Welcome Guest!
Create an Account
login email:
password:
site searchwhere to watchcontact usabout usadvertise with ushelp
Message Board
BobcatAttack.com Message Board
Ohio Football
Topic:  One reason portal went crazy this April

Topic:  One reason portal went crazy this April
Author
Message
Mike Coleman
Administrator



Member Since: 12/21/2004
Location: Near the Pristine Sandy Shores of Lake Erie, OH
Post Count: 1,294

Status: Offline
  Message Not Read  One reason portal went crazy this April
   Posted: 4/25/2024 11:36:30 AM 
Heard on the street…NIL money is taxable but not subject to withholding. If athletes didn't make estimated tax payments, they found themselves in a real bind on April 15. There is a lot of consultation to help these kids, but in most cases they've never even had to file a tax return. So they're off for another payday. This, of course, doesn't effect smaller nil but might be one reason why a guy could transfer from Florida to Marshall in January and then head right back into the system a few months later.
Back to Top
  
BillyTheCat
General User

Member Since: 10/6/2012
Post Count: 9,494

Status: Offline
  Message Not Read  RE: One reason portal went crazy this April
   Posted: 4/25/2024 9:45:03 PM 
Mike Coleman wrote:
Heard on the street…NIL money is taxable but not subject to withholding. If athletes didn't make estimated tax payments, they found themselves in a real bind on April 15. There is a lot of consultation to help these kids, but in most cases they've never even had to file a tax return. So they're off for another payday. This, of course, doesn't effect smaller nil but might be one reason why a guy could transfer from Florida to Marshall in January and then head right back into the system a few months later.


Excellent point, and I mentioned that months ago. Perfect example is take an athlete who got a car lease to drive around a nice new car or truck. No cash in hand, but they got a nice car or truck, ,that is a taxable benefit. Even though they never ever saw a dollar, they are going to be taxed on the value of that lease. And have no desposible income to pay that liability. Many, many athletes in this boat.

Last Edited: 4/25/2024 9:48:34 PM by BillyTheCat
Back to Top
  
Mike Coleman
Administrator



Member Since: 12/21/2004
Location: Near the Pristine Sandy Shores of Lake Erie, OH
Post Count: 1,294

Status: Offline
  Message Not Read  RE: One reason portal went crazy this April
   Posted: 4/25/2024 10:47:00 PM 
BillyTheCat wrote:
Mike Coleman wrote:
Heard on the street…NIL money is taxable but not subject to withholding. If athletes didn't make estimated tax payments, they found themselves in a real bind on April 15. There is a lot of consultation to help these kids, but in most cases they've never even had to file a tax return. So they're off for another payday. This, of course, doesn't effect smaller nil but might be one reason why a guy could transfer from Florida to Marshall in January and then head right back into the system a few months later.


Excellent point, and I mentioned that months ago. Perfect example is take an athlete who got a car lease to drive around a nice new car or truck. No cash in hand, but they got a nice car or truck, ,that is a taxable benefit. Even though they never ever saw a dollar, they are going to be taxed on the value of that lease. And have no desposible income to pay that liability. Many, many athletes in this boat.


Exactly. And you can guess a few of the schools where players aren't getting proper guidance. Colorado…obviously. And Michigan State under the old regime. Huge exodus from those train wrecks in the last week or two.
Back to Top
  
Showing Replies:  1 - 3  of 3 Posts
Jump to Page:  1
View Other 'Ohio Football' Topics
                                                                                                                                                                                                                                                                             



WHO'S ONLINE
There are 275 Active Visitors on BobcatAttack.com
274 Guests
1 Registered User:
 OUs LONG Driver
There are no other users looking at this page.


Copyright ©2024 BobcatAttack.com. All rights reserved.  |  Privacy Policy  |  Terms of Use
Partner of USA TODAY Sports Digital Properties