IRS auditing UofSmell
- Thread starter Mike-D
- Start date
This is just a guess, but I would venture that they either want to see if the foundation, which is tax exempt, is involved in paying salaries that should be taxed, or, that the university may have been hiding income for those 3, so that it wasn't taxed.
The NCAA and UL BB scandal is not related to the IRS audit, imo. The timing of the audit couldn't come at a worse time. (No one talking about UL: IRS: We got something and UL: It is purely routine)
It is like UL said: (almost). If you read this blog post by a firm that advises non profits on taxes, you might understand why UL is being audited by the IRS.
It is more deeper than UL recruits in sex education classes UL style. The audit is about how deep the stuff is at UL.
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My first cousin played baseball for UT, and went on to play for the Oakland A's in the early 90's. You should hear the stories he's got of the institutional cheating that went on at UT. One of Fulmers most coveted tricks was rooming "good boys" with the thugs, for testing / schools work reasons as well as drug testing. Among many other things.
they all should, really - plus sanctions: loss of wins, scholly reductions, post-season bans, probation
If IRS jerks there tax exempt status FOR THEIR CONFLICTS OF INTEREST VIOLATIONS they would have to work under the State University system to maintain their tax exempt status .
Then they would be known as the University of Kentucky @ Louisville or UKL KINDA like UCLA
Then they would be known as the University of Kentucky @ Louisville or UKL KINDA like UCLA
I'm from Tennessee, and like my father (from Kentucky) told me growing up, UL cannot become great on their own merits because of the shadow cast by UK. To be able to compete without the stigma that is UK, they must play in the gray areas.
He was 100% correct, and the older I get the more it illuminates.
Please explain..I would never forgive them for anything..
University....of Kentucky.....
@ LOUISVILLE?
funny thing about that - Stephen King is a favorite author of mine -and his best book, IMO was The Stand. In the book it says that several posters (referring to Captain Trips) were plastered on the walls of the University of Kentucky at Louisville.
Prophetic?
or maybe I'm loopy and need to get some sleep
This has nothing to do with any possible NCAA sanctions. This IRS audit could result in criminal charges if there is wrongdoing found. It could be a routine audit or it could be something else altogether. I don't think anyone really knows. If they do know, they (UL officials) aren't saying. Don't expect the IRS to say anything either.
The IRS is NOT the NCAA, they are about the last entity you want crawling up your .... I've never had the pleasure. When they say I still owe them something I pay them. No matter how diligent we are with our returns if they audit anybody odds are they will find something. Got to believe they will find a bunch of somethings at UL.
I love how Zippedbrain likes to wave the adidas > nike/ua flag, exalting tom tneck as a living god for making such a galactic shoe deal.
Not a peep about the irs.
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Hell Zipp couldn't spell IRS if you gave him the first two letters, he is a " UofSmell man you know" LMAO
"Most profitable athletic department"
That's never made sense at all. Commuter U? Most profitable? There's no way. Maybe this will explain some stuff.
That's never made sense at all. Commuter U? Most profitable? There's no way. Maybe this will explain some stuff.
Not really. They were going to win the national championship last year when the wrong people made a bad decision. At least, that's what a U of L fan told me.
This seems unusual. Most of the coaches' compensation presumably comes from sources outside of the institution, yet they themselves are do not appear to be the object of the audit. Might relate to tax gross-up payments from UL. Interested in opinion from someone with legal/ tax background.
it's probably just a routine audit though -nothing to get overly excited about. And, as someone said, it probably has nothing to do with the NCAA investigation.
"Making it rain" is not a tax deductible expense.
irs/ul settlement : investigation dropped, up now named Obama u.
@KySportsRadio: Well looks like someone woke up... https://t.co/Z4EGnoPhfI/s/JDAQ
m.twitter.com/KySportsRadio
opcorn:opcorn:opcorn:
m.twitter.com/KySportsRadio
opcorn:opcorn:opcorn:Turtleneck and the uavel goobers that hang on our nutsack are sweating this one..IRS news is never good..[eyeroll]:chairshot:
Maybe they shot off their mouth a little too much.
IRS denies UofL deductions normally taken by "Adult Entertainment Industry."
- Glitter expense
- Prime Rib buffet
- Couch cleanings
- Brass Pole depreciation
- champagne for the champagne room
- Glitter expense
- Prime Rib buffet
- Couch cleanings
- Brass Pole depreciation
- champagne for the champagne room