IRS throws a chill into collectives paying college athletes while claiming nonprofit status ...Middle East

The rapidly expanding landscape of nonprofit, donor-backed collectives paying college athletes to promote charities has been hit with a potentially seismic disruption. A recent 12-page memo from the Internal Revenue Service determined that, in many cases, such collectives may not qualify as tax-exempt if their main purpose is paying players instead of supporting charitable works. If the collectives aren’t tax-exempt, the donations they collect that are used to pay quarterbacks, point guards and pitchers may not be, either. “There’s a high likelihood we will cease operations, within the next period of months,” said Gary Marcinick, founder of the Cohension Foundation, a collective formed to c

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Last updated : 01 July 2023 clock 02:04 PM

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IRS throws a chill into collectives paying college athletes while claiming nonprofit status ...Middle East

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