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Finally, the few college athletes earning millions from NIL may benefit from setting up an LLC to report income on Schedule C of their tax returns, which allows them to deduct other expenses, like ...
As tax day approaches, parents of high school athletes with social media and "name, image, and likeness" deals need to make sure that the IRS doesn’t come for their children’s assets.
Qualified adoption expenses, commonly referred to as QAEs in the tax world, are necessary costs that you pay to adopt a child younger than 18 years of age or any disabled person who requires care.
Several startups like ATHLYT have begun to connect advertisers with their student-athlete members shortly after the NCAA enacted their interim NIL policies. Grambling University signed what is believed to be one of the first NIL deals in 2022. [10] In July 2023, multiple bills were introduced by members of Congress to regulate NIL. [11] [12] [13]
These benefit rates often change from year to year and are typically calculated using fixed percentages that vary depending on the employee’s classification. Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee.
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
Is 2022 the year of the student athlete? In July 2021, the NCAA changed its policy to allow athletes to be compensated for their name, image and likeness, or NIL. The move is monumental ...
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...