{"id":5219,"date":"2023-05-16T17:32:06","date_gmt":"2023-05-16T22:32:06","guid":{"rendered":"https:\/\/demo.wztzfm.com\/wp\/?p=5219"},"modified":"2023-05-16T17:32:06","modified_gmt":"2023-05-16T22:32:06","slug":"usc-focused-nil-collective-house-of-victory-baker-tilly-announce-partnership","status":"publish","type":"post","link":"https:\/\/demo.wztzfm.com\/wp\/usc-focused-nil-collective-house-of-victory-baker-tilly-announce-partnership\/","title":{"rendered":"USC-focused NIL collective House of Victory, Baker Tilly announce partnership"},"content":{"rendered":"

House of Victory<\/a><\/strong> is making sure USC<\/a><\/strong> athletes have the tools to file taxes correctly next spring. <\/p>\n

The NIL collective<\/a> focused on Trojans athletics has announced a partnership with the accounting firm Baker Tilly<\/strong>. Most athletic departments have provided tax education for their student-athletes in the NIL<\/a> era. Some have been deterred, however, following October\u2019s guidance<\/a> stating institutions cannot provide athletes with services to support NIL activities that are not available to the general student body. <\/p>\n

This could mainstream the tax process for USC student-athletes. Baker Tilly will offer consultation opportunities to House of Victory athletes, with an explanation of 1099 payments and tax implications. The firm will also make itself accessible for personal tax preparation services for any contract athlete House of Victory athlete. <\/p>\n

\u201cOne of my greatest concerns over the past couple of years is that athletes understand the importance of following the U.S. tax code and filing timely returns,\u201d said attorney Darren Heitner<\/strong>, who has worked closely with collectives and athletes in the last 22 months. \u201cAny assistance they have the option of receiving is a net positive, and I\u2019m happy to see that efforts are being taken to help athletes in this regard.\u201d<\/p>\n

The need for tax education has become clear since the start of\u00a0name, image and likeness activity. The NCAA\u00a0released the results<\/a>\u00a0of an association-wide survey of more than 9,800 athletes last May. Forty-nine percent of respondents indicated \u201ca need for educational resources on tax and financial literacy<\/a>.\u201d <\/p>\n

The apparent need for tax guidance is even stronger in Division I, too. Fifty-three and 55% of male and female athletes at the DI level, respectively, said they need more tax resources. A\u00a0similar message<\/a>\u00a0was repeated by athletes at the inaugural INFLCR NIL Summit<\/strong> in Atlanta last June.<\/p>\n

\u201cIf athletes were paid in cryptocurrency, it has tax implications,\u201d Intuit<\/strong>\u2018s Lisa Greene-Lewis<\/strong> previously told On3 on the many factors athletes have to navigate when filing taxes. \u201cIf you\u2019re paid in crypto, it goes on a 1099 form. That would go into your income. When you hold onto that, when you sell it, you would have a capital gain or loss. So the education [is important] on the many different ways their income can be taxed, as well as the fact they\u2019re self-employed. They can expect $1,000 or more in tax payments.\u201d<\/p>\n

Baker Tilly to assist House of Victory with day-to-day finances<\/h2>\n

House of Victory\u2019s relationship with the advisory CPA firm extends past athlete services. Baker Tilly will support the collective with accounting and tax services, including the management of incoming funds and expenses, budget analysis, issuing athlete payments, tax planning and day-to-day record keeping. <\/p>\n

The collective formally\u00a0joined<\/a>\u00a0the USC NIL market in April as a nonprofit organization servicing all Trojan athletes. Alumni-led and board-operated, the collective has a flavor of\u00a0BLVD LLC<\/a><\/strong>, which was launched in August 2022 as the official USC NIL entity.<\/p>\n

BLVD\u00a0shut down<\/a>\u00a0for good in February, but\u00a0Spencer Harris<\/strong>\u00a0stuck around and is now the executive director for House of Victory. USC\u2019s former Director of Player Personnel, he\u2019s running the day-to-day operations of the collective.<\/p>\n

House of Victory did secure a sponsorship agreement through USC\u2019s multimedia rights holder Playfly <\/strong>prior to its launch. With permission to use the institution\u2019s marks and colors and the ability to have athletes appear in their jerseys publicly, it sends a clear message to USC fans.<\/p>\n

\u201cAs a proud USC alumna, I am especially excited to work with House of Victory to provide student-athletes with the support they need to navigate the complex world of personal finances and tax strategy,\u201d Baker Tilly director of business management Andrea Leventhal <\/strong>said in a statement. \u201cOur collaboration will help ensure that USC student-athletes have access to the tools and resources they need to succeed.\u201d<\/p>\n

The post USC-focused NIL collective House of Victory, Baker Tilly announce partnership<\/a> appeared first on On3<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

House of Victory is making sure USC athletes have the tools to file taxes correctly…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/demo.wztzfm.com\/wp\/wp-json\/wp\/v2\/posts\/5219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/demo.wztzfm.com\/wp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo.wztzfm.com\/wp\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/demo.wztzfm.com\/wp\/wp-json\/wp\/v2\/comments?post=5219"}],"version-history":[{"count":0,"href":"https:\/\/demo.wztzfm.com\/wp\/wp-json\/wp\/v2\/posts\/5219\/revisions"}],"wp:attachment":[{"href":"https:\/\/demo.wztzfm.com\/wp\/wp-json\/wp\/v2\/media?parent=5219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo.wztzfm.com\/wp\/wp-json\/wp\/v2\/categories?post=5219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo.wztzfm.com\/wp\/wp-json\/wp\/v2\/tags?post=5219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}