More NCAA jibber jabber

[Loyal Coug1]

Oh brother. To quote the first article:

The NCAA Division I Council could adopt emergency legislation this month for a new transfer rule that would allow all undergraduate athletes to transfer and play immediately if they meet specific academic requirements, a source confirmed to ESPN on Monday.

The proposed legislation, which was first reported by The Athletic, would not limit the number of times an athlete can transfer. Athletes would still have two transfer windows and wouldn't be able to transfer midyear and play for a second school in the same season.

So which is it? Play immediately or can't play for 2 teams in one season?

And consumer protection? I thought NIL was between athletes and outside entities. Not the NCAA. Mind your own business NCAA. Kids want to sign deals? Fine, have at it. Get screwed? Welcome to adulthood and capitalism. Wanna bitch about a bad deal? Go to your many social media accounts, not some NCAA-provided bitch forum.

And taxability of NIL cash and non-cash compensation. I like this one, although you don't hear much about it. That should mean that these collectives, like WSU's, will have to start sending out 1099's to recipients. Or the participating businesses will. Did the Utah FB pickup truck dealerships send out 1099's for those team-wide new trucks? Leases I guess, but still income. Here IRS, come on by and audit them. Maybe scholarships should become taxable as well.

Source: NCAA weighs change to transfer eligibility

The NCAA could adopt emergency legislation this month for a new transfer rule that would allow all undergraduate athletes to transfer and play immediately if they meet specific academic requirements, a source confirmed to ESPN.

www.espn.com

NCAA eyes 'consumer protection' for NIL athletes

Speaking to reporters before Monday's national championship game, NCAA president Charlie Baker said he's focused on creating a "consumer protection system" for collegiate athletes and their families as name, image and likeness deals become more prevalent.

www.espn.com

The Tax Reality of NIL Income

NIL income is taxable income and is divided into two types: Monetary and Non-cash compensation. Learn how to report NIL income on your income tax return.

blog.taxact.com

 

[roses04]

This is all just a big pile of crap, and I don't think the mess ever gets cleaned up. Money and Lawyers rarely make things better. If you are waiting for the Government to fix it, they will only make it worse. Right now I am taking it day by day, and trying to enjoy Coug athletics as long as I can. if you look at the Spokesman article they had with Bill Moos over the weekend, he didn't have a positive longterm outlook, and Bill is one of the most positive guys I know.

 

[cr8zyncalif]

Minor league football.

 

[Coug90]

Minor league football.

Yup, NFL lite with marching bands and pep rallies. Not going to end well for anyone. Ratings will tank and all of the money will dry up for the schools and players. Sad.

 

[95coug]

If I was an IRS agent, I’d be salivating. Dreams of arresting the Heisman winner for tax evasion at the ceremony. Seizing his trophy before he even gets his prints on it.

You know it won’t be long before these kids start getting popped for not paying tax on their NIL

 

[Loyal Coug1]

If I was an IRS agent, I’d be salivating. Dreams of arresting the Heisman winner for tax evasion at the ceremony. Seizing his trophy before he even gets his prints on it.

You know it won’t be long before these kids start getting popped for not paying tax on their NIL

And the agencies/donors that did not file 1099's as required. Yes only $570/pop for willfully not filing, but hey - 80 Utah trucks times $570 is what $45,000-ish?

Edit - forgot to copy/paste the tax reference. And the 10% at the bottom, don't know if its the lesser or greater of the two. If 10%, that quickly becomes some SERIOUS cash.

• If your business fails to issue a Form 1099-NEC or Form 1099-MISC by the deadline, the penalty varies from $60 to $310 per form (tax year 2023), depending on how long past the deadline the business issues the form.

• If a business intentionally disregards the requirement to provide a correct Form 1099-NEC or Form 1099-MISC, it's subject to a minimum penalty of $630 per form (tax year 2023) or 10% of the income reported on the form, with no maximum.

 

[KRUSTYtheCOUG]

If I was an IRS agent, I’d be salivating. Dreams of arresting the Heisman winner for tax evasion at the ceremony. Seizing his trophy before he even gets his prints on it.

You know it won’t be long before these kids start getting popped for not paying tax on their NIL

You are putting way too much stock on the power or availability of resources for the IRS or an "agent" to enforce much of anything these days! That's all I have to say about that!

 

[Loyal Coug1]

You are putting way too much stock on the power or availability of resources for the IRS or an "agent" to enforce much of anything these days! That's all I have to say about that!

Oh with the easy availability of obtaining the relevant NIL figures and comparing to the collectives, I think the IRS could spare the resources to investigate. And read my edit in my post #6 above about the penalty levels. Although I guess some of these payments (Utah's trucks?) might circumvent the collectives. If so, you'd have to assign someone to read the sports pages.

 

[Coug90]

Oh with the easy availability of obtaining the relevant NIL figures and comparing to the collectives, I think the IRS could spare the resources to investigate. And read my edit in my post #6 above about the penalty levels. Although I guess some of these payments (Utah's trucks?) might circumvent the collectives. If so, you'd have to assign someone to read the sports pages.

UW can let rapists play, you don’t think they have folks who can circumvent an IRS audit on their star quarterback. 😂.

 

[CougEd]

Yup, NFL lite with marching bands and pep rallies. Not going to end well for anyone. Ratings will tank and all of the money will dry up for the schools and players. Sad.

Actually you get two tiers . Tier A the NFL adopts 40 teams. High School kids enter the minor league draft .

The NFL controls the players. They scout draft and pay the players. . The schools who want to be in tier A allow the NFL to use their facilities . The school gets the gate and TV and shares with their ither departments after salaries are paid .