxable item but I don't know for sure. I'm just speculating here
(In response to this post by reestuart)
2y
100% as a condition of employment in this hypothetical. They are getting paid say $30K, and then they have to give the school that same $30K to play. If they strip the need to be a student, then any of that money is pure income.
(In response to this post by anotherdamnyankeehokie)
2y
Get paid to do a job- with NIL, the job us to promote various products and services.
Pay gets reported on a W2 or 1099.
Employee is responsible for the tax payments to the IRS.
How the employee spends the remainder, be it on tuition or cocaine, is his business.
(In response to this post by reestuart)
2y
to pay back to the school to play. The NIL is 100% taxable, and has nothing to do with this.
(In response to this post by PadrosWindup)
S
Stech
2y
(In response to this post by anotherdamnyankeehokie)
2y
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.
(In response to this post by anotherdamnyankeehokie)
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Stech
2y
(In response to this post by PadrosWindup)
2y
be a non-story and won’t happen?
(In response to this post by reestuart)
2y
To the IRS for tax audits?
It would be like the list 15 minutes of Goodfellas.
Bodies turning up in trash dumpsters and refrigerator trucks.
Squealers going into witness protection.
John Calipari smashing a telephone after his compadre gets pinched.
Bobby Petrino sitting in Club Fed, slicing garlic with a razor blade, waiting for the STD he got from that volleyball player to destroy his brain.
** Edited by PadrosWindup at 2/27/2024, 6:55:52 AM
(In response to this post by Stech)
2y
(In response to this post by anotherdamnyankeehokie)
2y
(In response to this post by anotherdamnyankeehokie)