College Athletes Unprepared for Taxes Related to NIL Deals

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Photo courtesy of Sharon McCutcheon

College athletes who have excelled at making money off their name, image and likeness might have been caught off guard when it came time to pay taxes on those profits this year. 

“Tax day could be a rude awakening for a lot of college athletes,” Peter Schoenthal, an attorney and founder of Athliance, which provides NIL management software and consulting to athletic departments including the universities of Kansas and Arizona, told Sportico. “You have students who have gone from July 1 to December 31 making thousands of dollars that didn’t put a penny as aside for taxes. They’re going to be put on tax liens.”

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