SLU_Nick Posted June 10, 2023 Share Posted June 10, 2023 The BVF tweets are unintelligible, missing words etc. they should shut down the dumb Twitter account and just work behind the scenes. It’s embarrassing otherwise BilliesBy40, Bizziken, stmdragons and 1 other like this Quote Link to comment Share on other sites More sharing options...
slu72 Posted June 10, 2023 Share Posted June 10, 2023 9 minutes ago, TheA_Bomb said: From a Ross Dellenger tweet, " Ross Dellenger · 12h @RossDellenger · Follow NEWS: The IRS says that non-profit NIL collectives offering tax deductions could be illegal. In a memo today, IRS Chief Counsel says donations made to 501(c)(3) collectives “are not tax exempt” because their benefits are not incidental to exempt purposes. That seems a bit of a dagger to the heart for private donors. However, business donors can likely consider the player as a promotional or endorsement expense, therefore, a legit cost which reduces their taxable income. Any CPA’s care to comment? Quote Link to comment Share on other sites More sharing options...
JMM28 Posted June 10, 2023 Share Posted June 10, 2023 17 minutes ago, TheA_Bomb said: From a Ross Dellenger tweet, " Ross Dellenger · 12h @RossDellenger · Follow NEWS: The IRS says that non-profit NIL collectives offering tax deductions could be illegal. In a memo today, IRS Chief Counsel says donations made to 501(c)(3) collectives “are not tax exempt” because their benefits are not incidental to exempt purposes. The inevitable outcome. These collectives setting up as 501c3s were silly if they thought this wouldn’t happen. The appropriate status is most likely c7 which is what country clubs and other social clubs are organized as. You still have the ability to sell “sponsorships” which would allow at least a business write off as well. Instead they got greedy and opened their donors up to an IRS audit. Congrats! Quote Link to comment Share on other sites More sharing options...
cheeseman Posted June 10, 2023 Share Posted June 10, 2023 1 minute ago, JMM28 said: The inevitable outcome. These collectives setting up as 501c3s were silly if they thought this wouldn’t happen. The appropriate status is most likely c7 which is what country clubs and other social clubs are organized as. You still have the ability to sell “sponsorships” which would allow at least a business write off as well. Instead they got greedy and opened their donors up to an IRS audit. Congrats! I get the idea that players should share in the revenue they help to create but this Wild West NIL thing is just not a good idea. I fault the NCAA and colleges for being greedy and understanding that they should have at least tried doing the right thing. If they had this situation would not have happened Quote Link to comment Share on other sites More sharing options...
Lord Elrond Posted June 10, 2023 Share Posted June 10, 2023 53 minutes ago, JMM28 said: The inevitable outcome. These collectives setting up as 501c3s were silly if they thought this wouldn’t happen. The appropriate status is most likely c7 which is what country clubs and other social clubs are organized as. You still have the ability to sell “sponsorships” which would allow at least a business write off as well. Instead they got greedy and opened their donors up to an IRS audit. Congrats! The IRS will disallow it, some collective or group of collectives will fight it. The whole issue of tax deductibility for these is heading to court eventually, how it ends up remains to be seen, but I’ll bet on the IRS. I get that a lot of these collectives have their own lawyers who think otherwise, maybe they will win in court, who knows. Quote Link to comment Share on other sites More sharing options...
wgstl Posted June 10, 2023 Share Posted June 10, 2023 Time to start Billikens board victory fund TheA_Bomb likes this Quote Link to comment Share on other sites More sharing options...
Pistol Posted June 10, 2023 Share Posted June 10, 2023 4 hours ago, JMM28 said: The inevitable outcome. These collectives setting up as 501c3s were silly if they thought this wouldn’t happen. The appropriate status is most likely c7 which is what country clubs and other social clubs are organized as. You still have the ability to sell “sponsorships” which would allow at least a business write off as well. Instead they got greedy and opened their donors up to an IRS audit. Congrats! That seems reasonable. The other thing that struck me is the report saying there are about 200 collectives, but that "dozens" (other places have said about 80) are set up as 501(c)(3) organizations. So it's less than half that will actually be impacted. The Billiken Victory Fund is one of them, though, per their own website. These never felt right with 501(c)(3) status. The charitable work was off to the side, and how much of that part have we actually seen? There's a distinction to me between being a non-profit and partnering with one or more non-profits. Quote Link to comment Share on other sites More sharing options...
Billiken Rich Posted June 15, 2023 Share Posted June 15, 2023 On 6/10/2023 at 12:08 PM, wgstl said: Time to start Billikens board victory fund Yes! $50 and a Jim Bakken Rookie card will let us play with the big boys! Quote Link to comment Share on other sites More sharing options...
Speyburn Posted July 1, 2023 Share Posted July 1, 2023 IRS throws a chill into collectives paying college athletes while claiming nonprofit status (msn.com) Quote Link to comment Share on other sites More sharing options...
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