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Post by redcocks on Aug 10, 2023 7:12:36 GMT -6
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Post by brother on Aug 10, 2023 7:54:40 GMT -6
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Post by redcocks on Aug 10, 2023 8:05:44 GMT -6
Thank you brother I did not see it . Power must have been out at my basement. Lol |
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Post by oldkappasig on Aug 10, 2023 8:44:10 GMT -6
I guess you did. Not pay your power bill either? LOL This NIL is for football.
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Post by redcocks on Aug 10, 2023 9:18:49 GMT -6
I guess you did. Not pay your power bill either? LOL This NIL is for football. It’s not my responsibility to pay the power bill. It’s my momma responsibility. Lol |
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Post by brother on Aug 10, 2023 13:28:57 GMT -6
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Post by Whup Em All on Aug 10, 2023 14:56:42 GMT -6
You can certainly have an NIL Collective. The IRS doesn't care about that. They've simply ruled that donations to NIL Collectives are not tax deductible. That's all. I'm sure that won't mess up anything anywhere in the world of big money college football.  |
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Post by sprout203 on Aug 10, 2023 20:51:46 GMT -6
You can certainly have an NIL Collective. The IRS doesn't care about that. They've simply ruled that donations to NIL Collectives are not tax deductible. That's all. I'm sure that won't mess up anything anywhere in the world of big money college football. Agree. The IRS is still figuring out how to tax NIL. |
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Post by oldkappasig on Aug 11, 2023 5:29:40 GMT -6
I would assume the players are considered contractors of the NIL? Will their pay be reported on a W-9? Have any of them even thought of self employment taxes? I really hope the Universities are offering tax advice. More than that I hope the athletes are listening.
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Post by Whup Em All on Aug 11, 2023 7:44:35 GMT -6
I would assume the players are considered contractors of the NIL? Will their pay be reported on a W-9? Have any of them even thought of self employment taxes? I really hope the Universities are offering tax advice. More than that I hope the athletes are listening. This is honestly my biggest fear with NIL. If schools aren't giving tax advice to their athletes, a lot of kids are going to be in a world of hurt in a few years, once the IRS notices them and their lack of payments. I don't know how many of you have done the math (whether out of curiosity or necessity) but taxes and penalties on 5-, 6-, and 7-figure NIL deals will be way on up there. Enough in some cases to put the athlete in a financial hole for life. |
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Post by Cleburneslim on Aug 11, 2023 10:15:03 GMT -6
I would assume the players are considered contractors of the NIL? Will their pay be reported on a W-9? Have any of them even thought of self employment taxes? I really hope the Universities are offering tax advice. More than that I hope the athletes are listening. This is honestly my biggest fear with NIL. If schools aren't giving tax advice to their athletes, a lot of kids are going to be in a world of hurt in a few years, once the IRS notices them and their lack of payments. I don't know how many of you have done the math (whether out of curiosity or necessity) but taxes and penalties on 5-, 6-, and 7-figure NIL deals will be way on up there. Enough in some cases to put the athlete in a financial hole for life. Problems I wish I had. 7 figure ones. Me on in the poor seats. |
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Post by Whup Em All on Aug 11, 2023 10:35:07 GMT -6
This is honestly my biggest fear with NIL. If schools aren't giving tax advice to their athletes, a lot of kids are going to be in a world of hurt in a few years, once the IRS notices them and their lack of payments. I don't know how many of you have done the math (whether out of curiosity or necessity) but taxes and penalties on 5-, 6-, and 7-figure NIL deals will be way on up there. Enough in some cases to put the athlete in a financial hole for life. Problems I wish I had. 7 figure ones. Me on in the poor seats. Sure... 7 figures is great, unless you're a 19-year-old kid who spends it all thinking there's plenty more to come, and then gets an unexpected $400K IRS bill because no one bothered telling him the evils of the Tax Man. |
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Post by Cleburneslim on Aug 11, 2023 13:45:57 GMT -6
Problems I wish I had. 7 figure ones. Me on in the poor seats. Sure... 7 figures is great, unless you're a 19-year-old kid who spends it all thinking there's plenty more to come, and then gets an unexpected $400K IRS bill because no one bothered telling him the evils of the Tax Man. Oh I'm not disputing that Just wishing I had such problems. |
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Post by ksig2014 on Aug 11, 2023 19:25:51 GMT -6
Can’t get a crappier website that ours. Wow embarrassing
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Post by redcocks on Aug 11, 2023 21:55:42 GMT -6
Can’t get a crappier website that ours. Wow embarrassing Look if I don’t have a problem with the website neither should you. I am the only one that can complain and demand firings . Stay the hail out of my basement. Lol |
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