Topic: MU NiL collective not tax deductible? What will LawyerSpears do?

[s1uggo]

I mean really what does the IRS know?
https://profootballtalk.nbcsports.com/2023/06/11/irs-says-nil-collectives-are-not-tax-exempt/

[MUfan08]

About damn time...
No way these "donations" should have fallen under charity.
Wonder how this will impact the thunder trust since that's one of its selling points that money or gifts to them can be considered a charity write off.

[MUther]

Nothing.  It's not his purview to handle NIL trusts.  In fact, he's not supposed to have anything to do wit them at all.

[herdfan129]

More importantly, I wonder if this will put a dent in the NIL funds of the bigger schools?

[MUfan08]

More importantly, I wonder if this will put a dent in the NIL funds of the bigger schools?

Probably some, but SEC booster do not give a %^&* about paying players. Heck, they were doing it under the table for years, just the past couple it could be written off.

[coalherd]

Not much detriment overall to NIL, IMO.  Just back to those days when, like the U-K basketball assistant I believe it was, the Schools, i.e., the "Big Boys", have their Assistants, and other "Operatives", flying around the country going from potential recruit to potential recruit with Bags FULL of CASH!!!

[goherd24]

Pretty simple here, it's an advertising cost and thus, written off.

[Luke80]

The SEC schools will simply not use NIL trusts. The boosters will pay the athletes directly and then decide if they can call it marketing/advertising. The guys at Miami is already doing it this way. Essentially this only puts a dent in the grass roots level soliciting of NIL funds that are funneled through collectives.

[whf]

The SEC schools will simply not use NIL trusts. The boosters will pay the athletes directly and then decide if they can call it marketing/advertising. The guys at Miami is already doing it this way. Essentially this only puts a dent in the grass roots level soliciting of NIL funds that are funneled through collectives.

This is the way it was intended to be to begin with. The Trusts were an attempt to bring the universities into play, make sure the kids they wanted to get money got it; and to offer a "bank account" for coaches to use to recruit with.

I'm kind of glad to hear this, even if it makes it a bit more difficult for MU. Reason.............I want the kids to have to actually give the value of the NIL to the contractor.

[MUfan08]

Pretty simple here, it's an advertising cost and thus, written off.

Which is what it should have always been for businesses and not as a charity donation.

If Dutch Miller wants to use Ali in their commercials because they think it will help them out with new customers, or, lease cars to players with advertising their business, more power to them and write that sucker off.

The crowd funding pretty much brings this to a standstill unless it is going to be like a fan club major league sports do (discounts to things, get prizes, autographs, etc.).