football / major sports / non-profits / taxes

YAY! Under Increasing Scrutiny, NFL Ends Tax-Exempt Status

NFLThis picks up on a blog post I wrote some time ago, highlighting a New Yorker article about the NFL’s tax-exempt status.

It’s about time the major sports organizations file taxes as for-profits which is absolutely what they’ve been all along, raking in millions from broadcasters, tickets, advertisers and fan swag.

I wonder if they did so voluntarily to avoid a prolonged look-see into their finances over the years?  The League was certainly coming under increasing scrutiny with the Congress getting out the magnifying glasses, as noted in today’s Huffington Post Article:

“House Oversight and Government Reform Chairman Jason Chaffetz (R-Utah) sent a letter to Goodell last month to inform him that the committee is reviewing the NFL’s tax-exempt status, as well as those of 10 other sports leagues and associations.  Chaffetz also requested additional information on the league’s status be sent by April 3. Earlier in the year, Chaffetz spoke of the possibility of bringing Goodell before the Oversight panel.”

The NFL really should be required to pay back taxes but at least their status will change going forward.

This news is moving in the right direction with a lot more “conversions” needed.  Hopefully the NFL’s action will spark copycats.

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