PA24 said:

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…..20 year old jocks with pockets full money on a college campus where they are worshipped as kings.

Federal and state taxes will only be a part of the problem.

End of college sports

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taxpreparer said:

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Burdizzo said:

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zephyr88 said:

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BMX Bandit said:

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Ellis Wyatt said:

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I am going to assume that recipients of NIL are treated as contract employees, therefore whatever taxes are due are the recipient's sole responsibility.

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you are correct

don't know why an IRS "ruling" would be needed as it's not really disputed, or if anyone has even asked.

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the next wave of ineligibility will be levied against players who don't file/pay taxes on their "earnings"

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I also expect there to be some sort of audit related to whether or not there were truly some values associated with NIL or people are just getting paid because their names are on a roster.

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I would expect any audit to focus on any claimed expenses, and possibly unclaimed income in the form of non-cash payments.

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Ham Slice MRE said:

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taxpreparer said:

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Burdizzo said:

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zephyr88 said:

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BMX Bandit said:

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Ellis Wyatt said:

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I am going to assume that recipients of NIL are treated as contract employees, therefore whatever taxes are due are the recipient's sole responsibility.

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you are correct

don't know why an IRS "ruling" would be needed as it's not really disputed, or if anyone has even asked.

---

the next wave of ineligibility will be levied against players who don't file/pay taxes on their "earnings"

---

I also expect there to be some sort of audit related to whether or not there were truly some values associated with NIL or people are just getting paid because their names are on a roster.

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I would expect any audit to focus on any claimed expenses, and possibly unclaimed income in the form of non-cash payments.

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I agree with this. Those living expenses are going to be under scrutiny.

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