I bet a lot of these kids getting NIL get into trouble with...

[gr8spur]

the IRS. I'm a former IRS Revenue Officer. Most of these kids coming out of high school will not have filed a tax return yet. I see a lot of them getting into to some serious tax trouble. Hope the schools give them a workshop explaining these things.

 

[rogue cock]

How do you think they will handle the AD 501c3 exemptions based on the "fostering of national or international amateur sports."

There is already some discussion about them coming after the USOC's status.,,,and this is a much bigger fish.

 

[92Pony]

Kids would be well-served in high school to be required to take a class in real life skills; Like how to balance a check book, fill out a tax return, etc, etc. Without some real hand-holding, I agree, once these kids start getting this NIL income, some of them are going to get themselves into a mess. I can see the whole NIL sh'bang being a mess all the way around for a while.

 

[MookieBlaylock9]

This has been suggested often, and I'm not sure why.

 

[chief2791]

This is the biggest negative IMO. It's most definitely going to happen. A large majority of kids (and a scary number of adults) have no concept of money and the management of it.

 

[JGH 35]

How do you think they will handle the AD 501c3 exemptions based on the "fostering of national or international amateur sports."

There is already some discussion about them coming after the USOC's status.,,,and this is a much bigger fish.

Shouldn't be a problem. As long as the athletes are making money through product endorsements, etc and not directly from the organization, then they are amateurs. It is only when they receive compensation for competing or prize money for their participation where the "amateur" status could be questioned.

 

[JGH 35]

the IRS. I'm a former IRS Revenue Officer. Most of these kids coming out of high school will not have filed a tax return yet. I see a lot of them getting into to some serious tax trouble. Hope the schools give them a workshop explaining these things.

I doubt a workshop would help much. They need to have them meet with a tax accountant before they get any money and have him handle it through withholding.

 

[rogue cock]

Shouldn't be a problem. As long as the athletes are making money through product endorsements, etc and not directly from the organization, then they are amateurs. It is only when they receive compensation for competing or prize money for their participation where the "amateur" status could be questioned.

Endorsements take an athlete out of amatuer status. NIL agreements are basically endorsements.

 

[TopHook]

Kids would be well-served in high school to be required to take a class in real life skills; Like how to balance a check book, fill out a tax return, etc, etc. Without some real hand-holding, I agree, once these kids start getting this NIL income, some of them are going to get themselves into a mess. I can see the whole NIL sh'bang being a mess all the way around for a while.

Got to keep them stupid.

 

[DarkHorse2001]

A young guy just out of high school receiving a windfall of money, what could go wrong with that?

 

[CockySC01]

If I got that sort of income, at that age, i’d hope something was set up where my parents would have control so I didn’t blow it all. I could see 18 year old me getting a set 1mil and then blowing it. Where it could have went into some sort of controlled trust. But again, these student athletes are legally “adults” so what happens happens I guess.

 

[GarnetBeamer]

If I got that sort of income, at that age, i’d hope something was set up where my parents would have control so I didn’t blow it all. I could see 18 year old me getting a set 1mil and then blowing it. Where it could have went into some sort of controlled trust. But again, these student athletes are legally “adults” so what happens happens I guess.

a great # of professional athletes are ill-prepared to handle their wealth. An 18 year old kid will probably be worse.

 

[midline]

Kids would be well-served in high school to be required to take a class in real life skills; Like how to balance a check book, fill out a tax return, etc, etc. Without some real hand-holding, I agree, once these kids start getting this NIL income, some of them are going to get themselves into a mess. I can see the whole NIL sh'bang being a mess all the way around for a while.

I don't disagree, but they don't have time for that in high school these days. There days are going to be fully booked being taught how America is the reason for every problem the world has ever seen.

 

[FORKCOCK]

They don't even teach cursive handwriting in school these days.

 

[rogue cock]

They don't even teach cursive handwriting in school these days.

Some do. May not be required to but they still do. They don't use the 3-line paper for printing anymore either....haven't for a very long time.

 

[DeBoer31]

the IRS. I'm a former IRS Revenue Officer. Most of these kids coming out of high school will not have filed a tax return yet. I see a lot of them getting into to some serious tax trouble. Hope the schools give them a workshop explaining these things.

Already said this....and that nobody is talking enough about it.
No no- they don't need a work shop. They're bidness men. They're a brand. They're a potential multi-million dollar entity.......they don't tax advice. They're entitled to whatever comes their way.

I can't believe that the NIL isn't enough. There's already talk that the players need to get "a bigger piece of the pie" if playoffs expand. College football is over. The AAU/youth pimp culture has ruined it.

 

[be cocky]

hr block. i don’t see how any kid should not be able to file taxes. i had a job when i was that age. no problem.

 

[winloseortie]

Can anybody say Shawn Kemp, broke and in debt with two children by their senior year with no pro prospects

 

[chief2791]

Alot of kids that age don't have a clue. I've got a young employee that was popping DOGE, in and out, profit, rinse and repeat. I asked if he was setting some money back for the taxes. He looked at me like I had 3 eyes. I had to explain it to him like he was a toddler, before the IRS surely would have next April, and they probably wouldn't have explained it to him as gently as I did.

You're essentially creating a brand, a business, and you'd better be treating it as such. Alot of these kids are going to learn the hard way.

 

[haneynfl]

Most athletes are out of playing sports for money by the time they are 30. And, most of those have not prepared well financially. Most go back to something else (degree field, coaching, etc.) to make a continue living.

NIL will only be for those that can bring something to the marketing table. It will be a windfall for some (a few), but not for most. Most that are successful will have a niche built around something - maybe even unrelated to their sport. There is only so much marketing dollars to spread around. They have to compete against everyone for those dollars.

 

[Boom4life]

Kids would be well-served in high school to be required to take a class in real life skills; Like how to balance a check book, fill out a tax return, etc, etc. Without some real hand-holding, I agree, once these kids start getting this NIL income, some of them are going to get themselves into a mess. I can see the whole NIL sh'bang being a mess all the way around for a while.

Who balances a checkbook anymore with online banking?

 

[A know it all like you]

the IRS. I'm a former IRS Revenue Officer. Most of these kids coming out of high school will not have filed a tax return yet. I see a lot of them getting into to some serious tax trouble. Hope the schools give them a workshop explaining these things.

some people don't realize how scholarships really work. the first thing a college does is get the financial information of the students parents to determine how much financial aid the student qualifies for, less income more aid. after that is determined they get all the academic money they can then the athletics department will pay the rest to get a full scholly for the player. now that player must report his income meaning they could qualify for less financial aid. the QB from Alabama probably wont get financial aid so who will pay the balance? I assume football while this kid has made 1 million from NIL.

 

[king ward]

Kids would be well-served in high school to be required to take a class in real life skills; Like how to balance a check book, fill out a tax return, etc, etc. Without some real hand-holding, I agree, once these kids start getting this NIL income, some of them are going to get themselves into a mess. I can see the whole NIL sh'bang being a mess all the way around for a while.

While the value of such instruction is unquestionable, the authority or will to require it is probably not.

 

[boykinlp]

the IRS. I'm a former IRS Revenue Officer. Most of these kids coming out of high school will not have filed a tax return yet. I see a lot of them getting into to some serious tax trouble. Hope the schools give them a workshop explaining these things.

I don't think that this will be a problem. Most of the big names are signing with a sports agency that will help them get contracts with companies, as well as, help them with their money. As was said earlier, the Alabama new starting QB Bryce Young has signed for over a million dollars already, and the UNC QB Howell, and Clemson QB DJ Ugxxxxxxx? both signed with Bojangles. I don't think a dollar amount was given for them yet.

Who balances a checkbook anymore with online banking?

I am proud to say that I am an old geezer, and have been balancing my checkbook for about 45+ years. I also have a book in my truck where I enter everything I do to it, such as adding gas, changing oil, new tires, etc. with the date, mileage, and costs. Been doing that since I was required to do it with my first job and company car. Whenever I sell a vehicle, the buyer always appreciates it too.