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110%er [5094]
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CU Medallion [65899]
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Not really. The money will just get laundered through at
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Jun 11, 2023, 7:20 AM
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least one "shell" entity, and bidness will go on as it has been.
Unless the IRS successfully prosecutes a couple high profile cases, THEN this change might have some teeth, unlike the NCAA.
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110%er [5094]
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Re: Not really. The money will just get laundered through at
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Jun 11, 2023, 7:46 AM
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I think the law will have more effect than you suggest.
My belief is based upon the tax consequences of the initial donor. The only way he/she would be able to claim favorable tax treatment is to donate the money to a charitable organization. If that organization was only a "shell" corporation, you can bet that it would be discovered quickly, due to the cut-throat nature of college athletics and recruiting.
Secrets can't be kept by more than one person and once a rival gets notice of an entity playing dirty, the investigations will start, people will be prosecuted and the "shell" company shuttered.
This isn't the NCAA courtroom - it's the IRS. If someone wants to play that game, they're just asking for big trouble.
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110%er [5071]
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Re: Not really. The money will just get laundered through at
Jun 11, 2023, 9:35 AM
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But it has not stopped Georgia for all these years...why would it work now?
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110%er [5094]
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Re: Not really. The money will just get laundered through at
Jun 11, 2023, 10:05 AM
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Because there has been no legal and IRS scrutiny until now.
If I was a large donor intent on helping my favorite team and someone told me that if I donated money to a charity which would pass it on to another entity for NIL distribution and I would be able to claim a tax deduction, I think I would laugh and move along to another (perhaps lesser) method of donation and forego the tax deduction scam - knowing that if caught not only would the organization and its management be in legal jeopardy, but so would I.... no thanks.
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Commissioner [997]
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I love your optimism but, reference the Biden Crime syndicate and how…
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Jun 11, 2023, 9:57 AM
[ in reply to Re: Not really. The money will just get laundered through at ] |
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…they’ve been able to establish multi layered shell businesses. It’s a RICO case waiting to happen for some young future Whistleblower…
But, let’s see where all the Whistleblowers are regarding the Biden’s?!? Either in litigation, jail, dead, or missing.
Nah…these guys will always stay a couple steps ahead.
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110%er [5094]
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Re: I love your optimism but, reference the Biden Crime syndicate and how…
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Jun 11, 2023, 10:08 AM
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Let's see what happens with the Biden investigations before saying that nothing will happen. The fire is getting fairly hot under that crowd of lying, thieving traitors.
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Orange Blooded [4157]
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Re: I love your optimism but, reference the Biden Crime syndicate and how…
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Jun 11, 2023, 10:14 AM
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Nothing going to happen to the Biden Crime Syndicate crowd.
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Trainer [48]
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Re: I love your optimism but, reference the Biden Crime syndicate and how…
Jun 11, 2023, 9:39 PM
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But someone could happen to the Trumper syndicate group. Hahahahhaaha
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CU Medallion [57608]
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Law? This isn’t a law. This is a rule.
Jun 11, 2023, 2:15 PM
[ in reply to Re: Not really. The money will just get laundered through at ] |
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Maybe decided by some “low-level employee in the Cincinnati office.”
Are donations to the YMCA deductible? Does teaching teamwork and engaging in healthy exercise contribute “qualitatively and quantitatively to any exempt purpose?”
The truth is, we are ruled by unelected bureaucrats that wield the power of the Government. And they are libs.
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110%er [5094]
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Re: Law? This isn’t a law. This is a rule.
Jun 11, 2023, 3:20 PM
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It is a rule that is backed by laws against tax evasion:
In news that could rock the world of name, image and likeness, the Internal Revenue Service suggests that nonprofit NIL collectives offering tax deductions could be breaking the law.
https://www.si.com/college/2023/06/10/irs-name-image-likeness-collectives-not-tax-exempt
Any donor who gets caught breaking the "IRS rule" could be charged with and found guilty of breaking the laws against tax evasion.
I have successfully challenged the IRS and won in one audit, but I don't want to engage in an argument of semantics with this "rule". It's a "rule" that could include a monetary fine along with a jail sentence (for breaking the "law") - depending on the magnitude.
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110%er [5094]
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Re: Law? This isn’t a law. This is a rule.
Jun 11, 2023, 3:22 PM
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From the same (above) article:
“I’m glad we didn’t go with the 501c3 model,” says one school associate athletic director. “What I tell my donors is. ... What charity are you donating to? You’re not. You’re lining kids’ pockets to keep them at your school. That’s not a charity. That’s a way to get around tax laws which leads to tax evasion and opens a whole different can of worms for donors.
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CU Medallion [57608]
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Stop staring at your feet and look at the big picture.
Jun 11, 2023, 3:31 PM
[ in reply to Re: Law? This isn’t a law. This is a rule. ] |
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We are ruled by apparatchiks because Congress is lazy and corrupt. The Supreme Court has decided to hear a case that could overturn or severely curtail the powers given to unelected bureaucrats in the 1984 Chevron v. Natural Resources Defense Council decision.
Congrats on your successful challenge to one IRS audit.
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110%er [5094]
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Re: Stop staring at your feet and look at the big picture.
Jun 11, 2023, 6:16 PM
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I won my "one" successful IRS challenge because they went after me when I made a tight sands oil and gas tax sheltered investment in a West Va drilling operation. It was a 1-for-1 tax credit (100%) write-off against due taxes and perfectly legal - and I knew that before I made the investment.
I went into the invwestment knowing the rules and knowing I was going to either pay the amount of the investment in taxes or make an investment that would in reality cost nothing. I never made much on the investment, but was dismayed to see the IRS come after me on other issues (for which I was an expert) and not on the issue that triggered the audit. They didn't stand a chance against my explanation to them of my expertise in the field of their challenge - and when they realized that they had stepped in it and were about to get sued, they backed off.
The problem for most now that the "rule" has been established, is that it is published and it will be difficult (if not impossible) for large donors to plead ignorance.
A smart investor - or donor - will know the IRS "rules". If he chooses to ignore them, he's a fool.
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110%er [5094]
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Re: Stop staring at your feet and look at the big picture.
Jun 11, 2023, 6:20 PM
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And BTW, I have no issue with donors giving money to charities or to NIL collectives - except when a tax reduction is taken for "charitable donations" when in reality the charity is in the business of paying employees.... that's not according to Hoyle.... and Hoyle is a mean fellow with retribution as his weapon.
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CU Medallion [51564]
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Orange Blooded [4286]
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110%er [8366]
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Re: No more tax deductions for NIL charities
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Jun 11, 2023, 4:11 PM
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Great post! This will greatly impact individual donations. It I’m sure alumni associations and athletic departments will figure out other ways to skin the cat
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110%er [5094]
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Re: No more tax deductions for NIL charities
Jun 11, 2023, 6:02 PM
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You're correct - they certainly will find other ways, but each whack-a-mole makes it harder for the cheaters to avoid trouble and sooner or later someone is going to be made into an example that will make others hesitate.
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110%er [8119]
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Re: No more tax deductions for NIL charities
Jun 11, 2023, 4:29 PM
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Fans from programs like UGA are willing to give regardless of a tax write off. They have no morals or integrity as they want to win at any cost
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CU Guru [1560]
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Re: No more tax deductions for NIL charities
Jun 11, 2023, 4:46 PM
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I believe you misunderstood the assignment
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110%er [8119]
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Re: No more tax deductions for NIL charities
Jun 11, 2023, 4:58 PM
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I believe you misunderstood the assignment
Nice try but no cigar. Perhaps you regularly answer questions which have not been asked?
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110%er [5094]
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Re: No more tax deductions for NIL charities
Jun 11, 2023, 6:23 PM
[ in reply to Re: No more tax deductions for NIL charities ] |
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Fans from programs like UGA are willing to give regardless of a tax write off. They have no morals or integrity as they want to win at any cost
I have no problem with that. That's somewhat the way NIL was intended.
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Orange Blooded [4051]
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Re: No more tax deductions for NIL charities
Jun 11, 2023, 6:28 PM
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So does what does that mean Big Brothers Big Sisters of the Upstate ?
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Orange Blooded [4973]
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Meh, figured that would happen…. Not worried.***
Jun 11, 2023, 7:48 PM
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