copied from another site and reworded a bit:
Is it true, that if a player takes NIL money, they are according to the IRS are then a contractual employee/self employed. Not only the NIL money but all scholarship value, travel paid, uniforms and food etc. is then counted as income. And the school is not responsible for any medical bills associated with the player".
If that's all true, that's a doozie of a hangover for a lot of players; I guess they could file for bankruptcy if they don't make the big show.Â
That's why Biden wants to add 60,000 some IRS agents, lol.
IRS needs to start worrying about the politicians. You know, the ones who don't pay taxes.Â
copied from another site and reworded a bit:
Is it true, that if a player takes NIL money, they are according to the IRS are then a contractual employee/self employed. Not only the NIL money but all scholarship value, travel paid, uniforms and food etc. is then counted as income. And the school is not responsible for any medical bills associated with the player".
If that's all true, that's a doozie of a hangover for a lot of players; I guess they could file for bankruptcy if they don't make the big show.Â
No, outside money does not make you an employee of the school. The scholarship is not taxable income. Much like someone who has a job, but also receives an academic scholarship. The scholarship, and everything related to it, is still tax free.
Â
copied from another site and reworded a bit:
Is it true, that if a player takes NIL money, they are according to the IRS are then a contractual employee/self employed. Not only the NIL money but all scholarship value, travel paid, uniforms and food etc. is then counted as income. And the school is not responsible for any medical bills associated with the player".
If that's all true, that's a doozie of a hangover for a lot of players; I guess they could file for bankruptcy if they don't make the big show.Â
No, outside money does not make you an employee of the school. The scholarship is not taxable income. Much like someone who has a job, but also receives an academic scholarship. The scholarship, and everything related to it, is still tax free.
Â
Â
Roam, your amount of knowledge is overwhelming for all of us. You're a smart man. Have you ever thought about being a lawyer? Or are you currently a lawyer. Â
Â
copied from another site and reworded a bit:
Is it true, that if a player takes NIL money, they are according to the IRS are then a contractual employee/self employed. Not only the NIL money but all scholarship value, travel paid, uniforms and food etc. is then counted as income. And the school is not responsible for any medical bills associated with the player".
If that's all true, that's a doozie of a hangover for a lot of players; I guess they could file for bankruptcy if they don't make the big show.Â
No, outside money does not make you an employee of the school. The scholarship is not taxable income. Much like someone who has a job, but also receives an academic scholarship. The scholarship, and everything related to it, is still tax free.
Â
Â
Roam, your amount of knowledge is overwhelming for all of us. You're a smart man. Have you ever thought about being a lawyer? Or are you currently a lawyer. Â
Â
It's not overehelming for anyone but you apparently.
Â
mic drop
copied from another site and reworded a bit:
Is it true, that if a player takes NIL money, they are according to the IRS are then a contractual employee/self employed. Not only the NIL money but all scholarship value, travel paid, uniforms and food etc. is then counted as income. And the school is not responsible for any medical bills associated with the player".
If that's all true, that's a doozie of a hangover for a lot of players; I guess they could file for bankruptcy if they don't make the big show.Â
No, outside money does not make you an employee of the school. The scholarship is not taxable income. Much like someone who has a job, but also receives an academic scholarship. The scholarship, and everything related to it, is still tax free.
Â
Â
Roam, your amount of knowledge is overwhelming for all of us. You're a smart man. Have you ever thought about being a lawyer? Or are you currently a lawyer. Â
Â
It's not overehelming for anyone but you apparently.
Â
LMAO !!! Â OWNED !
Â
?? What does he own?Â
copied from another site and reworded a bit:
Is it true, that if a player takes NIL money, they are according to the IRS are then a contractual employee/self employed. Not only the NIL money but all scholarship value, travel paid, uniforms and food etc. is then counted as income. And the school is not responsible for any medical bills associated with the player".
If that's all true, that's a doozie of a hangover for a lot of players; I guess they could file for bankruptcy if they don't make the big show.Â
No, outside money does not make you an employee of the school. The scholarship is not taxable income. Much like someone who has a job, but also receives an academic scholarship. The scholarship, and everything related to it, is still tax free.
Â
Â
Roam, your amount of knowledge is overwhelming for all of us. You're a smart man. Have you ever thought about being a lawyer? Or are you currently a lawyer. Â
Â
It's not overehelming for anyone but you apparently.
Â
I was being serious. You know your stuff.Â
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