Income taxes are commonplace throughout the United States and are first set at a federal level, where every individual who resides or works in the United States pays a set percentage based on their income and marital status...

When the NCAA formally allowed college athletes to profit from their Name, Image, and Likeness (“NIL”), it reshaped the landscape of amateur athletics — legally, competitively, and now, fiscally. While many players and fans view NIL as a long-overdue recognition of athletes’ market value, the IRS sees something else: taxable income...