The IRS has come out with a ruling that these NIL collectives are not considered nonprofits. So essentially, that play of contributing to these collectives and getting the write-off, that's dead. That's finished. So now the question is, if I'm a booster, how can I still contribute to my favorite school or my favorite athletes? If anyone's familiar with the college landscape now, it has turned into an issue of how can I get these NIL deals, or what's the most NIL that I can get coming to these particular schools, and that's kind of winning the war on talent now. For those who want to continue to attract talent and contribute this money, how can they benefit tax-wise from it? #NIL #IRSRuling #NonprofitCollectives #Boosters #CollegeRecruits #TopTalent #TaxBenefits #WritingOffContributions #NILDeals #AmateurAthletics #blackcpa #africanamericancpa #businessmanager #virtualcfo #taxbrackets #blackbusinessmanager #fractionalcfo #cpa #africanamericancpa #africanamericancfo #africanamericanaccountant #blackaccountant #blackownedcpafirm #blackownedaccountingfirm
Christopher J. Campbell, CPA’s Post
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As always you share important and timely information. FYI…Cesar A. Miranda, CCIM check this out. Follow Chris for great advice. 👍🏽