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+---- Thread: If relatives and friends got the Shoe money (/thread-843713.html)
If relatives and friends got the Shoe money - Dasville - 02-24-2018 11:15 AM
And they also received welfare, can they be investigated for fraud? If the money went right to the player or parents wouldn’t spending habits change? I mean, no body digs a hole in the back yard anymore do they? It’s like:
“Here is more money than you have ever had in your life.........don’t spend any of it!”
RE: If relatives and friends got the Shoe money - bluesox - 02-24-2018 11:25 AM
Might be Tough to punish a player if a relative got money. It might also technically be a loan from the agent
RE: If relatives and friends got the Shoe money - chargeradio - 02-24-2018 11:27 AM
I suspect IRS agents will be making lots of new friends over this. The NCAA may not be able to do much about this.
RE: If relatives and friends got the Shoe money - Renandpat - 02-24-2018 10:19 PM
(02-24-2018 11:15 AM)Dasville Wrote: And they also received welfare, can they be investigated for fraud? If the money went right to the player or parents wouldn’t spending habits change? I mean, no body digs a hole in the back yard anymore do they? It’s like:Of course they could for misrepresenting their income, but so would misstating the number of children in a household.
“Here is more money than you have ever had in your life.........don’t spend any of it!”
You may want to rethink your "every black player in college basketball comes from a welfare home" thing. That idea is SO tired and 1991.
Payments to players are essentially loans against future earnings because the agency/shoe company is doing so in an effort to sign them long term. It is "research and development" in terms of trying to find the next star.
There's still a gift tax too, but tax is to be paid not by the receiver, but the giver. You might wanna look that up, B.
RE: If relatives and friends got the Shoe money - Captain Bearcat - 02-25-2018 03:15 AM
(02-24-2018 10:19 PM)Renandpat Wrote:(02-24-2018 11:15 AM)Dasville Wrote: And they also received welfare, can they be investigated for fraud? If the money went right to the player or parents wouldn’t spending habits change? I mean, no body digs a hole in the back yard anymore do they? It’s like:Of course they could for misrepresenting their income, but so would misstating the number of children in a household.
“Here is more money than you have ever had in your life.........don’t spend any of it!”
You may want to rethink your "every black player in college basketball comes from a welfare home" thing. That idea is SO tired and 1991.
Payments to players are essentially loans against future earnings because the agency/shoe company is doing so in an effort to sign them long term. It is "research and development" in terms of trying to find the next star.
There's still a gift tax too, but tax is to be paid not by the receiver, but the giver. You might wanna look that up, B.
21% of the US population gets welfare benefits each month. About 32% of households with kids ages 11-15 get welfare benefits.
By race:
16.3% of Non-Hispanic Whites
39.7% of Non-Hispanic Blacks
36.4% of Hispanics
So it's not a majority, but odds are pretty good that at least some of the players on the list DO come from welfare houses.
RE: If relatives and friends got the Shoe money - Hokie Mark - 02-25-2018 03:23 AM
I've always heard that one of the top ways the Feds catch criminals is tax evasion. If these folks received large payments and didn't report it to the IRS, the Feds will get 'em for that (even if they can't prove the gains were ill-gotten).
RE: If relatives and friends got the Shoe money - Renandpat - 02-25-2018 04:35 AM
(02-25-2018 03:23 AM)Hokie Mark Wrote: I've always heard that one of the top ways the Feds catch criminals is tax evasion. If these folks received large payments and didn't report it to the IRS, the Feds will get 'em for that (even if they can't prove the gains were ill-gotten).
The giver of the money must pay the tax, not the receiver. The giver is always in more period with the IRS.
If I give you $14k as a "gift", or the tax limit amount, tomorrow, I'd be responsible for taxes not you. You don't have to declare anything. The donor does.
RE: If relatives and friends got the Shoe money - chargeradio - 02-25-2018 08:12 AM
(02-25-2018 04:35 AM)Renandpat Wrote:On top of that, the $14K limit is per person. So a company could give $14K to both player’s parents without creating a tax liability, as long as they can prove it’s a gift. It’s when the money comes from a company is the problem, as there technically is no such thing as a gift from a company to a person - the more common application of this is that the Christmas bonus you receive from your employer is taxable income.(02-25-2018 03:23 AM)Hokie Mark Wrote: I've always heard that one of the top ways the Feds catch criminals is tax evasion. If these folks received large payments and didn't report it to the IRS, the Feds will get 'em for that (even if they can't prove the gains were ill-gotten).
The giver of the money must pay the tax, not the receiver. The giver is always in more period with the IRS.
If I give you $14k as a "gift", or the tax limit amount, tomorrow, I'd be responsible for taxes not you. You don't have to declare anything. The donor does.
RE: If relatives and friends got the Shoe money - SuperFlyBCat - 02-25-2018 09:12 AM
(02-24-2018 11:25 AM)bluesox Wrote: Might be Tough to punish a player if a relative got money. It might also technically be a loan from the agent
I thought the NCAA changes some rules after Scam Newton? Anyway the criminal charges are more serious.
RE: If relatives and friends got the Shoe money - Wolfman - 02-27-2018 02:30 PM
The giver pays the "gift tax." However, if the giver is not a close relative and you do not report the money as income, the IRS will have a field day.
Assistance programs like welfare, unemployment, etc. are based on income. Their definition of income is not the same as the IRS. Gift money may qualify as income under these programs.