(Last updated: 13 July 2023)
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Thursday 1 July 2021 will forever be remembered for the dawn of a new era in US college sports.
For the first time, students who participate in National Collegiate Athletic Association (NCAA) competitions were entitled to make money from a wide variety of business ventures, without losing their eligibility to compete.
Perhaps the most interesting developments surround what is known as ‘NIL’ rights (name, image and likeness).
A combination of state laws and NCAA NIL policy changes removed restrictions preventing athletes from selling their NIL rights.
While these changes do not mean that college football players can suddenly begin to receive big salaries, they do open the door for athletes to claim a bigger piece of the billions of dollars generated by US college sports each year.
However, making money from NIL will not necessarily be straightforward for every student athlete. Continue reading “How the rule changes for NCAA compensation affect the taxation of nonresident student athletes in the US” »
(Last updated: 22 Feb 2023)
Many athletes dream of having an opportunity to move to the US on a sports scholarship and study in one of their world-famous universities. If you are good enough to have been offered a scholarship, here’s what you need to know about taxes!
Studying in the US is expensive and while most universities offer scholarships and many accept applications from international students. Over 600 US universities offer $20,000 worth of scholarships to international students.
If you are an international student, in the US on a sports or athletic scholarship you are most likely considered a nonresident and you’re legally obliged to file a federal tax return even if you have received even $0.01.
You may also be obliged to file a state tax return, depending on your personal circumstances.