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Ohio Football Topic
Topic: IRS rescinds 501c status for NIL donations
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giacomo
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Posted: 6/14/2023 1:05 PM
https://www.wsj.com/articles/irs-tax-edge-college-sports-...

This stuff should not be tax deductible and the situation is changing.
BillyTheCat
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Posted: 6/14/2023 1:51 PM
giacomo wrote:expand_more
https://www.wsj.com/articles/irs-tax-edge-college-sports-...

This stuff should not be tax deductible and the situation is changing.
We can agree on this!!!! And I guarantee schools are in support.
GoCats105
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Posted: 6/15/2023 12:06 PM
giacomo wrote:expand_more
https://www.wsj.com/articles/irs-tax-edge-college-sports-...

This stuff should not be tax deductible and the situation is changing.
I doubt this changes much. There will still be plenty of bag men out there skirting the system in some way.
Alan Swank
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Posted: 6/15/2023 12:43 PM
I love this quote from the attached article.

“I’m glad we didn’t go with the 501c3 model,” says one school associate athletic director. “What I tell my donors is. ... What charity are you donating to? You’re not. You’re lining kids’ pockets to keep them at your school. That’s not a charity. That’s a way to get around tax laws which leads to tax evasion and opens a whole different can of worms for donors.

https://www.si.com/college/2023/06/10/irs-name-image-like...
L.C.
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Posted: 6/18/2023 2:15 PM
This is definitely a sound ruling. People are entitled to donate to an NIL fund, but in no way is that a charity.
“We have two ears and one mouth so that we can listen twice as much as we speak.” ― Epictetus
Athens
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Posted: 6/19/2023 11:41 AM
GoCats105 wrote:expand_more
https://www.wsj.com/articles/irs-tax-edge-college-sports-...

This stuff should not be tax deductible and the situation is changing.
I doubt this changes much. There will still be plenty of bag men out there skirting the system in some way.
If you own a small business you can determine how much of a draw you want to take as compensation. A donation to a NIL Collective can be written off as a marketing expense.

All this ruling does prevent someone from deducting a contribution on their individual tax return. High net worth individuals for various reasons have incorporated for business tax advantages.
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