Portal Watch 2022-23

leatherneckjacket

leatherneckjacket

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ChristoGT said:
NIL $ is taxable once you hit minimum standard deduction amounts and are considered self-employment income, so you may have to pay taxes on FICA, etc. and should be paying estimated quarterly taxes so that they don't get a penalty at the end of the year. Also impacts whether parents/guardian can take a deduction for them if they make too much. Thinking a lot of these kids won't have a clue and could see fines or other trouble for not doing things properly. But as JFan137 says, someone will figure out ways to circumvent the rules
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It is taxable income for the student athlete and it can be a tax deductible business expense for the person giving the money since, supposedly, the NIL of the student athlete may be used for business purposes.

While NIL is not supposed to be pay for play, it basically legitimizes all the under the table money that was flowing between boosters and athletes. Not only does it give the boosters/athletes a framework by which they can give/receive money without penalty, but it also creates a method for boosters to now claim the cash payment as a business expense. In the meantime, the athlete now has to pay taxes on that income that they were never claiming before.
 
leatherneckjacket

leatherneckjacket

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Papa Foxtrot said:
I wonder how many are reporting that income? Could get real interesting if the IRS starts looking into this....
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They better claim the income, as I am sure the person giving the money will be claiming it as an expense and reporting who they gave the money to the IRS.. Further, if the money flows through intermediary company, then that company would have to report to the IRS any payments that were made to any individual in excess of $600 for the year. Either way, each player who received a NIL payment will probably get a 1099-misc from any persons or entities that paid them in excess of $600. Otherwise, those parties are breaking the law.
 
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GTNavyNuke

GTNavyNuke

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leatherneckjacket said:
They better claim the income, as I am sure the person giving the money will be claiming it as an expense and reporting who they gave the money to the IRS.. Further, if the money flows through intermediary company, then that company would have to report to the IRS any payments that were made to any individual in excess of $600 for the year. Either way, each player who received a NIL payment will probably get a 1099-misc from any persons or entities that paid them in excess of $600. Otherwise, those parties are breaking the law.
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The new $600 limit will make it harder to hide the money. But only reported to IRS and not publicly available I don't think.

Anyone else notice this ND tampering story? Nothing will happen except ND lawyers will be able to bill more hours.

 

Oldgoldandwhite

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Just looked at the portal list. Scrolling through just the QBs made me dizzy. You would need a staff just to check on portal comings and goings. How do you even begin to evaluate that many players?
 

JacketOff

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slugboy said:
I guess he didn’t want to go to Liberty ¯\_(ツ)_/¯

I’m surprised he didn’t get a nice offer from a number of good programs, including ACC programs.
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I’m surprised Auburn didn’t get him tbh. He seemed like he would fit well in Freeze’s system. NC State also lost Leary, and UVA is losing Armstrong. Virginia Tech is probably in need of QB help too. Maybe teams backed off because they see him as more a product of Chadwell’s system than his own merit 👀
 

FightWinDrink

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slugboy said:
I guess he didn’t want to go to Liberty ¯\_(ツ)_/¯

I’m surprised he didn’t get a nice offer from a number of good programs, including ACC programs.
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Word from other sites is he couldn’t get his credits to transfer in to auburn or Florida since he’s not a grad transfer
 
iceeater1969

iceeater1969

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Saw that TCU was once power house. In late 30 s they played Carnegie Mellon for title. Bucknell was strong as well. College was not for mass credentialization as it is now. Degrees for everything.. Add in NIL = PAY FOR PLAY.
 
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