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.
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