If you’re earning income through your name, image, and likeness (NIL), you’re not just building a brand—you’re running a business. And with that comes tax responsibilities. At Withum, we specialize in helping collegiate athletes understand and manage the financial and tax implications of NIL income, so you can stay focused on your performance—on the field and in the classroom.
Whether you’re in a state with no income tax or one considering NIL-specific breaks, staying compliant with federal and state tax laws is essential. Our Professional Sports Services Team specializes in helping athletes navigate the complex world of NIL income, tax planning, and financial strategy.
Get StartedFill out our NIL questionnaire to learn how Withum can help you stay compliant, protect your earnings and plan for long-term success – on and off the field.
The White House recently hosted a roundtable led by President Donald Trump that focused on the escalating financial, legal and governance crises facing U.S. college athletics. The discussion brought together leaders from sports, government and business to examine how recent court rulings, Name, Image and Likeness (NIL) practices, and inconsistent state laws have destabilized the…
UPDATE: Since this article was originally published, the Mississippi legislation proposing an exemption for Name, Image and Likeness (NIL) income from state income tax has stalled. Although the bill passed the Mississippi House of Representatives, it did not advance out of the Senate Finance Committee before the legislative deadline, effectively ending the proposal for 2026….
Imagine earning millions during your career only to lose it all due to poor planning. Are your assets truly protected? When it comes to the earnings of a professional athlete, asset protection should be a top priority. Determining an appropriate strategy early in one’s career is key. A well-known example highlighting the importance of early…
If you’re earning income through your name, image, and likeness (NIL), you’re not just building a brand—you’re running a business. And with that comes tax responsibilities. Here are a few important FAQs on NIL and taxes. What Qualifies as NIL Income? NIL income includes money earned from: Do You Owe Taxes? What About Estimated Tax…
College football has undergone a seismic shift in the past three years, driven by the introduction of the transfer portal and Name, Image, and Likeness policies. NIL has transformed the sport into a more transactional landscape, allowing players to monetize their personal brands. The transfer portal has empowered athletes to switch schools without losing eligibility,…