Posted Jun 15, 2023
In news that could rock the world of name, image and likeness, the IRS suggests that nonprofit NIL collectives offering tax deductions could be breaking the law. Donations made to nonprofit NIL collectives “are not tax exempt” because the benefits they provide athletes are “not incidental both qualitatively and quantitatively to any exempt purpose.” (Sports Illustrated)
In news that could rock the world of name, image and likeness, the IRS suggests that nonprofit NIL collectives offering tax deductions could be breaking the law. Donations made to nonprofit NIL collectives “are not tax exempt” because the benefits they provide athletes are “not incidental both qualitatively and quantitatively to any exempt purpose.” (Sports Illustrated)
