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. Tap below to read the report from Ross Dellenger of Sports Illustrated.
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. 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.”
