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re: Loyola Marymount to cut 6 sports in response to NIL
Posted on 1/27/24 at 2:11 pm to TideWarrior
Posted on 1/27/24 at 2:11 pm to TideWarrior
quote:
quote:
No one is writing off a donation to the collective.
Not sure why they are not if they can. To be honest someone would be a fool if they could write-off a donation to a collective if it is not for profit entity.
No one is expensing a check to collectives because it is not deductible per the IRS.
Nonprofit status does not automatically grant donations as a tax deduction. Nonprofit status only dictates the governing rules of the institution (collective).
Collectives basically launder money. You can "remove profit" from the money laundering scheme but that does not force the IRS to recognize it as a charitable tax deduction contribution.
1
Posted on 1/27/24 at 3:38 pm to meansonny
quote:
No one is expensing a check to collectives because it is not deductible per the IRS.
This is incorrect.
quote:
Going forward, NIL collectives that currently have tax-exempt status from the IRS may continue to operate as they previously have but should be aware that their activities are now more likely to be reviewed by the IRS and challenged if they are determined to not be substantially charitable. Existing entities wishing to protect their tax-exempt status and the deductibility of future donations,
Memo from the IRS but again as I said the ones that are the donors do qualify for a write-off based on their donation.
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