P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Anyone here major in accounting that wants to open an H&R block-type chain catering to these student athletes? We'll be drowning in money!


Posted from my mobile device using the CSNbbs App

This is getting more and more interesting.

Yea, not seeing this anywhere

Ok now just to stop this before it goes on any further.

I'll play your little game.

Hello Mr. IRS Man, I'm a "Full Time Student." I received a "Scholarship" to XYZ University. It covers X number of items however, according to the US Department of Means, I make less then the minimum wage. I'd like to apply for food stamps and aide for cost of living. Oh and I'd like to apply for a Tax return on any and all monies as I didn't have to pay since I earned less than the minimum required.

Thanks for playing the "What if I open a can of worms before reading it" game.

(08-07-2014 10:51 PM)USFRamenu Wrote:  Ok now just to stop this before it goes on any further.

I'll play your little game.

Hello Mr. IRS Man, I'm a "Full Time Student." I received a "Scholarship" to XYZ University. It covers X number of items however, according to the US Department of Means, I make less then the minimum wage. I'd like to apply for food stamps and aide for cost of living. Oh and I'd like to apply for a Tax return on any and all monies as I didn't have to pay since I earned less than the minimum required.

Thanks for playing the "What if I open a can of worms before reading it" game.

Doesn't mean they won't have to file. Half of these players can barely tie their shoes. They can pay me a chunk of that salary to get their refund expedited.

(08-07-2014 11:05 PM)invisiblehand Wrote:  

(08-07-2014 10:51 PM)USFRamenu Wrote:  Ok now just to stop this before it goes on any further.

I'll play your little game.

Hello Mr. IRS Man, I'm a "Full Time Student." I received a "Scholarship" to XYZ University. It covers X number of items however, according to the US Department of Means, I make less then the minimum wage. I'd like to apply for food stamps and aide for cost of living. Oh and I'd like to apply for a Tax return on any and all monies as I didn't have to pay since I earned less than the minimum required.

Thanks for playing the "What if I open a can of worms before reading it" game.

Doesn't mean they won't have to file. Half of these players can barely tie their shoes. They can pay me a chunk of that salary to get their refund expedited.

I'm going to rethink updating my cert for Tax Prepping then.

(08-07-2014 11:05 PM)invisiblehand Wrote:  

(08-07-2014 10:51 PM)USFRamenu Wrote:  Ok now just to stop this before it goes on any further.

I'll play your little game.

Hello Mr. IRS Man, I'm a "Full Time Student." I received a "Scholarship" to XYZ University. It covers X number of items however, according to the US Department of Means, I make less then the minimum wage. I'd like to apply for food stamps and aide for cost of living. Oh and I'd like to apply for a Tax return on any and all monies as I didn't have to pay since I earned less than the minimum required.

Thanks for playing the "What if I open a can of worms before reading it" game.

Doesn't mean they won't have to file. Half of these players can barely tie their shoes. They can pay me a chunk of that salary to get their refund expedited.

The schools will just hire someone to take care of that for them. . . It will be disguised as some sort of personal finances course

(08-08-2014 08:16 AM)EastCarolinaU. Wrote:  

(08-07-2014 11:05 PM)invisiblehand Wrote:  

(08-07-2014 10:51 PM)USFRamenu Wrote:  Ok now just to stop this before it goes on any further.

I'll play your little game.

Hello Mr. IRS Man, I'm a "Full Time Student." I received a "Scholarship" to XYZ University. It covers X number of items however, according to the US Department of Means, I make less then the minimum wage. I'd like to apply for food stamps and aide for cost of living. Oh and I'd like to apply for a Tax return on any and all monies as I didn't have to pay since I earned less than the minimum required.

Thanks for playing the "What if I open a can of worms before reading it" game.

Doesn't mean they won't have to file. Half of these players can barely tie their shoes. They can pay me a chunk of that salary to get their refund expedited.

The schools will just hire someone to take care of that for them. . . It will be disguised as some sort of personal finances course

So now we're hiring tax consultants for the players as well? I'm sure they have trouble cleaning up there rooms sometimes as well.... better call the maid service.

(08-07-2014 09:36 PM)invisiblehand Wrote:  Anyone here major in accounting that wants to open an H&R block-type chain catering to these student athletes? We'll be drowning in money!


Posted from my mobile device using the CSNbbs App

Good idea actually.

(08-07-2014 09:28 PM)Pirateoracle Wrote:  P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Big concern is not if players will have to report "income" from stipends/gifts from Univ...bigger question will Univ Athletic Depts lose their "non-profit tax status" and finally have to pay taxes on their $80 Million - $150 Million annual revenue.

(08-08-2014 08:50 AM)KnightLight Wrote:  

(08-07-2014 09:28 PM)Pirateoracle Wrote:  P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Big concern is not if players will have to report "income" from stipends/gifts from Univ...bigger question will Univ Athletic Depts lose their "non-profit tax status" and finally have to pay taxes on their $80 Million - $150 Million annual revenue.

Coaches are under schools payroll and must report their earnings/income too... No, I don't think Universities will lose their "non-profit tax status" b/c new employees are been added.

(08-08-2014 09:50 AM)BigHouston Wrote:  

(08-08-2014 08:50 AM)KnightLight Wrote:  

(08-07-2014 09:28 PM)Pirateoracle Wrote:  P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Big concern is not if players will have to report "income" from stipends/gifts from Univ...bigger question will Univ Athletic Depts lose their "non-profit tax status" and finally have to pay taxes on their $80 Million - $150 Million annual revenue.

Coaches are under schools payroll and must report their earnings/income too... No, I don't think Universities will lose their "non-profit tax status" b/c new employees are been added.

I am glad to see some one, who still has commonsense!

(08-08-2014 09:50 AM)BigHouston Wrote:  

(08-08-2014 08:50 AM)KnightLight Wrote:  

(08-07-2014 09:28 PM)Pirateoracle Wrote:  P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Big concern is not if players will have to report "income" from stipends/gifts from Univ...bigger question will Univ Athletic Depts lose their "non-profit tax status" and finally have to pay taxes on their $80 Million - $150 Million annual revenue.

Coaches are under schools payroll and must report their earnings/income too... No, I don't think Universities will lose their "non-profit tax status" b/c new employees are been added.

Comment above was about the P5 basically moving aside from the NCAA into their own "branch"...had nothing to do with coaches or future players.

Time to drop the athletic fees for students at the p5.

(08-08-2014 10:03 AM)KnightLight Wrote:  

(08-08-2014 09:50 AM)BigHouston Wrote:  

(08-08-2014 08:50 AM)KnightLight Wrote:  

(08-07-2014 09:28 PM)Pirateoracle Wrote:  P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Big concern is not if players will have to report "income" from stipends/gifts from Univ...bigger question will Univ Athletic Depts lose their "non-profit tax status" and finally have to pay taxes on their $80 Million - $150 Million annual revenue.

Coaches are under schools payroll and must report their earnings/income too... No, I don't think Universities will lose their "non-profit tax status" b/c new employees are been added.

Comment above was about the P5 basically moving aside from the NCAA into their own "branch"...had nothing to do with coaches or future players.

Sorry KnightLight, my reply was for under the NCAA umbrella.

(08-08-2014 10:22 AM)BigHouston Wrote:  

(08-08-2014 10:03 AM)KnightLight Wrote:  

(08-08-2014 09:50 AM)BigHouston Wrote:  

(08-08-2014 08:50 AM)KnightLight Wrote:  

(08-07-2014 09:28 PM)Pirateoracle Wrote:  P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Big concern is not if players will have to report "income" from stipends/gifts from Univ...bigger question will Univ Athletic Depts lose their "non-profit tax status" and finally have to pay taxes on their $80 Million - $150 Million annual revenue.

Coaches are under schools payroll and must report their earnings/income too... No, I don't think Universities will lose their "non-profit tax status" b/c new employees are been added.

Comment above was about the P5 basically moving aside from the NCAA into their own "branch"...had nothing to do with coaches or future players.

Sorry KnightLight, my reply was for under the NCAA umbrella.

Gotcha...no worries.

(08-08-2014 08:50 AM)KnightLight Wrote:  

(08-07-2014 09:28 PM)Pirateoracle Wrote:  P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Big concern is not if players will have to report "income" from stipends/gifts from Univ...bigger question will Univ Athletic Depts lose their "non-profit tax status" and finally have to pay taxes on their $80 Million - $150 Million annual revenue.

I'm no tax guy, but it certainly seems plausible to me that the Athletic Depts at these schools could loose any tax-exempt status.

(08-08-2014 10:28 AM)200yrs2late Wrote:  

(08-08-2014 08:50 AM)KnightLight Wrote:  

(08-07-2014 09:28 PM)Pirateoracle Wrote:  P5 now paying players to attend state schools that are supported by tax payer dollars..this has been deemed a for profit enterprise supported by tax payer dollars..these schools are creating multi million dollar enterprises..therefore all revenues and paid players will be taxed accordingly..signed IRS..btw we will be taxing all bowl revenue as well..all "student athletes" should file their returns online and by April 15 along with any tax owed in order to remain eligible to play in the current year..penalties and interest will be charged and possible wins could be vacated for non compliance..

Big concern is not if players will have to report "income" from stipends/gifts from Univ...bigger question will Univ Athletic Depts lose their "non-profit tax status" and finally have to pay taxes on their $80 Million - $150 Million annual revenue.

I'm no tax guy, but it certainly seems plausible to me that the Athletic Depts at these schools could loose any tax-exempt status.

Because you want to believe it. I felt the same way when Louisville was in CUSA during the BCS Era!

Does all of this madness open the door to corporate logos on uniforms? If we can't solicit sufficient funds from the media, why not solicit funds from corporate sponsors and take the madness to another level?