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$EC Bagmen getting sloppy/Dawgs Next?

Heard the new thing now a days is putting money into an offshore account and giving the recruit an ATM card....easy way to funnel thousands to a player or family without having to worry.
 
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Cajuncane said:
Heard the new thing now a days is putting money into an offshore account and giving the recruit an ATM card....easy way to funnel thousands to a player or family without having to worry.
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Pretty sure that is a BIG issue with the IRS if they ever looked into it. That’s stuff they put in place after 9/11 to combat terrorism.
 
SpikeUM said:
I no longer practice tax accounting, but I believe that the bags would be treated as a gift from the booster and no tax would be due.
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There is an annual exclusion on gifts, for which no gift tax return would need to be filed.

However, these payments are almost always above the exclusion, and would need to be reported.

Let's not forget, they nailed Al Capone for underreporting his income.
 
SpikeUM said:
I am not a participant nor expert in the bag game, just using common sense. The bags are not all at once...visit the school, go an official, sign, be on roster, etc. Multiple bag men coul gift the annual limits, so instead of a grantor gifting $100K to one recruit, they can $10k a year for 10 recruits, then do it again the next year, and the next year etc.
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I know that you are citing technical rules, but I'm fairly certain that the IRS would attack the transfers as income, as the money is given in a quid pro quo.
 
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Cajuncane said:
Heard the new thing now a days is putting money into an offshore account and giving the recruit an ATM card....easy way to funnel thousands to a player or family without having to worry.
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Yeah, I don't know if "offshore account" would be the best avenue, there are HUGE IRS implications related to tax reporting requirements. A US account of some sort is much easier, including things like PayPal, Venmo, etc.
 
OriginalCanesCanesCanes said:
He stuffs hundred dollar bills in your mom’s cooch.
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Manny offers up nothing of real value to the top kids. Nada. I know it’s hard for some of you to admit, but I highly doubt certain kids are coming here without some dough.

We always talk about Bama, UGA, Clemson etc etc paying kids- man Miami must be doing a lot more for them to come and pass up a shot at titles with those teams.

Let’s just hope he is covering his tracks better than McDonald’s bags.
 
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***-e-skr said:
Manny offers up nothing of real value to the top kids. Nada. I know it’s hard for some of you to admit, but I highly doubt certain kids are coming here without some dough.

We always talk about Bama, UGA, Clemson etc etc paying kids- man Miami must be doing a lot more for them to come and pass up a shot at titles with those titles.

Let’s just hope he is covering his tracks better than McDonald’s bags.
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jfc
 
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TheOriginalCane said:
Yeah, I don't know if "offshore account" would be the best avenue, there are HUGE IRS implications related to tax reporting requirements. A US account of some sort is much easier, including things like PayPal, Venmo, etc.
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It was thrown out there on one of those football shows who were discussing ways to funnel money to players..
 
A lot of the good schemes are done the old fashioned way. There’s a front that’s usually a non profit, it accepts donations , then it’s redistributed. Obviously actual donations are made and are legit with the bag money being skemmed off the top. Unless there’s some sort of serious investigation into the non profit they’ll never be caught. Most of this stuff are found by skilled tax/fraud investigators. Not some pencil pusher at the NCAA.
 
TheOriginalCane said:
Yeah, I don't know if "offshore account" would be the best avenue, there are HUGE IRS implications related to tax reporting requirements. A US account of some sort is much easier, including things like PayPal, Venmo, etc.
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No way an offshore account would be used, that would definitely get the attention of the authorities.
 
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Liberty City El said:
Kiffin better watch his ***, Ole Miss almost beat Bama this year & scored 48 points on them forcing Bama to go down to the wire to win...

Plus Kiffin is very antagonistic towards Nicky Saban, which means he’s breaking the #1 cardinal rule in the SEC, which is Don’t **** off Bama.

These 2nd tier SEC schools better get in line & know their **** roll, they are nothing more than pigs for the slaughter for Bama’s glory, as soon as they start to get high-handed & let their eyes get too big for their stomach, the NCAA conglomerati smacks them right back into reality & makes them understand you’re not here to compete & win, you’re here to make Bama look good & nothing more.

Make no mistake about it, cash in the McDonald’s bags is amateur hour stuff, they way to do it properly is to have a booster setup a private CashApp account & “randomly” the prospects will get sent a nice surprise for their visit...

But if you think what Tenn was doing is bad, you should see the kinda stuff TAMU does on visits, if you’re a high valued prospect you can walk away with anywhere from $3,500-5K on an unofficial & it’s completely untraceable because they do it in a very sly but ingenious way.
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😳

5k just to visit? Jesus man, how much to sign a LOI!?

I'm a grown man and 5k in a weekend is nothing to sneeze at. I couldnt imagine being a HS senior making that in a weekend lol
 
Watch the whole thing. Dude says what they did wasn’t unethical but instead it was amateur hour how they went about it.
247 saying “if you know how recruiting works then you know this isn’t new”
So they’re not blaming them what for what they did but are critical on how stupid they went about it.
Even 247 basically admiring the game is dirty.
 
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