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That is certainly something.
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Ready for employee status, multi year contracts, and a salary cap.
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Originally Posted by
msstate7
Coaches do it
Under contracts. As employees. With buyouts and penalties.
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Do they have to pay taxes on NIL deals since it's income? Is it 1099 situation?
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Originally Posted by
confucius say
Under contracts. As employees. With buyouts and penalties.
Isn't a scholarship a 1-year contract?
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Originally Posted by
beerfarley
Do they have to pay taxes on NIL deals since it's income? Is it 1099 situation?
If 1099, yikes for the guys getting these 7 figure deals. Hope they aren't blowing it
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Originally Posted by
msstate7
If 1099, yikes for the guys getting these 7 figure deals. Hope they aren't blowing it
Yeah, contract worker gigs suck. And these kids can't be too money savvy so I'd assume they'd have to have someone in their corner taking a percentage out. Just asks for a crooked family member/agent to shave money off the top.
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https://www.forbes.com/sites/robertw...ess-deals/amp/
Just found this article. This could be really bad for some of these kids.
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Originally Posted by
msstate7
Isn't a scholarship a 1-year contract?
They should be especially with the transfer portal in effect.
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Originally Posted by
msstate7
Isn't a scholarship a 1-year contract?
Yes scholarships are awarded on an annual basis, have been since I can remember, 1990's.
Everyone wants to be a beast...until its time to do what beasts do.
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Originally Posted by
msstate7
Isn't a scholarship a 1-year contract?
Not one with any penalties for breach (and arguably no consideration). It use to be you had to sit out a year if you didn't uphold your end. Now that you can transfer at any time for any reason to any school, there is no penalty for breach.
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Originally Posted by
beerfarley
I'm waiting for paying taxes isn't fair..... smh
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Originally Posted by
Homedawg
I'm waiting for paying taxes isn't fair..... smh
This! You know it's coming.
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1099 with no write offs. They better have sound financial help. This actually makes a ton more sense as to why so many in government were pushing NIL legislation. It will be a huge money maker in taxes.
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Originally Posted by
Commercecomet24
This! You know it's coming.
Yup. Gonna be some folks go down for tax evasion and it's going to get ugly.
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I hope that when compliance is approving these NIL deals that they are putting players in touch with a tax advisor.
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Originally Posted by
confucius say
I hope that when compliance is approving these NIL deals that they are putting players in touch with a tax advisor.
Won't happen. Think about it, first time you send a player to a tax advisor and he screws someone over, he/she/it will sue. It's sad its come to that, but it has.
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