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re: Loyola Marymount to cut 6 sports in response to NIL
Posted on 1/27/24 at 10:12 am to Purple Spoon
Posted on 1/27/24 at 10:12 am to Purple Spoon
The biggest reason NIL invites laundering is just the fact that it’s a mislabeled extension of Athletic Department donations.
At the end of the day, it’s a lot of money coming from the same place & people just moving it around.
So… the books have all been shady from the jump. Nobody is gonna convince me that the tax filing is all on the up & up. NIL was a poorly conceived loophole.
At the end of the day, it’s a lot of money coming from the same place & people just moving it around.
So… the books have all been shady from the jump. Nobody is gonna convince me that the tax filing is all on the up & up. NIL was a poorly conceived loophole.
This post was edited on 1/27/24 at 11:46 am
1
Posted on 1/27/24 at 10:19 am to DeathByTossDive225
quote:
So… the books have all been shady from the jump. Nobody is gonna convince me that the tax filing is all on the up & up.
Many of these collective's donors are doing just that. They are donating money to the collective and in return are getting a tax deduction for doing so. So, any donor expecting to have it offset their taxes have to have it on the up and up because they are reporting the donation to the IRS as should the collective be as well.
Interesting note I have a friend that is currently working for the IRS out of the Atlanta office. Recently he told me the IRS is hiring thousands of field agents due to the emergence of the NIL.
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