TheA_Bomb Posted November 2, 2023 Share Posted November 2, 2023 A10 is part of this grass roots effort to get congress to step in on NIL. 1 key goal is to avoid athletes becoming employees. https://www.on3.com/nil/news/coalition-future-college-athletics-28-division-one-conferences-sec-acc-big-ten-big-12-nil-legislation-mandate/ Quote Link to comment Share on other sites More sharing options...
Lord Elrond Posted November 3, 2023 Share Posted November 3, 2023 I’m not even going to guess how or even if Congress does anything on NIL, so I will just wait to see what happens. I will say with all the major conferences part of this, that means every major college coach in both football and basketball, plus as many popular former college players that this group can rope in, will be calling all the congressmen and senators representing the district and state the University is in and lobbying heavily for this. That’s a lot of money, and more importantly a lot of potential photo opportunities for those congressmen and senators to be seen with said coaches and former players. This group will have an easy time getting Congress to listen to what they want, which is sometimes very hard to start. I’m not going to guess what this ends up looking like. Quote Link to comment Share on other sites More sharing options...
Lord Elrond Posted November 3, 2023 Share Posted November 3, 2023 I will predict it will be interesting to see how and if the Universities in Ohio approach Jim Jordan for his support in this. Quote Link to comment Share on other sites More sharing options...
Cowboy II Posted November 3, 2023 Share Posted November 3, 2023 -sure, get Congress involved, what could go wrong? JMM28, billiken_roy and HoosierPal like this Quote Link to comment Share on other sites More sharing options...
TheA_Bomb Posted November 3, 2023 Author Share Posted November 3, 2023 34 minutes ago, Cowboy II said: -sure, get Congress involved, what could go wrong? Ha, I know. It'll create unintended consequences as schools/collectives find a way to go around the new regulations. Let's just say SLU has a player with an account on a website that he creates his own content for pay. A fan Let's call him Zac decides "hey I'll pay you $$$$$$ for your content as long as you go to SLU." That arrangement was made in private. The player sends Zac all the content until his eyes Glaze over and Zac pays. How do you stop that?! Or SLU fan McCourtschide really enjoys HS girls soccer and offers a player $$$$ for game worn Umbros if they commit to SLU. Ya can't stop it. Quote Link to comment Share on other sites More sharing options...
HoosierPal Posted November 3, 2023 Share Posted November 3, 2023 2 hours ago, Cowboy II said: -sure, get Congress involved, what could go wrong? NIL for immigrants. Hand it to them at the border. Quote Link to comment Share on other sites More sharing options...
cgeldmacher Posted November 3, 2023 Share Posted November 3, 2023 4 hours ago, Cowboy II said: -sure, get Congress involved, what could go wrong? Can't go any more wrong than college sports are already going wrong as it is. I welcome any change to the present way its being done. Quote Link to comment Share on other sites More sharing options...
HoosierPal Posted November 3, 2023 Share Posted November 3, 2023 Here is an interesting point that has been discussed enough. The IRS considers NIL funds to the athlete as taxable. https://www.wiztax.com/blog/irs-and-nil-taxes/ What are the Tax Implications of Signing an NIL Deal? Many colleges advise athletes to consult a tax professional before signing an NIL deal because of the tax implications. The first $600 earned from NIL deals does not need to get reported to the IRS. However, when more than $600 is made, all NIL income must be reported on a 1040 tax return. There are additional tax forms, for example, if a student-athlete is paid via cryptocurrency or receives any gifts as part of an NIL deal. Can Expenses Be Deducted from NIL Income? Yes! There are many tax-deductible expenses associated with NIL income. Some of the most common include travel expenses, hotel stays, rental vehicles, marketing, and agency fees. It is important to document everything related to NIL work as it should be treated like any other kind of self-employment. Quote Link to comment Share on other sites More sharing options...
Lord Elrond Posted November 3, 2023 Share Posted November 3, 2023 3 hours ago, HoosierPal said: Here is an interesting point that has been discussed enough. The IRS considers NIL funds to the athlete as taxable. https://www.wiztax.com/blog/irs-and-nil-taxes/ What are the Tax Implications of Signing an NIL Deal? Many colleges advise athletes to consult a tax professional before signing an NIL deal because of the tax implications. The first $600 earned from NIL deals does not need to get reported to the IRS. However, when more than $600 is made, all NIL income must be reported on a 1040 tax return. There are additional tax forms, for example, if a student-athlete is paid via cryptocurrency or receives any gifts as part of an NIL deal. Can Expenses Be Deducted from NIL Income? Yes! There are many tax-deductible expenses associated with NIL income. Some of the most common include travel expenses, hotel stays, rental vehicles, marketing, and agency fees. It is important to document everything related to NIL work as it should be treated like any other kind of self-employment. The expenses allowed sound like what the collective can deduct for people working for them, not what they pay players Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.