The IRS rocked the name, image, and likeness industry after it released a memo saying that many organizations that fund college athletes won't be tax-exempt.
The NCAA allows for college athletes and recruits to be compensated for the use of their name, image, and likeness—also known as NIL. NIL collectives were formed, often separate from the university, as a way to help fund and facilitate deals for athletes. Many of these collectives found creative ways, including vying for tax-exempt status, to attract donors.
Ayden Syal, CEO and co-founder of MOGL, joins Bloomberg Tax's Erin Slowey on this week's episode of Talking Tax to break down the impact of the recent IRS decision and what it means for his company—a marketplace and software provider for student-athletes, universities, brands, and NIL collectives.
Syal also talks about how his company helps college athletes during filing season and how he sees the NIL industry transforming over the next couple of years.
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