Drake Software blog for tax pros, covering tax, IRS news, and more

Name, Image, and Likeness (NIL) Income for College Athletes [DOWNLOAD]

Name, Image, and Likeness (NIL) Income for College Athletes [DOWNLOAD]

Name, Image, and Likeness (NIL) income, or income gained from personal brand influence, has opened opportunities for student-athletes in college athletics. With the additional income stream comes new tax implications, however, that many student-athletes have not previously encountered.

NIL income grants athletes the ability to monetize their personal brands, introducing income streams for individuals who may not have been subject to taxation before. While it is a new opportunity for student-athletes to gain income from the college sports industry, this shift poses a considerable challenge. Athletes must now navigate the duality of their roles as students and income-earners while also adhering to NIL laws.

To assist you with any student athletes in your clientele, we have compiled a downloadable reference for you on NIL income and how it could affect your clients. We have also included a client checklist at the end to help your eligible student athletes gather the documentation you will need to report NIL income on their tax return.

To obtain a copy of these helpful NIL income tax resources, simply fill out the form below.

Drake Software Blog Team

The Drake Software Blog Team is proud to cover the latest in tax-industry-related news, from tax law and IRS updates to technology and business strategies. If you have questions about an article or just want to reach out to our staff, email comments@taxingsubjects.com.