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Post by standiego on Apr 30, 2024 11:29:03 GMT -8
there were reports that some wanted to cut the number of IRS agents
now with NIL money hiring of some additional agents might bring in a good amount of money
could start with IRS sending a note to AD's and having them read the notification from the IRS about having to report all NIL money when athletes do their taxes
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Post by AzTex on Apr 30, 2024 12:24:20 GMT -8
why would they not be involved already? it's income. More meaning caring to enforce it---Have a hard time believing all (or a majority) of NIL funds going to players are really being properly reported. I could be wrong, just guessing there are going to be a lot of "missed" estimated tax payments / social security and such----Hopefully not as if they do, they might be paying for it for years down the road. The businesses and collectives that make the payments will be required to file 1099 forms (like W-2 forms for independent contractors instead of employees). These are automatically matched with the tax returns. If there is income reported on a 1099 that does not show on the tax return the taxpayer will get a notice from the IRS of additional taxes due. It won't require an audit of the athlete to discover.
If the notice of additional taxes is ignored than collection steps will be taken by the IRS.
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