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Post by gnawitall on Oct 4, 2023 17:25:49 GMT -8
I wonder how the non-scholly players feel about it? Truculent. Truckulent. Thanks for the new word! |
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Post by osbrawler on Oct 4, 2023 17:45:34 GMT -8
hopefully their attitudes pickup after a while No matter how much Utah pushes the NIL envelope, its still stationary |
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Post by beavaristotle on Oct 4, 2023 18:13:31 GMT -8
As a Ford man, I say want do the walk ons get , 2 Dodges
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Post by bvrbooster on Oct 4, 2023 18:31:17 GMT -8
IRS rules on company cars and employee use of personal car have, historically, been pretty confusing. I would think, however, that these trucks are pretty straightforward. Their use, with lease payment and insurance covered, is basic compensation for services rendered, as they have to fulfill a 'service contract.' So I would expect each player will receive a 1099 come January for the amount of the lease payments, insurance, and anything else thrown in.
Could get a bit more complicated when they turn them back in at the end of the lease. If the lease payments don't equal the depreciation of the vehicle (measured by subtracting the fair market value at the end from the fair market value today), tax could be owed on that additional amount as well.
I'm speculating on that, but it sounds to me like the way the IRS would see things. I should also note that I don't know how NIL payments are reported. If they're considered business income, and so reported by the players on a Schedule C, they're also subject to self employment tax of 15.3%.
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Post by bucktoothvarmit on Oct 4, 2023 19:23:31 GMT -8
Fitting after they were trucked in Corvallis
Go Beavs!!
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Post by EmeraldEmpire on Oct 4, 2023 19:42:05 GMT -8
IRS rules on company cars and employee use of personal car have, historically, been pretty confusing. I would think, however, that these trucks are pretty straightforward. Their use, with lease payment and insurance covered, is basic compensation for services rendered, as they have to fulfill a 'service contract.' So I would expect each player will receive a 1099 come January for the amount of the lease payments, insurance, and anything else thrown in. Could get a bit more complicated when they turn them back in at the end of the lease. If the lease payments don't equal the depreciation of the vehicle (measured by subtracting the fair market value at the end from the fair market value today), tax could be owed on that additional amount as well. I'm speculating on that, but it sounds to me like the way the IRS would see things. I should also note that I don't know how NIL payments are reported. If they're considered business income, and so reported by the players on a Schedule C, they're also subject to self employment tax of 15.3%. ughhh what a freakin headache tax laws are  ... if I was one of those Ute players and not already wealthy and had transportation I would certainly decline the use of that truck. Of course most players may be like heck yeah free new truck to cruise around in and not be thinking about such things ... especially if they are not disclosed up front to them. |
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Post by hottubbeaver on Oct 5, 2023 14:18:20 GMT -8
Isn't that 'trucunotlent'? Technically, it's trucunotleased |
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... if I was one of those Ute players and not already wealthy and had transportation I would certainly decline the use of that truck.