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Topic: IRS rescinds 501c status for NIL donations

Topic: IRS rescinds 501c status for NIL donations

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giacomo
General User

Member Since: 11/20/2007
Post Count: 2,688

Status: Offline

IRS rescinds 501c status for NIL donations

Posted: 6/14/2023 1:05:50 PM

https://www.wsj.com/articles/irs-tax-edge-college-sports-...

This stuff should not be tax deductible and the situation is changing.

BillyTheCat
General User

Member Since: 10/6/2012
Post Count: 9,808

Status: Offline

RE: IRS rescinds 501c status for NIL donations

Posted: 6/14/2023 1:51:23 PM

giacomo wrote:

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
General User

Member Since: 1/31/2006
Location: Seattle, WA
Post Count: 7,070

Status: Offline

RE: IRS rescinds 501c status for NIL donations

Posted: 6/15/2023 12:06:26 PM

giacomo wrote:

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
General User

Member Since: 12/11/2004
Location: Athens, OH
Post Count: 7,074

Status: Offline

RE: IRS rescinds 501c status for NIL donations

Posted: 6/15/2023 12:43:40 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.
General User

Member Since: 8/31/2005
Location: United States
Post Count: 10,313

Status: Offline

RE: IRS rescinds 501c status for NIL donations

Posted: 6/18/2023 2:15:06 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

TWT
General User

Member Since: 12/20/2004
Location: Alexandria, VA
Post Count: 5,005

Status: Offline

RE: IRS rescinds 501c status for NIL donations

Posted: 6/19/2023 11:41:10 AM

GoCats105 wrote:

giacomo wrote:

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.

Most Memorable Bobcat Events Attended
2010 97-83 win over Georgetown in NCAA 1st round
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