IRS Memo Threatens College Sports Collectives
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IRS Memo Threatens College Sports Collectives: A New Era of Athlete Earnings and Tax Rules
The Internal Revenue Services new memo is causing a stir in the world of college sports collectives. These nonprofits, which pay athletes to promote charities, may lose their tax-exempt status if their primary goal is player payments rather than genuine charitable work. The ruling, released in June 2023, has sparked concern among schools and collectives, as it could force them to restructure or pay taxes on income. Legal experts predict challenges ahead, and the IRS urges groups to review their operations closely to stay compliant. This development underscores the evolving tax rules in the new era of athlete earnings.
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