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Recent content by isufbcurt

  1. isufbcurt

    AD? Make that LLC instead

    And for clarification a not for profit can be the owner of a for profit LLC. For example many fairgrounds in Iowa are not for profits and then own a separate LLC for other interests such as running the racetrack on the fairgrounds
  2. isufbcurt

    AD? Make that LLC instead

    Or businesses just make their “donations” by buying advertising.
  3. isufbcurt

    AD? Make that LLC instead

    That depends. I have a lot of business clients (mainly construction) that utilize contractors instead of hiring employees.
  4. isufbcurt

    NCAA set to allow direct payments to athletes

    Are they going to audit all the records provided? Or just take the word of the business?
  5. isufbcurt

    NCAA set to allow direct payments to athletes

    Well the clearinghouse isn’t privy to individual private businesses accounting records. How much would you say is reasonable for my CPA business to spend on yearly advertising?
  6. isufbcurt

    CFTV: Matt Campbell's post-spring ball/pre-draft presser

    He's absolutely correct and ASU's coach said the same thing. I'm biased because I was a walkon but the 105 roster cap is ridiculous. Yeah sure a team could stock up on players as "walkons" but I think it's a far bigger problem is that a kid who's dreamed of playing college football for his...
  7. isufbcurt

    Ames High changing conferneces

    My stepdaughter did the same, we lived in Gilbert SD but she opted to go to Ames for a bigger variety of class options.
  8. isufbcurt

    NCAA set to allow direct payments to athletes

    Car dealerships are already a great way to launder money.
  9. isufbcurt

    NCAA set to allow direct payments to athletes

    And if it was passed would it hold up to court challenges?
  10. isufbcurt

    NCAA set to allow direct payments to athletes

    The IRS doesn't look at expenses for their FV they look at the amount actually paid. If Nike pays Lebron $100,000,000 then that is the value of the advertising expense they deduct. If my CPA business pays my racing business $50k then that is the value of the advertising expense i deduct. If a...
  11. isufbcurt

    NCAA set to allow direct payments to athletes

    That's not for someone who isn't party to the transaction to decide. If the W2 for the 10th person is $3 million compared to $50k each for the other 9, then paying $5k for the tax return is no issue for them at all and the FV they are willing to pay.
  12. isufbcurt

    NCAA set to allow direct payments to athletes

    Disagree. The FMV is whatever I am willing to pay for the services. If I have 10 tax clients who all are single with only 1 W2 and I charge 9 of them $125 to do their tax return and then I charge the 10th person $5000, if the 10th person is willing to pay the $5000 fee then that's the FV they...
  13. isufbcurt

    NCAA set to allow direct payments to athletes

    Yes of course. It's an advertising expense. For example when my CPA business writes my racing business a advertising check, it's an expense for the CPA business and income to the racing business. No different than if I paid for advertising on a billboard or a tv commercial.
  14. isufbcurt

    NCAA set to allow direct payments to athletes

    Where in my example did I specify that Rocco had to play for ISU? I didn't.
  15. isufbcurt

    NCAA set to allow direct payments to athletes

    You must work for DT because you are constantly bending over backwards for them on this topic. If I deem paying Rocco $100,000,000 to advertise for my CPA business then that is the FMV I place on his endorsement to my business. And just because a database doesn't support that amount doesn't...
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