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re: Loyola Marymount to cut 6 sports in response to NIL
Posted on 1/27/24 at 8:49 am to STATEofMIND
Posted on 1/27/24 at 8:49 am to STATEofMIND
quote:
This makes sense. I just didn’t know if it was being labeled as “charitable gifts,” “nonprofit cost,” or “payroll.”
IIRC NIL is considered taxable income filed under self-employment tax status. Not sure how the Jock tax is being applied but I assume their financial advisers/agents are dealing with that.
I would be curious as these athletes sign a NLI to get a guaranteed scholarship offer to attend the college they pick. Could the NLI still be signed to enforce a roster spot and hold the player committed without a financial dollar(scholarship) being included with the NLI. Meaning the NLI is a binding contract we currently have but guarantees a financial scholarship, but if players are receiving a NIL package worth more than needed to attend a university could the NLI be created to still be binding but yet not be an 85 counter (no scholarship) so technically a school could offer more financial scholarships with a larger roster?
This post was edited on 1/27/24 at 8:51 am
3
Posted on 1/27/24 at 8:51 am to TideWarrior
10 years?
Look what’s happened in the last 3 years
It will be quicker than that
Look what’s happened in the last 3 years
It will be quicker than that
Posted on 1/27/24 at 8:58 am to TideWarrior
Auburn’s NIL collective withholds the taxes for the players. I assume they all do that.
Posted on 1/27/24 at 9:08 am to TideWarrior
What happens when will the cost of the "scholarship" is considered imputed income?
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