New NCAA Rules

Discussion in 'Men’s Basketball' started by UTexRulz23, Aug 8, 2018.

  1. UTexRulz23

    UTexRulz23 25+ Posts

    http://www.espn.com/mens-college-ba...cluding-agents-players-longer-postseason-bans

    Wish this was retroactive...
     
  2. Horns11

    Horns11 5,000+ Posts

    I like the effort they're making, but there still needs to be some more steps in that direction.
     
  3. ViperHorn

    ViperHorn 5,000+ Posts

    This is worse. Who is going to pay the agent? Does anyone really think the agent is going to work pro-bono? Take an IOU for whenever the kid either gets drafted or tries to go pro? This opens up all kinds of different issues.

    The simple solution has been around all along - do it like baseball or remove the one and done rule.
     
  4. blonthang

    blonthang 1,000+ Posts

    Viper,

    I didn't read the article in great detail, but I suspect you're on to something, something much more problematic than the NCAA bureaucrats probably have neglected.

    There's this federal agency called the Internal Revenue Service. They attack citizens for undeclared and unpaid income taxes as if it's their personal property.

    If an agent is to receive "IOUs" for services rendered to a college football player, pretty sure the IRS will declare the monetary value of such services as income in the year performed, whether the agent ever gets the money or not.

    So, say Agent Billy Bobby Sheister does a bunch of agent level work for Andree Jackson, accumulating $41, 342.87 of "IOU" for Jackson in 2019. Look for the IRS to demand that Sheister declare on his 2019 tax return $41,342.87 of earned income.

    Particularly if Sheister is deducting travel, meals, telephone, etc. The IRS gets kind of picky about these kinds of things.
     
    Last edited: Aug 12, 2018
    ViperHorn likes this.

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