Has anyone heard about this?

#5
#5
Sounds like the IRS $600 reporting rule

Welcome to the real world

For taxation purposes, the Internal Revenue Service (IRS) considers most student-athletes to be independent contractors and NIL income to be self-employment income.

If they receive NIL compensation from a company exceeding $600 in value (cash or non-cash payments), the company should send them an annual form 1099-NEC. This 1099 is an informational form that details how much they were paid and the value of any goods they received from the company. Depending on how many NIL activities they participated in, they may receive more than one 1099. If they received payments through a third-party platform such as PayPal, Venmo, etc. they will receive Form 1099-K.

In addition to income tax, their net earnings from self-employment income are subject to self-employment tax. As a self-employed individual, they won’t have any tax withheld for Medicare or Social Security — instead, they’ll pay those taxes as self-employment taxes. The self-employment tax rate is 15.3 percent.
 
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#6
#6
the settlement was driven by the 5 power conferences. the player sides involved in the 3 suits have agreed to the settlement. Now see what the judge has to say.

But yes, both sides agreed to that wording.
 
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#7
#7
LWSVOL said:
the settlement was driven by the 5 power conferences. the player sides involved in the 3 suits have agreed to the settlement. Now see what the judge has to say.

But yes, both sides agreed to that wording.
Click to expand...
Assume that it's a fine - fine - some other penalty kinda sequence?
 
#8
#8
VOLLeeann said:
Assume that it's a fine - fine - some other penalty kinda sequence?
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The NCAA dropped the hammer on FSU, or is trying to, because a coach drove a recruit to a booster...... I think that was it....... to talk about an NIL deal, basically trying to facilitate an NIL deal.

Not that I think this kind of NIL infraction punishment is going to actually fly, but the NCAA certainly tried to flex on FSU.

www.ncaa.org

NIL-related recruiting violation occurred in Florida State football program - NCAA.org

A Florida State assistant football coach violated NCAA rules when he facilitated an impermissible recruiting contact between a transfer prospect and a booster, according
www.ncaa.org www.ncaa.org
 
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#10
#10
Far as I'm concerned, this is further proof that capitalism is fine, until it also means non-elite people get a significant piece of the pie. In which case, elites will either try to shut off the spout, or maneuver for bigger pieces of the pie, leaving little for the little people. Long live capitalism!
 
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#11
#11
WoodsmanVol said:
far as I'm concerned, this is further proof that capitalism is fine, until it also means non-elite people get a significant piece of the pie. In which case, elites will either try to shut off the spout, or maneuver for bigger pieces of the pie, leaving little for the little people. Long live capitalism!
Click to expand...
I don’t see this as a function of capitalism, but rather a hindrance to it.
 
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#12
#12
VolFanatic27 said:
I don’t see this as a function of capitalism, but rather a hindrance to it.
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Having been born with different eyes, we're bound to see a lot of things differently.
In my realm, capitalism and greed are bosom buddies, not by necessity, rather it's that
way due to human nature.

🎻Oh, I looked over the dollar, and what did I see?♬
🎻Lots of dead Presidents marching to me.♬
 
#15
#15
EZE said:
I would bet the house that there will be an IRS reporting requirement for all such deals.

I also would bet the house that there will be players with serious tax issues.
Click to expand...

There should already be an IRS reporting requirement . Ive never seen anything that said NIL earnings are exempt from income tax.

One twelfth of Niko and others compensation.will be subject to NC, Oklahoma, Arkansas and Georgia state income tax also.
 
#21
#21
WoodsmanVol said:
Having been born with different eyes, we're bound to see a lot of things differently.
In my realm, capitalism and greed are bosom buddies, not by necessity, rather it's that
way due to human nature.

🎻Oh, I looked over the dollar, and what did I see?♬
🎻Lots of dead Presidents marching to me.♬
Click to expand...

Anywhere there is large money amounts involved there is greed. Capitalism did not invent that.
 
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