IRS rules that gifts to NIL Collectives are not deductible charitable gifts

[GatorFL]

This caught my eye. Think it will have any effect on NIL Collectives and their revenues?

TaxProf Blog: IRS: Contributions To Nonprofit 'Name, Image And Likeness' Collectives Are Not Deductible Charitable Gifts

The IRS Office of Chief Counsel last week released a memorandum (AM 2023-004) concluding that contributions to nonprofit “name, image and likeness” collectives paid to college athletes generally are not deductible charitable gifts: [I]t is the view of this Office that many organizations that...

taxprof.typepad.com

 

[soflagator]

Not sure. But my gut tells me Stricklin is already way out in front of this. So I suspect things will be smooth sailing, per usual.

 

[Mr2Bits]

Looks like Cornpops troops are hitting the streets hard already, focusing on the important stuff!

 

[Zambo]

Great. Just one more thing for our players to get expelled for: tax evasion.

 

[Oklahoma Gator]

this is obviously the reason why we needed 80,000 more IRS agents. Hell it’s gonna take 5 or 6 hundred of them to audit Miami for their last class alone

 

[Mr2Bits]

Great. Just one more thing for our players to get expelled for: tax evasion.

That's why they need to implement mandatory W2's but we damn well know these companies are sending out 1099's

 

[kepler]

Nothing was more certain than this ruling. You don’t need a UF accounting degree to know that.

 

[Double Gator Dad]

Great. Just one more thing for our players to get expelled for: tax evasion.

It’s inevitable. The question is whether or not the government chooses to follow through with charges.

 

[FireFoley]

Nothing was more certain than this ruling. You don’t need a UF accounting degree to know that.

I have one of those. It proved to be over rated, LOL

 

[B52G8rAC]

I have one of those. It proved to be over rated, LOL

Wait. We award degrees for arithmetic?

 

[GatorJ]

Oh. Awesome the IRS continues to bash its citizens.

 

[GatorJ]

That's why they need to implement mandatory W2's but we damn well know these companies are sending out 1099's

Yeah. The kids won’t withhold taxes. They should be setting up W-2s to get in front of that.

 

[AlexDaGator]

In completely unrelated news, I have seen the light and have been moved by the Great Gator to spread the word to the people. I will be opening my on-line Church immediately. As a religious institution, all contributions are fully tax deductible.

The main tenet of the Church of the Great Gator is to collect charitable donations from our fellow Parishioners and use that cash to help young Gators as they strive to learn and understand the message of the Great Gator. We do this by giving these young Gators, (many of whom coincidently happen to be either very large or very fast) money and lots of it.



Alex.

 

[gatormandan]

In completely unrelated news, I have seen the light and have been moved by the Great Gator to spread the word to the people. I will be opening my on-line Church immediately. As a religious institution, all contributions are fully tax deductible.

The main tenet of the Church of the Great Gator is to collect charitable donations from our fellow Parishioners and use that cash to help young Gators as they strive to learn and understand the message of the Great Gator. We do this by giving these young Gators, (many of whom coincidently happen to be either very large or very fast) money and lots of it.



Alex.

Hi Partner. Im all in.

 

[Durty South Swamp]

Gotta love the govt and irs!