News & Analysis as of

Internal Revenue Service Name and Likeness College Athletes

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Shook, Hardy & Bacon L.L.P.

NCAA’s $2.8 Billion Athlete Revenue Settlement Receives Final Approval

Not only does Judge Claudia Wilken’s final approval of the In re: College Athlete NIL Litigation settlement provide $2.576 billion in damages for settlement class members, it changes the rules of the game for current and...more

Ballard Spahr LLP

IRS Addresses Non-Exempt Tax Status for NIL Organizations

Ballard Spahr LLP on

Summary - The IRS recently advised that many organizations that develop paid name, image, and likeness—known as NIL—opportunities for college student-athletes are not eligible for tax-exempt status under Internal Revenue...more

Kohrman Jackson & Krantz LLP

IRS Challenges Charitable Status of NIL Collectives, Casting Doubt on Donations to Support College Athletes

Is it charitable to donate to a group that facilitates opportunities for athletes at a particular college? The IRS thinks not. In a recent memo released from the office of the IRS Chief Counsel, the IRS asserts that this...more

Stinson LLP

Pass Interference: Potential Tax Implications of NIL Collectives in College Sports

Stinson LLP on

Conference realignments. TV deals continuing to soar. Name, image and likeness. If there is one thing that has recently come to define college sports, it is the constant flux and the ebb and flow of change permeating the...more

Vinson & Elkins LLP

Game Changer: Understanding the NCAA’s New NIL Policy

Vinson & Elkins LLP on

For over a century, the National Collegiate Athletic Association (“NCAA”) barred student-athletes from monetizing their name, image, and likeness (“NIL”). Yet, after facing mounting pressure from student-athletes, state...more

Foster Garvey PC

Sports & Entertainment Spotlight - June 2021

Foster Garvey PC on

Athletes and entertainers are people, too. Albeit, incredibly talented people, but deserving of the same treatment with dignity and respect as how we would want ourselves to be treated. For better or worse, sometimes their...more

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