Tanner, Mo & OL at Baldy’s Wednesday


Wonder if this is NIL related? I don't remember meet a greets of the sort being a thing in the past?
 

I'll buy Tanner a beer.
 


Wonder if this is NIL related? I don't remember meet a greets of the sort being a thing in the past?
Yes, this would appear to be just the type of thing that the new rules allow. Glad to see it, we'll need a lot of it to keep up with the competition.
 


This is great for Gopher fans!
 


According to Tanner's twitter account "All profits will go to the guys there who make everything happen. The O-Line!"

Not sure what the profits entail. Charging for autographs, percentage of restaurant proceeds, etc?

Hope this kind of thing becomes common across the twin cities, and love to see the O-Line benefit.
 

According to Tanner's twitter account "All profits will go to the guys there who make everything happen. The O-Line!"

Not sure what the profits entail. Charging for autographs, percentage of restaurant proceeds, etc?

Hope this kind of thing becomes common across the twin cities, and love to see the O-Line benefit.
Be curious how the players who pass on the money to other players are ... accounting.

It's still income, there's still taxes (how much depends on their situation of course) so in theory they might pass on money that they have to pay taxes on.

Granted no idea if these guys even make enough to pay much too...
 




According to Tanner's twitter account "All profits will go to the guys there who make everything happen. The O-Line!"

Not sure what the profits entail. Charging for autographs, percentage of restaurant proceeds, etc?

Hope this kind of thing becomes common across the twin cities, and love to see the O-Line benefit.
Be curious how the players who pass on the money to other players are ... accounting.

It's still income, there's still taxes (how much depends on their situation of course) so in theory they might pass on money that they have to pay taxes on.

Granted no idea if these guys even make enough to pay much too...
He probably doesn't mean "profits" in a literal sense, I would guess "proceeds" is more accurate. It could be a fee for autographs, a percentage of sales, a straight appearance fee or some combination of those things. The accounting could be tricky if Tanner is getting an appearance fee and passing it on to the o-linemen, but if he isn't getting paid and is just there to draw more people to support his teammates, I don't think he has much accounting to worry about.
 

Or it could be likes waiters and waitresses, where most of the income goes unreported every year. If we all show up and drop some dollars in a bucket and they just divide up the cash, IRS has no clue.
 

The entire O-line from Wisconsin signed a NIL deal with a BBQ joint from Madison. Appears Tanner, Mo and Baldy one-upped them.
 



Or it could be likes waiters and waitresses, where most of the income goes unreported every year. If we all show up and drop some dollars in a bucket and they just divide up the cash, IRS has no clue.
I hope you are joking. I have been a Gopher fan long enough to predict that the first student athlete to miss competition because they have been arrested on suspicion of tax fraud (probably after an investigative piece by a local newspaper or TV outlet) will be enrolled at the University of Minnesota.
 

I hope you are joking. I have been a Gopher fan long enough to predict that the first student athlete to miss competition because they have been arrested on suspicion of tax fraud (probably after an investigative piece by a local newspaper or TV outlet) will be enrolled at the University of Minnesota.
Not joking. But don't be so over the top lol. If any business shells out even a slightly decent hunk of change, it'll be via check with a 1099 coming the following January, just like they do now for other things. But if someone drops a $20 bill in a jar in exchange for an autograph, there's really no way to track that.

Have you ever heard of a waiter, waitress, or bartender ever indicted on tax fraud?
 

Not joking. But don't be so over the top lol. If any business shells out even a slightly decent hunk of change, it'll be via check with a 1099 coming the following January, just like they do now for other things. But if someone drops a $20 bill in a jar in exchange for an autograph, there's really no way to track that.

Have you ever heard of a waiter, waitress, or bartender ever indicted on tax fraud?
I have. Most full-time servers I've worked with are smart enough to know how much cash to claim in order to not alert the IRS.
 

If a contractor (player) receives $600 from a business, the business issues a 1099-NEC or 1099-MISC, depending if it is deemed Non-employee compensation or other income.

Say Tanner gets $1,000 from Baldy's and gives it all to the 6 linemen that come with him. He will get a 1099 from Baldy's, and on his schedule C he will report the $1,000 in income on line 1, and the $1000 out to the linemen on line 11 (contract labor).

The key to not getting in trouble with NIL is recordkeeping. I would tell the players to keep a spreadsheet on ins and outs (or some accounting software like Quickbooks). Keep track of mileage to events, plus any out of pocket expenses dealing with NIL events and contracts.
 

I have. Most full-time servers I've worked with are smart enough to know how much cash to claim in order to not alert the IRS.
So the others didn't report a legit-sounding amount and got audited? I assumed that since the IRS doesn't have the resources to go after millionaires that service workers would get a pass. Guess I was wrong.

But at least for service workers, the IRS has lots of data points to figure out what an approximate number would be. No way can they do that for college athletes right now. Like, I'd assume a low end of $1/hour for any restaurant worker, in terms of their tips. Then just see how many hours they worked that year. But for a college football player, you can't assume they made anything at all unless a tax form was filled out by the business giving the money.
 

If a contractor (player) receives $600 from a business, the business issues a 1099-NEC or 1099-MISC, depending if it is deemed Non-employee compensation or other income.

Say Tanner gets $1,000 from Baldy's and gives it all to the 6 linemen that come with him. He will get a 1099 from Baldy's, and on his schedule C he will report the $1,000 in income on line 1, and the $1000 out to the linemen on line 11 (contract labor).

The key to not getting in trouble with NIL is recordkeeping. I would tell the players to keep a spreadsheet on ins and outs (or some accounting software like Quickbooks). Keep track of mileage to events, plus any out of pocket expenses dealing with NIL events and contracts.
I believe the school hired a couple groups to work with the students to address these kinds of things. Also students can if they want hire an agent to work on NIL stuff.
 

Not joking. But don't be so over the top lol. If any business shells out even a slightly decent hunk of change, it'll be via check with a 1099 coming the following January, just like they do now for other things. But if someone drops a $20 bill in a jar in exchange for an autograph, there's really no way to track that.

Have you ever heard of a waiter, waitress, or bartender ever indicted on tax fraud?
Yeah, my specific comment was not meant to be taken seriously. My general angst, however, is real.
 

Yeah, my specific comment was not meant to be taken seriously. My general angst, however, is real.
It would be such a WCCO thing to do though, stalk the athletes and then contact the IRS about them. At a minimum, 'CCO will probably wait until guys are getting paid, like Tanner, Mo, etc and then do an expose on the athletes "left behind".... I should shut up before I give them any ideas....
 


Yes. I know of two instances. Both worked at nightclubs and had ridiculous earning potential.
I thought servers, bartenders, etc. got taxed based on a percentage of their tickets, as tracked by their POS system. At least the bartenders I know have it done this way...something along the lines of 7 or 8% of the tickets.
 

I thought servers, bartenders, etc. got taxed based on a percentage of their tickets, as tracked by their POS system. At least the bartenders I know have it done this way...something along the lines of 7 or 8% of the tickets.
I believe around 8% is expected. But if you're claiming 8% or less and making 20-40% and you're not smart with how you move that money around, it could probably trigger an audit. Which if I remember correctly, is what happened in the cases I'm referring to.
 

I believe around 8% is expected. But if you're claiming 8% or less and making 20-40% and you're not smart with how you move that money around, it could probably trigger an audit. Which if I remember correctly, is what happened in the cases I'm referring to.
I get that, but from my conversations with some buddies that are bartenders (and this may have changed), was that, for example: You earned W2 income of $100,000 for year 20XX, the IRS would tax you at $108,000 and they did not have to "claim" tips, it was imputed into their earnings. Thus, the IRS just kind of put their hands up and said "let's just make sure we get something, and "adding" 8% to their earnings is just fine with us".
 

I get that, but from my conversations with some buddies that are bartenders (and this may have changed), was that, for example: You earned W2 income of $100,000 for year 20XX, the IRS would tax you at $108,000 and they did not have to "claim" tips, it was imputed into their earnings. Thus, the IRS just kind of put their hands up and said "let's just make sure we get something, and "adding" 8% to their earnings is just fine with us".
I'm not 100% sure. I know it's illegal to not claim all tips. Could be a business to business thing where they get to decide how to tax employees.
 




I did! It was actually really fun! I got 3 helmets signed (they only charged $10/ item - but I threw in $60), and the food was good! A long drive for me, but brought my 7 year old and got to meet some of the guys which was really fun too!
Great? Was Faalele there?
 




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