OFFICIAL 2023-2024 COLLEGE FOOTBALL OFFSEASON THREAD *THE START OF THE MICHIGAN WOLVERINE DYNASTY; UPDATE 1/24/2024: THE END OF THE MICHIGAN DYNASTY*

Who will win the 2023 College Football Playoffs?

  • the Ohio State

    Votes: 0 0.0%
  • Alabama

    Votes: 8 19.0%
  • UGA

    Votes: 8 19.0%
  • LSU

    Votes: 0 0.0%
  • Texas

    Votes: 1 2.4%
  • Michigan

    Votes: 10 23.8%
  • Other

    Votes: 15 35.7%

  • Total voters
    42
  • Poll closed .


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On Friday, the watchdog publication TaxNotes obtained and published a copy of a denial letter the IRS sent in January to a collective seeking tax-exempt status, which widely ratifies the previous guidance issued last summer by a top official in the IRS Office of Chief Counsel.

In light of the new document’s revelation, Phil Hackney, a former IRS lawyer and nonprofit organization expert, suggests NIL collectives should get out—or stay out—of the 501(c)(3) world.

“This seems to be an indictment against [the tax-exempt status of] all the collectives and should mean the other collectives lose their status as well,” Hackney, who teaches at the University of Pittsburgh School of Law, told Sportico
.
 
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