06-10-2024, 05:26 PM
Getting paid means receiving income. How can anyone be surprised?
For it to be legal, the non-employee sponsorships and services income needs to be reported on 1099-NEC with the same tax repercussions as cash awards. Heck, when my wife an I won a "free" trip to Tahiti that one time, I was careful to report it.
But yeah, this will be a mess and a bunch of people will owe hundreds of thousands in taxes and penalties. When they are paid by schools directly, that portion of their income will be reported on W2. Welcome to adulthood.
Suddenly Florida, Tennessee, Texas, and Washington win everything in every sport, losing only to each other. Out of the blue teams in Alaska and South Dakota move into power leagues and Wyoming is a kingpin. Even Dartmouth starts kicking ass. The Runnin' Rebels are back baby!
For it to be legal, the non-employee sponsorships and services income needs to be reported on 1099-NEC with the same tax repercussions as cash awards. Heck, when my wife an I won a "free" trip to Tahiti that one time, I was careful to report it.
But yeah, this will be a mess and a bunch of people will owe hundreds of thousands in taxes and penalties. When they are paid by schools directly, that portion of their income will be reported on W2. Welcome to adulthood.
Suddenly Florida, Tennessee, Texas, and Washington win everything in every sport, losing only to each other. Out of the blue teams in Alaska and South Dakota move into power leagues and Wyoming is a kingpin. Even Dartmouth starts kicking ass. The Runnin' Rebels are back baby!