Andrew Dana, Alonzo Llorens, and Jeff Morris wrote an article for Bloomberg Tax on what college athletes should consider now that the NCAA allows them to make money off their name, image, and likeness, commonly called NIL.
"In late June, NCAA athletes across the country had essentially no path to share in the profits of college athletics," they wrote. "Within the span of a few days, a landscape that had lasted for decades changed. After a sternly worded U.S. Supreme Court opinion and just before several state laws went into effect addressing student-athlete compensation, the NCAA announced its athletes can make money off the use of their names, images, and likenesses."
"Now many student-athletes, tax advisors, and other professionals in the sports and entertainment industry are determining how to make the most of these new opportunities," the continued. "There are key considerations that go beyond tax laws, including how to secure trademarks, develop a brand, and maximize the role of TikTok, Instagram, and other social media platforms, as well as whether to request or accept payment in cryptocurrency. But tax laws should be part of the initial business discussion, as they impact how athletes should structure a company to house their earnings and utilize deductions."
Subscribers can read the full article here: Student-Athletes Can Make Money Off Their Names, Images, Likenesses—What Now?
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