IRS Issues Letter: NIL Collectives Status as NonProfits in Doubt
IRS LETTER AN ‘INDICTMENT’ OF NIL COLLECTIVES’ EXEMPT STATUS
As written by multiple sources, including Sportico: a recently disclosed IRS document appears to more definitively challenge the nonprofit status of most NIL collectives.
Read the complete story from Sportico HERE
On Friday, the watchdog publication Tax Notes obtained and published a copy of a denial letter the IRS sent in January to a collective seeking tax-exempt status, which widely ratifies the previous guidance issued last summer by a top official in the IRS Office of Chief Counsel.
In light of the new document’s revelation, Phil Hackney, a former IRS lawyer and nonprofit organization expert, suggests NIL collectives should get out—or stay out—of the 501(c)(3) world.
“This seems to be an indictment against [the tax-exempt status of] all the collectives and should mean the other collectives lose their status as well,” Hackney, who teaches at the University of Pittsburgh School of Law, told Sportico.
Read the complete story from Sportico HERE
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Author: David Keech
David Keech is a retired teacher and works as a sportswriter, sports official and as an educational consultant. He has reported on amateur sports since 2011, known as 'KeechDaVoice.' David can be reached at [email protected]
