IRS has issued a ruling..................
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QUOTE most of the contributions to the NIL collectives are not tax-deductible, but there have been ways for some donations to these to have tax-exempt status.
That will be no longer, as the Internal Revenue Service has laid down a ruling that says these donations to collectives cannot be tax-deductible. Here’s Sports Illustrated with more information.
According to a memo released from the office of the IRS Chief Counsel, donations made to nonprofit NIL collectives “are not tax exempt” because the benefits they provide college athletes are “not incidental both qualitatively and quantitatively to any exempt purpose.”......end quote.
THIS could impact the over 200 booster led groups among the 131 universities which dozens have been granted 501(c)(3) status and collect monies boosters or businesses that presume those monies are tax deductible.
There has been comments that players better have some tax education for the monies they receive but now, will donors think twice about where and to whom to give their money.
"
QUOTE most of the contributions to the NIL collectives are not tax-deductible, but there have been ways for some donations to these to have tax-exempt status.
That will be no longer, as the Internal Revenue Service has laid down a ruling that says these donations to collectives cannot be tax-deductible. Here’s Sports Illustrated with more information.
According to a memo released from the office of the IRS Chief Counsel, donations made to nonprofit NIL collectives “are not tax exempt” because the benefits they provide college athletes are “not incidental both qualitatively and quantitatively to any exempt purpose.”......end quote.
THIS could impact the over 200 booster led groups among the 131 universities which dozens have been granted 501(c)(3) status and collect monies boosters or businesses that presume those monies are tax deductible.
There has been comments that players better have some tax education for the monies they receive but now, will donors think twice about where and to whom to give their money.
