flgreen Posted April 28, 2015 Share Posted April 28, 2015 NFL Gives Up ‘Distraction’ Of Tax-Exempt Status April 28, 2015 1:19 PM NEW YORK (CBSNewYork/AP) — The National Football League is giving up its tax-exempt status, which Commissioner Roger Goodell called a “distraction.” In a letter to team owners, Goodell said the league office and its management council will file tax returns as taxable entities for the 2015 fiscal year. Goodell said the NFL has been tax-exempt since 1942, though all 32 teams pay taxes on their “income generated through television rights fees, licensing agreements, sponsorships, ticket sales, and other means.” Goodell said the change will not alter the function or operation of the league, since all the teams already pay taxes. “As you know, the effects of the tax exempt status of the league office have been mischaracterized repeatedly in recent years,” Goodell said in the letter to owners. “The fact is that the business of the NFL has never been tax exempt.” Some members of Congress have criticized the NFL, which generates billions in revenue, for being tax-exempt. Team owners gave the league’s finance committee and management council the authority to change the tax status at league meetings in March, Goodell said. “As a result, the committees decided eliminate this distraction,” Goodell wrote. Goodell forwarded the letter to the owners to Rep. Paul Ryan, R-Wisc., and Rep. Sander Levin, D-Mich. Ryan chairs the tax-writing House Ways and Means Committee and Levin is the ranking Democrat. Because of the change, Goodell’s salary will no longer be public record, ESPN’s Darren Rovell reported. (TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.) Link to comment Share on other sites More sharing options...
Integrity28 Posted April 28, 2015 Share Posted April 28, 2015 Roger Goodlol Link to comment Share on other sites More sharing options...
Ken Schroy Posted April 28, 2015 Share Posted April 28, 2015 A little damage control eh Roger? Might be too little too late. Link to comment Share on other sites More sharing options...
JetsFanInDenver Posted April 28, 2015 Share Posted April 28, 2015 The NFL does not earn much because almost all of it goes to the 32 teams. So the tax exempt status may not be a HUGE thing to give up. Link to comment Share on other sites More sharing options...
#27TheDominator Posted April 28, 2015 Share Posted April 28, 2015 Because of the change, Goodell’s salary will no longer be public record, ESPN’s Darren Rovell reported. Don't let them see the enormous raise I am getting on my $44M salary! They have a salary cap and they pay this prick $44M? ******* criminal. Link to comment Share on other sites More sharing options...
BaumerJet Posted April 28, 2015 Share Posted April 28, 2015 Has no one figured this up yet. The move is in order for the NFL to go PUBLIC! The WWF did the same prior to going public on the Nasdaq exchange on August 03, 1999 by becoming the WWE Two years after they went public. I truly believe that a Stock option is being developed for the NFL so that the brand can become a world wide brand & not just limited to the USA. Also, if I did not want the NFLPA to know any new profit amounts that could affect new negotiations on the next contract, I would do this as well. Link to comment Share on other sites More sharing options...
Gas2No99 Posted April 28, 2015 Share Posted April 28, 2015 Has no one figured this up yet. The move is in order for the NFL to go PUBLIC! Also, if I did not want the NFLPA to know any new profit amounts that could affect new negotiations on the next contract, I would do this as well. By going public ALL financial info/profitability & executive compensation MUST be stated in the annual reports. You can't "hide" info from the public while being a publicly traded company; that is fraud. Link to comment Share on other sites More sharing options...
Larz Posted April 28, 2015 Share Posted April 28, 2015 so this way krafts $50,000,000 lump sum payment won't be disclosed Link to comment Share on other sites More sharing options...
southparkcpa Posted April 28, 2015 Share Posted April 28, 2015 The tax return of the NFL is public record. Below is the 990 for 2012 where Goodell made 44 million. yes..44 million. Google NFL form 990 http://990s.foundationcenter.org/990_pdf_archive/131/131922622/131922622_201303_990O.pdf?_ga=1.47919461.335315553.1430262219 Link to comment Share on other sites More sharing options...
southparkcpa Posted April 28, 2015 Share Posted April 28, 2015 By going public ALL financial info/profitability & executive compensation MUST be stated in the annual reports. You can't "hide" info from the public while being a publicly traded company; that is fraud. They are NOT public. Much will be unavailable. No annual reports will be available to the public. Link to comment Share on other sites More sharing options...
Matt39 Posted April 28, 2015 Share Posted April 28, 2015 The tax return of the NFL is public record. Below is the 990 for 2012 where Goodell made 44 million. yes..44 million. Google NFL form 990 http://990s.foundationcenter.org/990_pdf_archive/131/131922622/131922622_201303_990O.pdf?_ga=1.47919461.335315553.1430262219 man of the people Link to comment Share on other sites More sharing options...
Gas2No99 Posted April 29, 2015 Share Posted April 29, 2015 They are NOT public. Much will be unavailable. No annual reports will be available to the public. Please explain. If the NFL goes public, how do they NOT disclose financial information that the SEC mandates? Why would they be exempt from the annual audits which have to be reported to shareholders & thereafter easily accessible by the general public? Why would the NFL be exempt from complying with the 2002 SarbanesOxley act which demanded more transparency ? From my understanding, the main disadvantage of "going public" is the required disclosures. So please explain how "much will be unavailable." Link to comment Share on other sites More sharing options...
rillo Posted April 29, 2015 Share Posted April 29, 2015 So now Goodell doesn't have to make his tax return public? Link to comment Share on other sites More sharing options...
House Jet Posted April 29, 2015 Share Posted April 29, 2015 The registration process alone mandates full disclosure to potential investors which is basically the public since it could be accessed through the sec website Link to comment Share on other sites More sharing options...
Gas2No99 Posted April 29, 2015 Share Posted April 29, 2015 So now Goodell doesn't have to make his tax return public? Not his tax return - that is his PERSONAL PRIVATE info. What this move does is allow the NFL to no longer have to disclose THE COMPENSATION it gives to its employees & executives. The $44M is merely what Goodell RECEIVES from the NFL. What he receives from the NFL is not his personal tax return, for all we know he earns WAY MORE than that (ie Investment income, R/E holdings, dividends, etc.). Why do people care, and WHAT RIGHT DO THEY HAVE, to snoop on his compensation or wanting his personal tax info made public? He's not a 2 bit professional-politician constantly nipping at the TaxPayer's teet, why should there be disclosure on his earnings? Link to comment Share on other sites More sharing options...
rillo Posted April 29, 2015 Share Posted April 29, 2015 Not his tax return - that is his PERSONAL PRIVATE info. What this move does is allow the NFL to no longer have to disclose THE COMPENSATION it gives to its employees & executives. The $44M is merely what Goodell RECEIVES from the NFL. What he receives from the NFL is not his personal tax return, for all we know he earns WAY MORE than that (ie Investment income, R/E holdings, dividends, etc.). Why do people care, and WHAT RIGHT DO THEY HAVE, to snoop on his compensation or wanting his personal tax info made public? He's not a 2 bit professional-politician constantly nipping at the TaxPayer's teet, why should there be disclosure on his earnings? Bump the brakes dude, I was asking a question. Didn't know what this meant really. Link to comment Share on other sites More sharing options...
Gas2No99 Posted April 29, 2015 Share Posted April 29, 2015 Bump the brakes dude, I was asking a question. Didn't know what this meant really. I answered your question. A d it was quite obvious you had no idea what you were asking so I explained it to you. Declared compensation does not equal personal tax return. It wasn't your comment, moreso a prior post where his compensation caused the snarky remark "man of the people" - I am just tired of all this income inequality whining that has consumed our society and is consuming NYC ..........and it's PUMP the brakes, not bump Link to comment Share on other sites More sharing options...
rillo Posted April 29, 2015 Share Posted April 29, 2015 I answered your question. A d it was quite obvious you had no idea what you were asking so I explained it to you. ..........and it's PUMP the brakes, not bump I said I wasn't clear on what it meant. Autocorrect is a bitch sometimes. Link to comment Share on other sites More sharing options...
southparkcpa Posted April 29, 2015 Share Posted April 29, 2015 Please explain. If the NFL goes public, how do they NOT disclose financial information that the SEC mandates? Why would they be exempt from the annual audits which have to be reported to shareholders & thereafter easily accessible by the general public? Why would the NFL be exempt from complying with the 2002 SarbanesOxley act which demanded more transparency ? From my understanding, the main disadvantage of "going public" is the required disclosures. So please explain how "much will be unavailable." They are not going public..... they will stay a private , for profit enterprise. NO SEC jurisdiction. Link to comment Share on other sites More sharing options...
#27TheDominator Posted April 29, 2015 Share Posted April 29, 2015 Not his tax return - that is his PERSONAL PRIVATE info. What this move does is allow the NFL to no longer have to disclose THE COMPENSATION it gives to its employees & executives. The $44M is merely what Goodell RECEIVES from the NFL. What he receives from the NFL is not his personal tax return, for all we know he earns WAY MORE than that (ie Investment income, R/E holdings, dividends, etc.). Why do people care, and WHAT RIGHT DO THEY HAVE, to snoop on his compensation or wanting his personal tax info made public? He's not a 2 bit professional-politician constantly nipping at the TaxPayer's teet, why should there be disclosure on his earnings? They have a salary cap because they can't be trusted not to overpay the players, but they pay this guy $44M and I am not entitled to bitch about it? When I am hearing the Jets may have to deal Wilkerson because "they can't afford to pay two 3-4 DEs that much"? What the **** does he get paid for? Pretending not to have seen the Ray Rice tape? Dragging out this deflation scandal so that the fans of the other 31 teams can feel they got robbed? I wouldn't give a **** how much he makes, if they weren't telling me they had to curb spending during the CBA negotiations. Link to comment Share on other sites More sharing options...
Gas2No99 Posted April 29, 2015 Share Posted April 29, 2015 They are not going public..... they will stay a private , for profit enterprise. NO SEC jurisdiction. No $hit Sherlock, that's why if you bothered to do your due diligence you would see that my post you cite is answering another poster's theory that they would be going public in order to not show information - which I pointed out as wrong. Link to comment Share on other sites More sharing options...
southparkcpa Posted April 29, 2015 Share Posted April 29, 2015 No $hit Sherlock, that's why if you bothered to do your due diligence you would see that my post you cite is answering another poster's theory that they would be going public in order to not show information - which I pointed out as wrong. Little harsh no???? You asked me a question, I answered. Link to comment Share on other sites More sharing options...
#27TheDominator Posted April 29, 2015 Share Posted April 29, 2015 ACCOUNTANT FIGHT!!!! Link to comment Share on other sites More sharing options...
Gas2No99 Posted April 29, 2015 Share Posted April 29, 2015 Little harsh no???? You asked me a question, I answered. My question was snarky & rather self-explanatory in replying to your post. If you bothered to see the previous context as to WHY I wrote what I wrote, correcting a poster's incorrect conclusion about financial disclosure in regards to a company going public, then you'll see why I responded to your interjection in the manner that I did. Now off to the T accounts!!!!! All good buddy, I've had a $HITTY 2015 (yes, the year) and my tone may seem abrasive at times, apologies fellow Jets fan. Link to comment Share on other sites More sharing options...
southparkcpa Posted April 29, 2015 Share Posted April 29, 2015 My question was snarky & rather self-explanatory in replying to your post. If you bothered to see the previous context as to WHY I wrote what I wrote, correcting a poster's incorrect conclusion about financial disclosure in regards to a company going public, then you'll see why I responded to your interjection in the manner that I did. Now off to the T accounts!!!!! All good buddy, I've had a $HITTY 2015 (yes, the year) and my tone may seem abrasive at times, apologies fellow Jets fan. Its all good.... whats a T account? Link to comment Share on other sites More sharing options...
Greenseed4 Posted April 29, 2015 Share Posted April 29, 2015 The NFL does not earn much because almost all of it goes to the 32 teams. So the tax exempt status may not be a HUGE thing to give up. Goodell made $44M in 2013. Link to comment Share on other sites More sharing options...
JetsFanInDenver Posted April 29, 2015 Share Posted April 29, 2015 Goodell made $44M in 2013. So ? Link to comment Share on other sites More sharing options...
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