March 10, 2023
Tax Information for NIL Athletes
By Michelle Stone
Jennifer Coyne, Director of Business Management in Sports and Entertainment, joined MOGL to educate college athletes on monetizing their personal brands through NIL deals and what that means during tax season.
On March 7, 2023, Jennifer Coyne joined Brandon Wimbush from MOGL to share insights on being a college athlete with a Name, Image, and Likeness (NIL) deal. MOGL was founded by Notre Dame graduates Ayden Syal and Brandon Wimbush and is a minority-founded and impact-focused startup designed to empower current and former college athletes in the name, image, and likeness era. The MOGL platform connects athletes to opportunities to monetize their NIL through partnerships and engagements with local businesses. They do not charge student-athletes to use their platform and provide invaluable resources, including verified opportunities and free educational opportunities and assets, like the webinar.
NIL Deals
NIL deals became available to student-athletes in June of 2021 after a long battle. Previously, students were prohibited by the NCAA from profiting off their name, image, and likeness because they were considered amateurs in their sport. However, the Supreme Court ruled that students could profit from such things as brand deals and autographs. While the laws surrounding NIL are still being established, many students have benefitted from the legal win to be rightfully compensated.
NIL Tax Terms and Scenarios
The webinar began by explaining tax terms student-athletes should be acquainted with and then explored several scenarios where student-athletes may receive monetary or non-monetary compensation for their NIL deal. Jennifer provided feedback on each scenario, including when to expect a W-9 as an independent contractor and what to do in the event of receiving a big donation for a cause.
To finish the webinar, Coyne and Wimbush answered questions from the students. The main concerns for the student athletes was to know how to avoid owing large sums of money for non-monetary assets, the repercussions of not filing a tax return, and how to stay organized during tax season.
Learn More
Watch the full webinar here!
Are you a student-athlete looking to start building your brand? MOGL can help. Contact Brandon at brandon@mogl.online
About Adeptus
Need help organizing tax statements or understanding your tax responsibility? Contact Adeptus today!
