sagegrouse
Member
I was thinking more of, "Get an agent and get an accountant. And keep your bank records and 1099s."
Name, Image, Likeness
- Thread starter -jk
- Start date
I was thinking more of, "Get an agent and get an accountant. And keep your bank records and 1099s."
HereBeforeCoachK
Member
this is fun!!!!
MChambers
Member
Sally Jenkins in the Post on College Athletics
I don't usually agree with Jenkins, but I sure do on this one, on the problems with college athletics: it's the schools, not the athletes.
Gift link: https://wapo.st/3X8we0a
I don't usually agree with Jenkins, but I sure do on this one, on the problems with college athletics: it's the schools, not the athletes.
Gift link: https://wapo.st/3X8we0a
JasonEvans
Host, The Duke Basketball Roundup
“But what needs regulating is the conduct of the schools, not the kids.”
That’s the most succinct explanation of why the NCAA cannot fix this. The schools that have power (SEC, B1G) do not want to be regulated.
Yep and this the huge schism between the existing powers and the powers-in-waiting. Which side we fall on TBD.
I disagree. There’s nothing offered more than platitudes in the article. It’s as vapid as Marjorie Taylor Green stating “we don’t have a revenue problem, we have a spending problem.”
I commented on the worthlessness of opinion journalism in the presidential election thread and this “perspective” is a perfect example.
What’s to be done about it now that we know who to blame? Revert to intramural sports only? Pay the the athletes their “market value”? I guess someone else can make the sausage now that we’ve established the moral high ground.
https://www.nbcsports.com/nfl/profo...-taxes-are-the-next-wave-of-nil-complications
"As one source with knowledge of the dynamics of the NIL marketplace recently explained it to PFT, unpaid taxes will be the next big problem for name, image, and likeness payments. Plenty of kids are getting their money and spending it — without paying taxes on it or otherwise setting aside the money to do so."
"As one source with knowledge of the dynamics of the NIL marketplace recently explained it to PFT, unpaid taxes will be the next big problem for name, image, and likeness payments. Plenty of kids are getting their money and spending it — without paying taxes on it or otherwise setting aside the money to do so."
The writer doesn't understand how taxes are calculated.
1) It would be 33% max.
2) They would be do in the quarter received as estimated taxes not at the end of the tax year to avoid a penalty.
and
Any legitimate business will withhold, report and remit 25% on large payments made to the athlete if it's 1099 income. It's backup withholding. It's not required but it's just good business practice for large sums.
sagegrouse
Member
IMHO (H stands for "hubris"), one job Rachel Baker can certainly do is bug the players about taxes and accountants (or agents).
Yup, they're clearly not a tax accountant and doesn't understand marginal tax rates, but seems certainly plausible that their source knows what they're talking about as it relates to certain athletes not paying attention to tax implications. I'd think ANY player represented by an agent (Read: all top players) would not have this issue though...pretty basic that you must pay taxes on income. Who doesn't know that?? But when it's the "first time" for someone who is 18, it's possible that they just don't think about it unless told by others, I guess....I agree that programs likely are reminding players of this fact too, and someone like Baker is in the exact role to do so (Even if they're not the ones themselves helping for the estimated quarterly payments and filing taxes at the end of the year).
From my years ago experience as a parent of 18-yr olds, I suspect many of the smaller fish will blow through the money and think they’ll catch up on the tax part later.
JasonEvans
Host, The Duke Basketball Roundup
I am fairly sure more power-conference programs (as well as Gonzaga, Memphis, and other significant NIL players not in major conferences) has someone (like a Rachel Baker) who provides information and instruction to players about the financial impact of NIL programs. What's more, most of these players have agents and/or managers who would also be inclined to explain the financial reality to these kids.
The article makes it sound like someone is just handing a million dollar check to an 18 year old and there is no one else involved in the process. Sorry, but there are a number of more experienced business people involved in all of this. A program (or an agent) that allowed its players to be shocked by unexpected tax bills would be a program/agent that would not get good players moving forward.
(( edit- bluedog said almost the exact same thing... oops! ))
The article makes it sound like someone is just handing a million dollar check to an 18 year old and there is no one else involved in the process. Sorry, but there are a number of more experienced business people involved in all of this. A program (or an agent) that allowed its players to be shocked by unexpected tax bills would be a program/agent that would not get good players moving forward.
(( edit- bluedog said almost the exact same thing... oops! ))
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sagegrouse
Member
And then there are certain unsophisticated parents, with little knowledge of tax law, who see all that money rolling in ....
CrazyNotCrazie
Member
Agreed, though parents are the least of it. Long lost relatives, 2nd grade classmates, AAU coaches, etc. And now I'm guessing many of these players are signing with advisors long before they have set foot on a college campus. I bet it is a free-for-all with sketchy agents hanging out at 14 year old AAU games. And many of these HS players are bouncing from HS to HS without anyone really looking out for them. They have no idea who to trust.
And remember, Zion went to Duke and had all of the resources of Duke available to him. Yet even after that, he chose to associate with some pretty sketchy characters. And I don't think he is the only Duke basketball player to do so.
A lot of people are going to get burned really badly. Historically the NCAA was pretty useless but at least it tried. Now it is truly the wild west.
camion
Member
Surely I'm a 2nd grade classmate to someone I can "refriend."
Excuse me, I have to go find my yearbook from 1957.
CrazyNotCrazie
Member
Surely I'm a 2nd grade classmate to someone I can "refriend."
Excuse me, I have to go find my yearbook from 1957.
I actually had a babysitter around the 2nd grade who went onto a fairly long NBA career. So I should go look him up - have not had any contact with him in about 40 years.
MartyClark
Member
He owes you.
Indoor66
Well-known member
For what?
HereBeforeCoachK
Member
Gonna have to agree with you on this one. Related...the emotional inertia to always side with / excuse / coddle "the players" in all of these situations. I don't suffer from that malady. Almost 100% of journos do. Or pretend to.
Gonna go out on a limb here and posit that this was a joke....