How long before we see CFB players with IRS problems?

[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.