Class of 2020 C Eddie Lampkin (TX) TRANSFERRING TO SYRACUSE (4/2/24)

[kcsu]

Where is your money made? I work in multiple states and have to file in the states I work including NY. Lampkins money would be earned in NY. It’s called a non resident tax return.

Why would it be earned in NY? If structured properly it could be earned in Texas.
He's not a store. He is selling a product in NY. It depends on what you do.

 

[Nicknack]

There’s the difference. Lampkin will be working here.

Working here? That's funny.

 

[kcsu]

There’s the difference. Lampkin will be working here.

He wouldn't have to
" be working here" in order to satisfy his NIL.
When an individual who lives in Texas does a commercial for lets say Ford trucks and that advertisement is aired on ESPN in all 50 states does he pay income taxes in all 50 states or just Texas. That's your answer. IF it is structured properly income taxes should applicable based on the endorsers residence.

 

[Cusefan0307]

He wouldn't have to
" be working here" in order to satisfy his NIL.
When an individual who lives in Texas does a commercial for lets say Ford trucks and that advertisement is aired on ESPN in all 50 states does he pay income taxes in all 50 states or just Texas. That's your answer. IF it is structured properly income taxes should applicable based on the endorsers residence.

Virtually all of our NIL advertising appears to be local. There’s also the fact he’s playing and practicing IN Syracuse. Maybe the tournament we go to in 25 will change this, but I don’t see how any accountant or lawyer can solve the fact he plays for Syracuse and is doing marketing activities for local Syracuse businesses. What car dealership wants to see his face in Texas if he plays here?

 

[Fat tire 13]

Paging a resident accountant…. Stat

I’m not an accountant but 99% sure you get taxed according to residency. It would be very difficult for any Cuse player to claim residency in a different state. Given you live on campus, attend school, etc. Also you have to spend more than half your time outside the state

 

[kcsu]

Virtually all of our NIL advertising appears to be local. There’s also the fact he’s playing and practicing IN Syracuse. Maybe the tournament we go to in 25 will change this, but I don’t see how any accountant or lawyer can solve the fact he plays for Syracuse and is doing marketing activities for local Syracuse businesses. What car dealership wants to see his face in Texas if he plays here?

If thought out it doesn't have to be local. Does it matter if he visits a senior care facility in DeWitt or Houston. My point is that there are legitimate ways to mitigate the taxable issues.

 

[Cuse_NYC]

Because you are a bit too negative for me. I doubt he is the worst defensive center in the country.

Too good of a poster to go after people. And he is close lol

 

[Capt. Tuttle]

Paging a resident accountant…. Stat

I’m not an accountant but 99% sure you get taxed according to residency. It would be very difficult for any Cuse player to claim residency in a different state. Given you live on campus, attend school, etc. Also you have to spend more than half your time outside the state

You have to intend to reside there. Doesn’t mean you won’t get taxed in the state in which you earn. Pro athletes have to pay city taxes in most cities in which the play road games.

 

[kcsu]

Not the guys. Ithaca Matt could do it.

Dave was a heck of a boxer not so sure about his legal skills

 

[Capt. Tuttle]

If I do work for a company incorporated out of Delaware, but the construction is done in Texas, where do I pay state income taxes?

Where do you work?

 

[Capt. Tuttle]

You have to intend to reside there. Doesn’t mean you won’t get taxed in the state in which you earn. Pro athletes have to pay city taxes in most cities in which the play road games.

State Residency Rules for Tax Purposes - NerdWallet

Ties to more than one state could result in taxes from more than one state. Understanding state residency rules can help you minimize your tax bill.

www.nerdwallet.com

 

[kcsu]

You have to intend to reside there. Doesn’t mean you won’t get taxed in the state in which you earn. Pro athletes have to pay city taxes in most cities in which the play road games.

As a student it's simple. You pay taxes based on your home state. The state were your permanent residence, Your driver's license ect.. is.
It's why you pay OUT OF STATE TUITION.
Not sure who your account is but this isn't complicated if it's structured properly.

 

[SWC75]

This is a good post.

Two theories:

- You take away one option, you are left with two options. It must be 50-50, right?

- You have a 1/3 chance it's behind the first door and that doesn't change just because it's not behind the third door.

I will go to my grave thinking that the first theory makes the most sense. What if you started out with two doors, had the contestant chose one of them, then wheeled out a third door, opened it and there was a goat there. Would that have made it a good idea for the contestant to switch? Isn't that the same situation?

I decided to test it with a deck of cards. I separated the black and red cards. The black cards are cars, the red goats. I combined one black card with two red cards. I shuffled the three cards as best I could. I took the first three and put them face down. I 'chose' #1 and flipped the third card over. if it was black, I put those three cards aside. If it was red, I then flipped the second card and recorded when it was black and when it was red. I had, as I recall 10 of 13 sets where the third card was red and the second card was black 7 times. I reshuffled them and did it a gain a couple more times and the 2/3 percentage held. I then realized that I was wrong but still don't understand why.

But if Lampkin stays, I'll still be happy.

 

[two3zone]

Why? I don't work in NY.

Sorry, misread your post.

 

[Nicknack]

I’m not an accountant but 99% sure you get taxed according to residency. It would be very difficult for any Cuse player to claim residency in a different state. Given you live on campus, attend school, etc. Also you have to spend more than half your time outside the state

That's exactly what I was going to say based on my experience working for different companies over the years remote.

 

[richmondcuse03]

As a student it's simple. You pay taxes based on your home state. The state were your permanent residence, Your driver's license ect.. is.
It's why you pay OUT OF STATE TUITION.
Not sure who your account is but this isn't complicated if it's structured properly.

You’re considered nonresident for tax purposes but would still have to file a return for the income earned while in NY. Now if you can claim it was earned elsewhere as you state….im sure you can try.

NY is very aggressive in auditing folks who try to avoid paying tax on income they deem was earned in NY. If the collective is based in NY, it’s going to be an uphill climb. I suspect we will see this play out over the next few years in some audited. I admit I don’t know how collectives pay the kids. I think a lot are monthly but are they taking out payroll taxes like an employer or just doing everything as 1099 folks? Then you have appearances for local businesses. Or commercials. Those are definitely earned in ny.

 

[Sherman20]

He wouldn't have to
" be working here" in order to satisfy his NIL.
When an individual who lives in Texas does a commercial for lets say Ford trucks and that advertisement is aired on ESPN in all 50 states does he pay income taxes in all 50 states or just Texas. That's your answer. IF it is structured properly income taxes should applicable based on the endorsers residence.

Omg, kill me now. How has this turned into a state income tax discussion. Good grief.

 

[kcsu]

That's exactly what I was going to say based on my experience working for different companies over the years remote.

Students are different. It's why even though they spend more than 6 months living and going to school in a particular state they still have to pay out of state tuition unless they go to an in state school.

 

[Fat tire 13]

As a student it's simple. You pay taxes based on your home state. The state were your permanent residence, Your driver's license ect.. is.
It's why you pay OUT OF STATE TUITION.
Not sure who your account is but this isn't complicated if it's structured properly.

I was looking at it from the perspective of being an adult in the work force. You’re right about students. Not sure if earning big $$$ changed the view of the IRS.

 

[kcsu]

You’re considered nonresident for tax purposes but would still have to file a return for the income earned while in NY. Now if you can claim it was earned elsewhere as you state….im sure you can try.

NY is very aggressive in auditing folks who try to avoid paying tax on income they deem was earned in NY. If the collective is based in NY, it’s going to be an uphill climb. I suspect we will see this play out over the next few years in some audited. I admit I don’t know how collectives pay the kids. I think a lot are monthly but are they taking out payroll taxes like an employer or just doing everything as 1099 folks? Then you have appearances for local businesses. Or commercials. Those are definitely earned in ny.

I agree. My point is that if structured properly and legally our SU collectives could possibly reduce the taxable amount and make it more difficult for an individual to back out of their commitment/agreement.

 

[Shawn91111]

Can someone in the know summarize the last 40 pages? Much appreciated.

 

[sutomcat]

Can someone in the know summarize the last 40 pages? Much appreciated.

Lampkin coming to Syracuse!

Lampkin not coming to Syracuse!

Our NIL is a disaster and our HC and AD are idiots. And Lampkin has no honor.

Lampkin coming to Syracuse!

Big mysterious donor is awesome. Our AD and HC are NOT idiots.

Lampkin is okay after all.

Let’s talk about taxes.

 

[Ottoman]

I really, really hope you were being sarcastic, or are a clueless billionaire or something, otherwise this is just an abominably bad take.

You really know how to make a guy feel welcome here.

 

[llandz]

Lampkin coming to Syracuse!

Lampkin not coming to Syracuse!

Our NIL is a disaster and our HC and AD are idiots. And Lampkin has no honor.

Lampkin coming to Syracuse!

Big mysterious donor is awesome. Our AD and HC are NOT idiots.

Lampkin is okay after all.

Let’s talk about taxes.

Pretty much sums up every post these days. I miss the forum of about 6 years ago...

 

[PeteCalvin]

I was looking at it from the perspective of being an adult in the work force. You’re right about students. Not sure if earning big $$$ changed the view of the IRS.

I wouldn’t worry about the IRS. I’d worry about Governor Hochul. She’s gonna want Albany’s slice. Hope Kadary thought about that, being an NYC kid and going to the Johnnie’s.