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1980VT

Joined: 10/06/2005 Posts: 6203
Likes: 1141

What's this?

How many people get busted by the IRS for neglecting to pay taxes?


The more you make, the more the IRS looks at you. This is for the honest people.

The dishonest people get busted more because they think they are smarter than the ones checking on them. Remember, the only way the Feds got Al Capone was on his taxes.

I'm not saying the players receiving NIL money are dishonest, but unless they have professional help with their taxes, there will be some that will get in trouble.

How many 18-22 year olds worry about their taxes? My daughter had no clue on how to handle this when she got her first full time job at 23. I even had spent time with her each year before trying to explain the way of the tax world. I do my own taxes and did hers for the first couple years after college. I cut her loose when she got married at 26. Her husband doesn't have a clue about doing taxes while earning $75k+. He takes it to his tax guy and just signs the return.

(In response to this post by GCHokie34)

Posted: 09/09/2021 at 07:39AM


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Current Thread:
 
  Do we have the NIL "machine" in place to compete for -- VT ChemE 1986 09/08/2021 10:37AM
  Not if the fan base hides their head in the sand... -- GCHokie34 09/08/2021 7:23PM
  Local businesses and groups can help even it’s just a little -- Hockeydad 09/10/2021 4:11PM
  That's a very good point -- VTChip 09/10/2021 11:36PM
  As a M&A professional -- Vippie1 09/08/2021 7:37PM
  The big dollars are coming from national brands... -- GCHokie34 09/08/2021 7:54PM
  Im not at all against players -- Vippie1 09/08/2021 8:33PM
  Communism is probably not the best avenue... -- GCHokie34 09/08/2021 8:45PM
  What's the market value -- N2VT2 09/09/2021 7:09PM
  Wow... ** -- NokieHokie 09/09/2021 9:24PM
  Uh...what? ** -- GCHokie34 09/09/2021 8:39PM
  He’s speaking of Buzz Williams most recent portal transferee.... ** -- RJHokie 09/09/2021 9:29PM
  Even if so... -- GCHokie34 09/09/2021 9:30PM
  That’s true. ** -- RJHokie 09/09/2021 10:00PM
  Communism.... -- Hokie2125 09/09/2021 12:51PM
  Whichever one youd like for it to be... -- GCHokie34 09/09/2021 12:57PM
  A lot to unpack but I'll try to clarify a couple of points -- Vippie1 09/09/2021 11:01AM
  Thank you... -- GCHokie34 09/09/2021 11:42AM
  So if a quarterback signs a 7-figure endorsement deal to sign a few... -- EDGEMAN 09/08/2021 8:21PM
  Not saying it hasnt happened... -- GCHokie34 09/08/2021 8:29PM
  BINGO! ** -- NokieHokie 09/08/2021 7:56PM
  By NIL machine you mean bribes or? -- Vippie1 09/08/2021 4:03PM
  However you want to name it -- VT ChemE 1986 09/08/2021 4:33PM
  We can play the game -- Vippie1 09/08/2021 5:39PM
  How long until the IRS starts going after tax evaders? -- EDGEMAN 09/08/2021 11:06AM
  Oh noooooo taxessssssss.... -- GCHokie34 09/08/2021 7:18PM
  There is a third assumption that is much darker ** -- st_andrew 09/09/2021 11:21PM
  Not sure they are kids. -- N2VT2 09/09/2021 7:04PM
  You lost me. Is this a counterpoint to something? ** -- Hokie622 09/10/2021 07:51AM
  Who has said otherwise? ** -- NokieHokie 09/09/2021 9:23PM
  Literally no one is arguing they shouldn't pay taxes** -- GCHokie34 09/09/2021 8:39PM
  How many people get busted by the IRS for neglecting to pay taxes? -- 1980VT 09/09/2021 07:39AM
  If theres anyone who is well-equipped... -- GCHokie34 09/09/2021 08:31AM
  Paying taxes meaning you making the money. But yeah a surprise I'd agree. ** -- 40ozDistrict 09/08/2021 1:41PM
  Why do people think paying taxes will be a surprise? Do you assume players -- Hokie622 09/08/2021 2:06PM
  Many haven't. They did their sport year-round (HS, AAU, etc.) -- UpperQuad 09/12/2021 12:55AM
  Not a job where they are responsible for their own withholdings -- Cactus Jack 09/08/2021 7:15PM
  This is true, and a good point. It is more complicated than a high school -- Hokie622 09/09/2021 08:41AM
  That’s true. -- RJHokie 09/08/2021 7:19PM
  Not a job that pays that much for quite a few of them. -- EDGEMAN 09/08/2021 5:05PM
  Some of it will still be under the table with no 1099 or W2 forms filed -- RJHokie 09/08/2021 5:13PM
  Thats the thing... -- GCHokie34 09/08/2021 8:32PM
  For the same reason bar tenders under-report tips ** -- Hokie622 09/09/2021 08:42AM
  Which has nothing to do with NIL ** -- GCHokie34 09/09/2021 09:04AM
  Yeah I agree. Just answering the question.** -- Hokie622 09/09/2021 09:39AM
  It would depend the payor/donor circumstances. -- RJHokie 09/08/2021 8:45PM
  Well youre talking about tax fraud... -- GCHokie34 09/08/2021 8:50PM
  Perhaps, but realistically unless there is big money involved, the chances -- RJHokie 09/08/2021 9:09PM
  The original post going down this path... -- GCHokie34 09/08/2021 9:14PM
  You might be surprised..... -- RJHokie 09/08/2021 9:30PM
  I agree with all of that... -- GCHokie34 09/08/2021 10:09PM
  Many likely have not. Not uncommon among that age group ** -- Nelsonia Hokie 09/08/2021 2:56PM
  Big difference between an employer -- VT ChemE 1986 09/08/2021 2:55PM
  It is reality. -- legalaire 09/08/2021 10:47AM

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