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re: A&M lmao
Posted on 8/9/23 at 3:45 pm to GeauxBreauxs
Posted on 8/9/23 at 3:45 pm to GeauxBreauxs
BRUTAL.
1
Posted on 8/9/23 at 3:48 pm to WilliamTaylor21
Posted on 8/9/23 at 3:50 pm to GeauxBreauxs
Everytime I come back, LSU posters on this board remind me that they are the internet version of Idiocracy.
How do you begin to explain things to this crowd?
How do you begin to explain things to this crowd?
Posted on 8/9/23 at 3:51 pm to BSherrill
quote:
The irs changed their guidance on how operating nil through the Foundation would affect its taxing status.
The irs had previously given approval to how nil within the foundation was setup.
Dude, don't even try. You might as well be talking to barn animals here.
Posted on 8/9/23 at 3:51 pm to GeauxBreauxs
Not surprising an LSUcks fan would not understand what is going on.
From the 12th Man Foundation:
From the 12th Man Foundation:
quote:
On June 9, the IRS released a generic legal advice memorandum providing specific guidelines for non-profit organizations that engage with student-athletes for their name, image and likeness (NIL). The operation of the 12th Man+ Fund is impacted by this new guidance.
Following consultation with external advisors, the 12th Man Foundation is altering its approach to NIL which includes discontinuing the 12th Man+ Fund. This decision was made to ensure the 12th Man Foundation meets its high standards for compliance and to protect the organization's mission.
This decision does not prevent the 12th Man Foundation from supporting NIL opportunities for Aggie student-athletes. As part of its altered approach, the organization plans to support NIL opportunities for Aggie student-athletes by expanding its marketing outreach using unrestricted annual fund contributions.
Supporters who have contributed to the 12th Man+ Fund will be contacted directly by 12th Man Foundation staff with their options including ways to redirect their contribution and continue investing in the student-athlete experience at Texas A&M.
The 12th Man Foundation remains committed to engaging with Aggie student-athletes and promoting the organization's mission of funding scholarships, programs and facilities in support of championship athletics at Texas A&M.
Posted on 8/9/23 at 3:53 pm to TouchdownTony
quote:You are correct, the story isn't over yet. It's going to take a few years for this to all sort out, and that's assuming no changes in the rules by Congress.
This is simply the first domino to in this ridiculous cherade. NIL WAS NOT set up to "collect" money to buy players, first of all. 2nd, Even though NIL is considered non profit it is not tax exempt. People thought they were getting the best of both worlds. Buying players and they get to write it off. I also think the players probably haven't been educated in taxation and Uncle Sam is asking questions now. For them to shut it down it has to be pretty serious.
This story isn't over yet.
NIL as a commercial exchange, where a business pays a player for use of NIL is perfectly fine. The player gets paid for things that the NCAA used to take for nothing, and the business owner deducts it as an advertising expense. The problem is that not everyone who would like to spend NIL money has a business that they can run the money through; thus, the idea of collectives where money is given in exchange for "charitable" work by the athlete. The IRS ruling means that no collective, whose end product is only charitable work, will withstand scrutiny; money donated to such undertakings will not be tax deductible.
Posted on 8/9/23 at 4:12 pm to BSherrill
Well I’m sure every school will have to change their approach then right?
Posted on 8/9/23 at 4:51 pm to geauxnavybeatbama
quote:
Well I’m sure every school will have to change their approach then right?
Yeah, most all of the NIL collectives operating under 501 (c)(3) status will have to be torn up and moved elsewhere.
Clemson, Notre Dame, Southern Cal, Wasihington, TCU, Oklahoma State, Michigan State, Texas, and many others are all going down this same path.
Posted on 8/9/23 at 4:58 pm to SidewalkTiger
Lol…petty money…Beaver Applin (Buccee’s) gave 50,000,000 to A&M by himself.
Posted on 8/9/23 at 5:10 pm to Jster15
quote:
Lol…petty money…Beaver Applin (Buccee’s) gave 50,000,000 to A&M by himself.
You say it's "petty money" and then list a much smaller donation?
Posted on 8/9/23 at 6:18 pm to GeauxBreauxs
Rough recent news cycle for Aggy, tomorrow Colin Simmons picks between LSU/TEXAS & they can't even get the "also ran" hat on the table.
They had a 12 year head start, caught lightning in a bottle and pissed it all away. That's gotta hurt knowing you finally grabbed your balls after 100+ years of being the red headed step child, came this close and end up right back where you started on the outside looking in.
They had a 12 year head start, caught lightning in a bottle and pissed it all away. That's gotta hurt knowing you finally grabbed your balls after 100+ years of being the red headed step child, came this close and end up right back where you started on the outside looking in.
Posted on 8/9/23 at 6:29 pm to Buster83
Generally on this board 3 sentences is considered an unreadable wall of text by many LSU fans.
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