How long before we see CFB players with IRS problems?

[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.