By Daniel Libit, Sportico: If they didn’t get the memo the first time, a recently disclosed IRS document appears to more definitively challenge the non-profit status of most NIL collectives.
On Friday, the watchdog publication Tax Notes obtained and published a copy of a denial letter the IRS sent in January to a collective seeking tax-exempt status, which widely ratifies the previous guidance issued last summer by a top official in the IRS Office of Chief Counsel.
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