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How long before we see CFB players with IRS problems?
Because neither they nor their handlers know what the hell they are doing?
Everyone wants to be a beast...until its time to do what beasts do.
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Thus why Biden wants to hire 87K new IRS agents. He woke up from watching a college game and heard about NIL.*******
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LOL, I did not think of this but it is hilarious!! You are right, what kind of IRS problems will they create?
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Originally Posted by
Extendedcab
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
"After dealing with Ole Miss for over a year," he said, "I've learned to expect their leadership to do and say things that the leadership at other Division I schools would never consider doing and to justify their actions by reminding themselves that "We're Ole Miss.""
- Tom Mars, Esq. 4.9.18
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Originally Posted by
BrunswickDawg
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?
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Originally Posted by
BrunswickDawg
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.
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Originally Posted by
msstate7
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.
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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
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Originally Posted by
BrunswickDawg
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.
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Originally Posted by
BrunswickDawg
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.****
Last edited by Goldendawg; 12-08-2022 at 03:21 PM.
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Won’t take but one year for the IRS to bust there butt!!!
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Originally Posted by
Goldendawg
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".
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Originally Posted by
Todd4State
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."
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Originally Posted by
parabrave
April 16th/
True
Everyone wants to be a beast...until its time to do what beasts do.
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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
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Originally Posted by
Goldendawg
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.
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Originally Posted by
parabrave
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.
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Originally Posted by
Really Clark?
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.
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Originally Posted by
Commercecomet24
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.
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