NFL does not want to deal with IRS issues.
Move to Florida and you don’t have any State income taxes...........
Being the product of an LLC is way better for tax purposes.
Actually seems like a smart move. I’m sure the tax rate in Illinois is sky high.
“it would be incredibly funny to hear a Sunday Night Football intro for a Bears game, and Williams says “Caleb Williams, LLC.”
That would be hilarious.
Most entertainers do this already, they incorporate and then license out their services via the LLC, which allows them write off a lot of their costs as business expense.
He gets regular union employee protections and is participating under the terms of the league with the union. An LLC could be seen illegal as is paying an employee under your close control on a 1099. And the forgivable loan? That sounds like massive tax evasion all around.
Is Hunter Biden his tax attorney?
There is something squirrelly about Caleb Williams.
I would setup a talent agency in Florida. In exchange for $39 million, that agency would provide a specific football player to an NFL team. The agency would fund a retirement account FBO the player per IRS limits. The agency would purchase housing and make it available to the player use for $1 per year. The agency would purchase an insurance policy FBO the player in the event of a catastrophic career-ending injury. The agency would purchase and maintain transportation for the exclusive use of the player. The player would receive a salary of $15,000 per game per year for services as a football player.
The game is officially dead. Chicago should trade him for a decent veteran qb...and 5 draft choices. While he is playing in the watered down ncaa football leagues he looks great. Against fast linebackers and other fast defenses in the NFL...he won’t look so good. Maybe looks good in first year...
He DOESN’T WANT TO HAVE MEDICARE TAXES DEDUCTED from his remuneration. I know of people who do this for that purpose.
He’s going to be a bust, in the neighborhood of JaMarcus Russell.
They should structure the contracts to pay players the league minimum when they play in high income tax states, and make up the difference for games they play in low or no income tax states. For example/illustration - $20,000 for a game in Chicago, and $2 million for games in Texas and Florida.
As for the LLC thing, I imagine he can do all the side deals, promotions, advertising money in a no tax state.