TAX SEASON UPDATES + RESOURCES

1099 FORMS

If an athlete received payments greater than $600 via Influencer in 2024 they will receive either a 1099-K or 1099-NEC form. These forms were filed in January and either mailed to the address requested by the athlete or are available for download in the Stripe Express or Teamworks Wallet app. For more information on these forms, check out the FAQs in the Teamworks Help Center:
1️⃣ Influencer Athlete 1099 FAQs - Stripe
2️⃣ Teamworks Wallet Athlete FAQs


TURBOTAX DISCOUNT

Influencer has partnered with TurboTax to provide athletes with tax-related resources, education, and discounts on TurboTax products. Athletes can now take advantage of the Influencer Athlete discount until tax day. No code is required and the discount will be automatically applied at checkout when a user creates an account from the TurboTax NIL landing page.. This link is available for all athletes in the payments tab in the Influencer app. Specifics on the available discounts and eligibility can be found on the landing page.


NIL & TAXES WEBINAR

Join Teamworks and Intuit TurboTax on Thursday, 2/27, for our NIL Taxes: An Administrator’s Guide Webinar. This session will explore the unique tax challenges faced by student-athletes participating in NIL activities and provide actionable solutions to support them.


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Get Started Content NIL Opportunities
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- All NIL agreements must contain quid pro quo (e.g., compensation for deliverables performed)
- NIL agreements cannot be for athletic participation or achievement (i.e., no pay for play) The institution may not provide NIL compensation
- Education regarding all things NIL is always permissible

- Engage NIL entity to inform SAs of opportunities
- Provide SAs with information regarding opportunities
- Provide SA contact information to NIL entity
- Provide stock photos/videos/graphics to NIL entity or SA
- Introduce representatives of NIL entity to SAs via arranged meeting on campus or in our facilities Promote a SA’s NIL activity provided there is no cost to the institution (e.g., reposting on social media)
- Promote a SA’s NIL activity on paid platform provided the SA of the NIL entity is paying the going rate (video board advertisements)
- Purchase items related to an SA’s NIL deal provided the value is de minimis and the item is purchased at the same rate as the public
- Communicate with NIL entity regarding specific SA requests for compensation
- Proactively assist in the development/creation, execution, or implementation of a SA’s NIL activity Provide services to support NIL activity (e.g., graphics designer, tax preparation, contract review)
- Provide access to equipment to support NIL activity (camera, graphics software, computers)
- Allow SA to promote their NIL activity while on call for required athletically related activities

- Villanova staff member representing SAs for NIL deals
- Staff members who own outside businesses signing an NIL deal with an SA
- Institutional coach compensating SA to promote the coach’s camp
- SA receiving compensation directly or indirectly for promoting an athletics competition in which they participate

- Names and contact information of individuals involved in the activity, including a description of the nature of the relationship between such individuals
- Terms of the arrangement, including a description of services rendered, rights granted, term duration, compensation and payment structure (e.g., cash, barter, deferred)
- Names and contact information of professional service providers involved in the arranging, negotiating, or securing the disclosed activity, including a description of the nature of the relationship between the service provider and individuals involved in the activity
- Terms of compensation between the professional service provider and the student-athlete

- A college student-athlete may earn compensation for their NIL rights. The compensation may not be in exchange for the SA or PSA to attend, participate at, or perform at a particular institution. - A student-athlete’s representation shall be an athlete agent according to PA law or admitted to practice law in PA. SAs may not earn NIL from:

- Adult Entertainment products
- Alcohol products
- Casinos and Gambling
- Tobacco and electronic smoking products Prescription pharmaceuticals
- A controlled dangerous substance

- The institution may prohibit a student-athlete’s involvement if the activities:

- Conflict with existing institutional sponsorship arrangements
- Conflict with institutional values

- Deals shall be disclosed prior to the execution of the contract. Policies shall exist that specify timing of disclosure and contents that must be disclosed.
- If the institution receives direct financial compensation from a third party arising from the third party’s contact with a student-athlete, the institution shall be required to disclose the financial relationship between the institution and the third party to the SA. This does not apply to compensation received for the use of the institution’s intellectual property.

- Student-athlete shall inform the Athletic Director that the SA has entered into an agency contract and the name and contact information of the athlete agent shall be provided
- This notice shall be given within 72 hours of signing a contract or before the next scheduled athletic event in which the SA participates
- The agent also needs to inform the institution if a student-athlete enrolls, and the agent has a relationship with that student-athlete
- An SA and agent shall give notice of the existence of an agency contract to the commission within 72 hours of entering into that contract
- 14-day cancellation window for the SA