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?

[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

[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.

[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.****

[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.

[parabrave]

April 16th/

[Leroy Jenkins]

April 16th/

True

[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?

[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.

[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".

[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!

[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!

[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."

[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

[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...