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Post by ceharv on Jul 1, 2023 9:05:28 GMT -5
The IRS has reportedly issue a ruling that may significantly reduce NIL payments.
Collectives involved in making money available have been promoting the idea that “donations” to the collective, which eventually make their way to athletes are tax deductible, obviously a strong incentive to those considering a donation. The IRS has thrown cold water on this, saying that the basic purpose of the collective has to be charitable in order for a donation to the collective to qualify as tax deductible. Presumedly, most of these collectives did not even exist before the NIL rules were put into place and have little, if any, charitable purpose they can demonstrate to satisfy the IRS. And how many donors are going to want to get involved in that inquiry and fight? And are collectives going to face claims that they must issue warnings that donations are not tax deductible or at least that the collective involved makes no claim or advice about the tax impact of any money donated? The person running the collective for Ohio State has said it will put his collective out of business.
IMO once this IRS memo becomes known it may substantially reduce the money available. If so, the ultimate impact of the NIL rules will be reduced, if not eliminated.
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Post by artvandalay on Jul 1, 2023 9:37:17 GMT -5
The IRS has reportedly issue a ruling that may significantly reduce NIL payments. Collectives involved in making money available have been promoting the idea that “donations” to the collective, which eventually make their way to athletes are tax deductible, obviously a strong incentive to those considering a donation. The IRS has thrown cold water on this, saying that the basic purpose of the collective has to be charitable in order for a donation to the collective to qualify as tax deductible. Presumedly, most of these collectives did not even exist before the NIL rules were put into place and have little, if any, charitable purpose they can demonstrate to satisfy the IRS. And how many donors are going to want to get involved in that inquiry and fight? And are collectives going to face claims that they must issue warnings that donations are not tax deductible or at least that the collective involved makes no claim or advice about the tax impact of any money donated? The person running the collective for Ohio State has said it will put his collective out of business. IMO once this IRS memo becomes known it may substantially reduce the money available. If so, the ultimate impact of the NIL rules will be reduced, if not eliminated. We can only hope.... |
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Post by 123Rob on Jul 1, 2023 14:29:59 GMT -5
I thought it was clear that donations were not deductible. Our collective has been operating that way.
So I guess the big P5 boosters will be back to sliding donations under the table
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Post by Chuck on Jul 18, 2023 15:40:40 GMT -5
Today on First Take, Paul Finebaum was very critical of NCAA President Charlie Baker for asking Congress to create a bill regulating NIL deals. Finebaum blames NCAA for lacking a framework prior to implementing NIL. Finebaum calls current system corrupt, where cheating is now legal. Finebaum admits only a select few college athletes benefit from NIL. Mentions Texas running back Bijon Robinson received $1 million last year. Finebaum doubts congress would make changes to NIL and if they did it will take many years for Congress to make changes. Finebaum concludes we better get use to it as NIL will not change. Adding despite its disparity, college football has never been stronger. Dan Orlovsky disagreed with Finebaum saying the disparity NIL creates will only increase. He states this disparity is not better for most college sports and college athletes. www.dailymail.co.uk/sport/college-football/article-12175507/NCAA-President-Charlie-Baker-advocates-bill-Congress-regulating-NIL-deals.html |
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Post by ohs73 on Jul 18, 2023 21:22:53 GMT -5
I'm convinced that major college football in this era is controlled (read: ruled) not by the NCAA, but by the SEC. Dominance demonstated yearly in the CFP, and BCS prior.
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Post by derhut on Jul 20, 2023 6:00:02 GMT -5
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Post by bigcat on Sept 1, 2023 1:57:04 GMT -5
Link below to an article on CBS Sports website and app from Aug 31. Unnamed basketball coaches who were surveyed on NIL saying that the going rate for a P6 transfer (starter) is approx 200k+. Sounds like that is a lump sum … not per year. We’ve all read the numbers are in the millions for star QBs (USC’s Caleb Williams and Oregon’s Bo Nix), but the hoops number shocked me. It’s nuts. Below the link are two quotes from the article. Makes me ill to think of the professionalism of college hoops and football. Yes some schools have been paying players illegally since the 1960s, but still… So what happens when you pay a recruit 100K+ and he bombs? Does the player ever attend classes? Can you cut the kid after a half season and send him packing? Do you demand a refund if a player quits? How many times can a player transfer - like a free agent looking for the best deal each year? And what about corruption within the NIL collectives? When there are millions of dollars involved (in anything) there’s likely going to be improprieties somewhere along the line at some school. I am the last person who normally wants more govt interference in most matters but this is going to ruin college basketball unless some entity establishes a framework on NIL. Probably too late now. www.cbssports.com/college-basketball/news/candid-coaches-what-nil-price-is-a-projected-high-major-starter-in-the-transfer-looking-portal-looking-forQuotes from the article: "I do know between $200k-$400k were numbers talked about when our former player [at the mid-major level] transferred to a high-major." "We have [at the mid-major level] been asked for as little as $30,000, and for as much as $400,000, [for a transfer]." |
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Post by thecoach on Sept 1, 2023 4:56:10 GMT -5
Link below to an article on CBS Sports website and app from Aug 31. Unnamed basketball coaches who were surveyed on NIL saying that the going rate for a P6 transfer (starter) is approx 200k+. Sounds like that is a lump sum … not per year. We’ve all read the numbers are in the millions for star QBs (USC’s Caleb Williams and Oregon’s Bo Nix), but the hoops number shocked me. It’s nuts. Below the link are two quotes from the article. Makes me ill to think of the professionalism of college hoops and football. Yes some schools have been paying players illegally since the 1960s, but still… So what happens when you pay a recruit 100K+ and he bombs? Does the player ever attend classes? Can you cut the kid after a half season and send him packing? Do you demand a refund if a player quits? How many times can a player transfer - like a free agent looking for the best deal each year? And what about corruption within the NIL collectives? When there are millions of dollars involved (in anything) there’s likely going to be improprieties somewhere along the line at some school. I am the last person who normally wants more govt interference in most matters but this is going to ruin college basketball unless some entity establishes a framework on NIL. Probably too late now. www.cbssports.com/college-basketball/news/candid-coaches-what-nil-price-is-a-projected-high-major-starter-in-the-transfer-looking-portal-looking-forQuotes from the article: "I do know between $200k-$400k were numbers talked about when our former player [at the mid-major level] transferred to a high-major." "We have [at the mid-major level] been asked for as little as $30,000, and for as much as $400,000, [for a transfer]." NIL ruined college basketball already. Schmidt has overcome covid and NIL obstacles and produced a TEAM. If you really think about it, He has adapted to probably the 2 toughest changes in College HOOPS. |
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Post by BONA82.5 on Sept 1, 2023 9:45:39 GMT -5
BIG SCHMIDT FAN here - but lets cool the jets there coachie boy.
A 14-18 season and 10th place finish in the A10 is hardly proof of overcoming anything.
I am very optimistic about the team for the upcoming season - but lets not crown them just yet.
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Post by thesocalkid on Sept 1, 2023 10:51:35 GMT -5
So, if they pay a player, $100k are they also given an IRS 1099 Form to pay income earned?
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Post by thecoach on Sept 2, 2023 2:23:00 GMT -5
BIG SCHMIDT FAN here - but lets cool the jets there coachie boy. A 14-18 season and 10th place finish in the A10 is hardly proof of overcoming anything. I am very optimistic about the team for the upcoming season - but lets not crown them just yet. OH, I failed to mention he lost 99 % of his scoring and still won 14 games. That is OVERCOMING SOMETHING. Hold your horses there 82 and a half boy |
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Post by BONA82.5 on Sept 2, 2023 7:28:30 GMT -5
Hmmm ... I could of sworn you posted 100+ times about how lousy the "99% of the scoring" was.
Like I said - I'm a big Schmidt fan. Hoping this year's squad can "overcome" with actual Ws and a strong finish, which has always been the trademark of Schmidt coached teams.
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Post by ceharv on Sept 2, 2023 12:38:23 GMT -5
I keep seeing references to huge dollar amounts, but without attribution to a source. Without attribution Doc Jandoli would describe the references as unworthy of publication as mere speculation. I hope that ESPN or CBS Sports or some similar outlet prepares a detailed story with attribution to reliable sources that detail the amount of money being paid to top players at the top schools, then on down to bench guys in both football and hoops (although the case could be made ESPN should not be considered reliable on this issue.) How much money are these collectives gathering and who is making the decisions about who gets what? Are the head coaches involved? Is there some new NIL assistant position getting involved?
This is still very new, but I anticipate we will start seeing this info coming out sometime, hopefully sooner rather than later. Facts would be nice so we can see what the competition really is because as we know, eventually money will control. And I sure want to see the facts before voting for or against political candidates who might be writing the rules.
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Post by joe48 on Sept 2, 2023 16:37:53 GMT -5
I keep seeing references to huge dollar amounts, but without attribution to a source. Without attribution Doc Jandoli would describe the references as unworthy of publication as mere speculation. I hope that ESPN or CBS Sports or some similar outlet prepares a detailed story with attribution to reliable sources that detail the amount of money being paid to top players at the top schools, then on down to bench guys in both football and hoops (although the case could be made ESPN should not be considered reliable on this issue.) How much money are these collectives gathering and who is making the decisions about who gets what? Are the head coaches involved? Is there some new NIL assistant position getting involved? This is still very new, but I anticipate we will start seeing this info coming out sometime, hopefully sooner rather than later. Facts would be nice so we can see what the competition really is because as we know, eventually money will control. And I sure want to see the facts before voting for or against political candidates who might be writing the rules. Journalism ship has sailed in this society. Cheating has been the norm for quite some time. Reporting by CBS or ESPN I am glad you reconsidered. The conferences with $$$ will prevail. |
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Post by thecoach on Sept 3, 2023 4:11:48 GMT -5
Hmmm ... I could of sworn you posted 100+ times about how lousy the "99% of the scoring" was. Like I said - I'm a big Schmidt fan. Hoping this year's squad can "overcome" with actual Ws and a strong finish, which has always been the trademark of Schmidt coached teams. That 99% scoring team was not lousy but way underperformed. Schmidt replaced the whole team pretty much while OVERCOMING covid and NIL and somehow put together a TEAM that won 14 games. He did all of that in very little time . LOL. What's the argument?  ? Let me know if i have to dumb it down any further. |
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? Let me know if i have to dumb it down any further.