How long before we see CFB players with IRS problems?

[Leroy Jenkins]

Because neither they nor their handlers know what the hell they are doing?

[Goldendawg]

Thus why Biden wants to hire 87K new IRS agents. He woke up from watching a college game and heard about NIL.*******

[Extendedcab]

LOL, I did not think of this but it is hilarious!! You are right, what kind of IRS problems will they create?

[parabrave]

April 16th/

[BrunswickDawg]

LOL, I did not think of this but it is hilarious!! You are right, what kind of IRS problems will they create?

Kids who blow through cash that is reported on 1099's instead of being under the table. They could owe thousands in taxes and be SOL

[msstate7]

Kids who blow through cash that is reported on 1099's instead of being under the table. They could owe thousands in taxes and be SOL

Are these paid 1099?

[State82]

They could owe thousands in taxes and be SOL

And then they will be hitting the portal. Again. To search for the next big NIL deal. Again. To bail them out of their predicament. Again. Rinse and repeat.

[Really Clark?]

Are these paid 1099?

Yeah, every one I have heard of so far are independent contractors and getting 1099's. That's a lot of taxes for them to pay. And many are not doing their quarterly estimates either.

[Activated Alpha]

This is going to be a huge mess and reminds me of the 90s credit card fiasco with newly turned young adults who didn't fully comprehend how the world works

[Todd4State]

Kids who blow through cash that is reported on 1099's instead of being under the table. They could owe thousands in taxes and be SOL

I can hear ESPN now..

And Alabama's team had to give back their National Championship because of tax evasion.

[Goldendawg]

Kids who blow through cash that is reported on 1099's instead of being under the table. They could owe thousands in taxes and be SOL

Look how many Pro players across all sports are flat broke or worse after making millions in their careers. This does not bode well for many college athletes. Meanwhile, Dodge dealers. jewelers, real estate agents, adult clubs, and various hangers on do quite well.****

[Bdawg]

Won’t take but one year for the IRS to bust there butt!!!

[Todd4State]

Look how many Pro players across all sports are flat broke or worse after making millions in their careers. This does not bode well for many college athletes. Meanwhile, Dodge dealers. jewelers, real estate agents, adult clubs, and various hangers on do quite well.****

Yeah. It was really bad in MLB until they started a program where they told players "hey put it in a 401K instead of buying a snow cone stand".

[BrunswickDawg]

Yeah. It was really bad in MLB until they started a program where they told players "hey put it in a 401K instead of buying a snow cone stand".

"Michael, There is always money in the Banana Stand."

[Leroy Jenkins]

April 16th/

True

[Commercecomet24]

Those 80k plus new irs agents gonna be getting to work on this very soon. There's gonna be problems for a lot of these kids when the government comes calling to get theirs

[parabrave]

Look how many Pro players across all sports are flat broke or worse after making millions in their careers. This does not bode well for many college athletes. Meanwhile, Dodge dealers. jewelers, real estate agents, adult clubs, and various hangers on do quite well.****

Don't forget the Uncle/agent who gets paid cash under the table. Can't write him off as a business expense. Now Tax his scholarship as income.

[Really Clark?]

Don't forget the Uncle/agent who gets paid cash under the table. Can't write him off as a business expense. Now Tax his scholarship as income.

Well you can't tax the scholarship that way opens up taxing all scholarships. But the other part of NIL that I don't think the player / families consider (depending if they are still claimed as a dependent or not) is it can directly effect their FASFA grant and aid. That's income that has to be reported to FASFA as well.

[Commercecomet24]

Well you can't tax the scholarship that way opens up taxing all scholarships. But the other part of NIL that I don't think the player / families consider (depending if they are still claimed as a dependent or not) is it can directly effect their FASFA grant and aid. That's income that has to be reported to FASFA as well.

You know the majority ain't reporting that income. This is gonna be a mess for some of these kids.

[Really Clark?]

You know the majority ain't reporting that income. This is gonna be a mess for some of these kids.

Oh I know and it is already a mess. There was an SEC coach come out talking about one of his players coming to him crying because he didn't know all the issues and didn't know what to do to get it squared away. But they are not going to their "Uncle" for help.

[Goldendawg]

Yeah. It was really bad in MLB until they started a program where they told players "hey put it in a 401K instead of buying a snow cone stand".

Yeah, Ted Nugent thought he was rich in the 70's and would never hurt for $ for life as his "advisors" were investing in mink farms, buying Clydesdale horses. etc. I used this article from Playboy in '76 at State to write a paper in Economics and got one of my few A's ( made the mistake of thinking most of my classes were at Len Lew's, The Triangle Club, and various establishments in Columbus). All these investments went belly up and he had to start over in the '80's. Hope some of these college players have good advisors. Hail State!

[CaptainObvious]

Isn?t the scholarship for a full year. August to July? Why can?t the school demand they be reimbursed for part of the scholarship from Players who don?t fulfill their part of the contract? I know I would.

[Commercecomet24]

Oh I know and it is already a mess. There was an SEC coach come out talking about one of his players coming to him crying because he didn't know all the issues and didn't know what to do to get it squared away. But they are not going to their "Uncle" for help.

Yeah it really is sad because you can get messed up big time doing contract work if you don't have an accountant and take care of business. Been down that road and learned it on the fly but I was smart enough to hire a good guy and made sure I didn't get crossed up with Uncle Sam, he can ruin your life.

[State82]

Yeah, Ted Nugent thought he was rich in the 70's and would never hurt for $ for life as his "advisors" were investing in mink farms, buying Clydesdale horses. etc. I used this article from Playboy in '76 at State to write a paper in Economics and got one of my few A's ( made the mistake of thinking most of my classes were at Len Lew's, The Triangle Club, and various establishments in Columbus). All these investments went belly up and he had to start over in the '80's. Hope some of these college players have good advisors. Hail State!

Man I had that Len Lew guy for a number of classes until he tragically died in a fire. He was tough!

[Commercecomet24]

Yeah, Ted Nugent thought he was rich in the 70's and would never hurt for $ for life as his "advisors" were investing in mink farms, buying Clydesdale horses. etc. I used this article from Playboy in '76 at State to write a paper in Economics and got one of my few A's ( made the mistake of thinking most of my classes were at Len Lew's, The Triangle Club, and various establishments in Columbus). All these investments went belly up and he had to start over in the '80's. Hope some of these college players have good advisors. Hail State!

Motor City Madman! One of my all time favorites!

[Goldendawg]

Motor City Madman! One of my all time favorites!

Me too! Always thought we should play "Stranglehold" more, especially if we were ahead at the end of the 3rd quarter, instead of that lame Journey song no matter what the score was!

[RocketDawg]

Because neither they nor their handlers know what the hell they are doing?

Probably won't be long before issues show up.

[Interpolation_Dawg_EX]

Those 80k plus new irs agents gonna be getting to work on this very soon. There's gonna be problems for a lot of these kids when the government comes calling to get theirs

Ha college kids are the least of their priorities. Well unless they check a couple of the "right" boxes of course...

[redstickdawg]

this seems like something that the schools ought to give some guidance on as best possible. We don't want to have a future star get a notice from the feds and then not be able to play.

[Commercecomet24]

Ha college kids are the least of their priorities. Well unless they check a couple of the "right" boxes of course...

Excellent! Well played!

[R2Dawg]

Because neither they nor their handlers know what the hell they are doing?

Great point Leroy. We are gonna find out how mature these new college pro players are. They will find out the NIL thing not as good as they thought.

What will happen is the NIL funds will have to prepay the taxes which will further stress the money train. This bubble will not last. Schools that gave a lot of money that don't produce anything (and there will be many) will see their NIL funds dry up too. People will not continue to give to crappy results.

Everybody can't win but everybody is giving thinking they will. People are so stupid. Haven't yall heard, 50% of teams lose every Saturday.

[Dawgology]

April. It will be this April

[Lord McBuckethead]

Surely around April 15th this upcoming year. Shit, I have been paying taxes for 23 years and it still gets me sometimes.

[Lord McBuckethead]

I feel like income from an NIL should be a 1099 situation, which means they have to personally pay in all the Social Security 7.65% employee and 7.65% employer for SS and Medicare. Plus they have to pay their marginal tax rates. Most being single. Plus state taxes.

I know mine is total around 58% all said and done. Good luck young guys, I hope you put a bunch of that stuff back for the tax man.

[parabrave]

Great point Leroy. We are gonna find out how mature these new college pro players are. They will find out the NIL thing not as good as they thought.

What will happen is the NIL funds will have to prepay the taxes which will further stress the money train. This bubble will not last. Schools that gave a lot of money that don't produce anything (and there will be many) will see their NIL funds dry up too. People will not continue to give to crappy results.

Everybody can't win but everybody is giving thinking they will. People are so stupid. Haven't yall heard, 50% of teams lose every Saturday.

Rep given.

[Lord McBuckethead]

You know the majority ain't reporting that income. This is gonna be a mess for some of these kids.

Businesses that support a NIL player is going to have that marketing expenditure on their books, so.... the IRS knows the money was paid to such player.

[Lord McBuckethead]

Hire a CPA young fellas, like today. Because as of Jan 1, this years taxes are already baked in the cake as it were.

[Really Clark?]

They also have to factor income for non-cash gifts as well. If it's a car for example or if they get third party money via PayPal or crypto...there are a lot of different types of "income" that should be claimed.

[DCdawg]

I may be misremembering, but I believe on one of the podcasts that Charlie went on discussing the Bulldog Initiative he mentioned that part of the process of signing an athlete was having all of the forms and tax implications in place.

[Leroy Jenkins]

I may be misremembering, but I believe on one of the podcasts that Charlie went on discussing the Bulldog Initiative he mentioned that part of the process of signing an athlete was having all of the forms and tax implications in place.

That is true for the B.I.

but I don't know about NIL deals for players outside of the school affiliated agencies, Barstool etc. etc.

[Commercecomet24]

Businesses that support a NIL player is going to have that marketing expenditure on their books, so.... the IRS knows the money was paid to such player.

Oh absolutely but a lot of these kids are gonna try dodging and they're gonna get bit because that 1099 goes to irs too. The government may have some extra income once they start collecting on these players.

[Activated Alpha]

Honestly I hope this does happen. Now I don't wish ill will on any poor young sap getting ransacked by the Tax man, but I'm hoping this will bring the NIL world down in flames. It honestly needs to be rebuilt, but with structure...

[parabrave]

Oh absolutely but a lot of these kids are gonna try dodging and they're gonna get bit because that 1099 goes to irs too. The government may have some extra income once they start collecting on these players.

They don't want to collect. They want the interest and penalties to accur for a few years then show up saying PAY UP.

[Commercecomet24]

They don't want to collect. They want the interest and penalties to accur for a few years then show up saying PAY UP.

Now this is definitely a fact! They'll sure do it too!

[TUSK]

I see an "NIL Bailout" in our future...

[BB30]

Great point Leroy. We are gonna find out how mature these new college pro players are. They will find out the NIL thing not as good as they thought.

What will happen is the NIL funds will have to prepay the taxes which will further stress the money train. This bubble will not last. Schools that gave a lot of money that don't produce anything (and there will be many) will see their NIL funds dry up too. People will not continue to give to crappy results.

Everybody can't win but everybody is giving thinking they will. People are so stupid. Haven't yall heard, 50% of teams lose every Saturday.

Even if the nil fund pre pays taxes on their end the player will still have to pay income taxes on that money as well.

I'm sure Dak has to pay taxes on the money he makes off commercials. This shouldn't be treated any differently. Players wanted to get paid they will either figure the taxes out or they won't. I personally doubt the IRS goes after any college football player though due to the optics.

They have plenty of small to medium sized businesses they can go after aggressively like they have been.

[EdwardDrayton]

Yeah then let's see how much they love Uncle Joe and his Inflation Reduction Act!!

[parabrave]

Even if the nil fund pre pays taxes on their end the player will still have to pay income taxes on that money as well.

I'm sure Dak has to pay taxes on the money he makes off commercials. This shouldn't be treated any differently. Players wanted to get paid they will either figure the taxes out or they won't. I personally doubt the IRS goes after any college football player though due to the optics.

They have plenty of small to medium sized businesses they can go after aggressively like they have been.

Yes they will go after these players. Some agents make "Commissions/Bonuses" off going after high amounts. And to them anything over 6 figs with the interest is "worth their while" going after especially kids who they can scare. The last thing they want is a drawn out court case cause that cost the govt money. This comes from a couple of former agents now tax lawyers I knew.

[Commercecomet24]

I see an "NIL Bailout" in our future...

With the way things are now you're probably right. Smh

[RocketDawg]

Even if the nil fund pre pays taxes on their end the player will still have to pay income taxes on that money as well.

I'm sure Dak has to pay taxes on the money he makes off commercials. This shouldn't be treated any differently. Players wanted to get paid they will either figure the taxes out or they won't. I personally doubt the IRS goes after any college football player though due to the optics.

They have plenty of small to medium sized businesses they can go after aggressively like they have been.

They're going after $600 payments for everyday people, so they'll certainly go after NIL payments. If not they should, and if not it would selective enforcement.

[BB30]

They're going after $600 payments for everyday people, so they'll certainly go after NIL payments. If not they should, and if not it would selective enforcement.

That's kind of the point I was trying to make "selective enforcement". I don't think they end up going after them simply because of the optics of going after young college kids.

They may find a way to go after their "handler" or agent but I doubt they go after the actual kid and bury him on backed taxes owed. With the political environment today they won't risk that IMO.

I am wrong quite a bit so they may go after every nickel they can get. Just don't see them pushing real hard to bury young mostly African American college students in backed taxes owed. This is for sure going to turn into a cluster though if they do though. I would hope the universities have set up or will set up some education program on money management and that there will be new personnel that will have to be hired to help manage these things.

They should have that for every college student. Should be a required course every student has to take. Money management and taxes etc. most college kids couldn't balance a check book if they had to.