Tax Implications of Name, Image and Likeness (NIL) for NCAA Student Athletes

Overview

Name, image and likeness (NIL) opportunities are creating new tax challenges for college and high school athletes and the professionals who advise them. Navigate the federal, state and local tax implications of NIL arrangements, revenue-sharing payments, endorsements, appearances and other income-generating activities. Examine income reporting requirements, deductible business expenses, estimated tax obligations and entity structure considerations that can affect an athlete’s tax position. Explore multistate filing requirements, income-sourcing issues and "jock tax" considerations, along with unique concerns facing international student-athletes. Gain practical planning strategies to help athletes and their families manage compliance and make informed tax decisions.

Highlights

• Federal income tax treatment of NIL and revenue-sharing payments.
• Income reporting requirements and deductible business expenses.
• Estimated tax obligations and tax-planning considerations.
• Entity structure considerations for NIL activities.
• State and local tax reporting, multistate income sourcing and "jock tax" considerations.
• Tax and reporting issues affecting international student-athletes.

Prerequisites

Foundational understanding of federal income taxation.

Designed For

Tax professionals, CPAs, accountants and financial advisors who advise college athletes receiving NIL income, revenue-sharing payments, endorsement income, or other athletics-related compensation.

Objectives

• Identify common federal income tax reporting requirements for NIL income and revenue-sharing payments.
• Evaluate deductible expenses, estimated tax obligations and planning opportunities for college athletes.
• Recognize entity structure considerations associated with an athlete’s NIL activities.
• Determine when NIL income may create multistate filing and income-sourcing obligations.
• Recognize tax and reporting considerations that may apply to international student-athletes.

Preparation

None

Notice

• This seminar is co-sponsored and administered by the Minnesota Society of CPAs.
• Login information and eMaterials will be distributed to attendees via email 3-5 days prior to the conference and posted in the My Upcoming CPE section of the ISCPA website.