Chicago Bears offseason

[Old Style]

 

[jersey cubs fan]

[Derwood]

1 hour ago, Old Style said:

 

 

No fingernail polish. Clearly an imposter/AI generated

[Hairyducked Idiot]

Apparently williams' camp, probably his dad, asked for a bunch of weird dumb stuff like the Bears not paying Williams but instead paying an LLC set up to avoid taxes 

 

https://xkcd.com/1494/

[CubinNY]

Can you pay me in gold krugerrands? 

[Tryptamine]

1 hour ago, Hairyducked Idiot said:

Apparently williams' camp, probably his dad, asked for a bunch of weird dumb stuff like the Bears not paying Williams but instead paying an LLC set up to avoid taxes 

 

https://xkcd.com/1494/

He'd be smart to take it into a C Corp, with a flat tax rate of 21% federal versus the 37% he'd pay federally as an individual. He'd pay a bit more to Illinois, but the federal savings would far out weigh that and the deductions he could take on that income on a C Corp would far outweigh what he could take on his individual return. Unless I'm misunderstanding his request, I feel like it would be foolish to not do this.

[WrigleyField 22]

1 hour ago, Tryptamine said:

He'd be smart to take it into a C Corp, with a flat tax rate of 21% federal versus the 37% he'd pay federally as an individual. He'd pay a bit more to Illinois, but the federal savings would far out weigh that and the deductions he could take on that income on a C Corp would far outweigh what he could take on his individual return. Unless I'm misunderstanding his request, I feel like it would be foolish to not do this.

Can you page wages into a C Corp? There's no way his salary is not getting classified as a wage. He isn't a private contractor.

[mul21]

15 minutes ago, WrigleyField 22 said:

Can you page wages into a C Corp? There's no way his salary is not getting classified as a wage. He isn't a private contractor.

Caleb Williams, LLC, Starting QB

[Tryptamine]

27 minutes ago, WrigleyField 22 said:

Can you page wages into a C Corp? There's no way his salary is not getting classified as a wage. He isn't a private contractor.

This is where you'd have to get creative and someone more experienced than me would have to figure out the way. For example, I have a group of doctors who all work together and they're collectively part of a partnership. The hospital pays their wages to the partnership. The partnership then disperses their income like normal checks biweekly to the doctors. At the end of the year they receive a K-1 from the partnership instead of a W-2. That K-1 can and does go to their individual C Corps instead of to their individual returns. 

[minnesotacubsfan]

we have such a wonderful income tax system dont we

[WrigleyField 22]

16 minutes ago, Tryptamine said:

This is where you'd have to get creative and someone more experienced than me would have to figure out the way. For example, I have a group of doctors who all work together and they're collectively part of a partnership. The hospital pays their wages to the partnership. The partnership then disperses their income like normal checks biweekly to the doctors. At the end of the year they receive a K-1 from the partnership instead of a W-2. That K-1 can and does go to their individual C Corps instead of to their individual returns. 

Sounds like the hospital is paying the partnership like any other vendor (probably issues a 1099) and getting services. They can probably get away with that even if they ultimately exert some traditional employer-employee control over the doctors. Then the partnership issues as K-1. And even then they may still be required to draw some wages from the partnership. It likely has to pass a reasonableness test if they ever got audited and were doing employment level work for the partnership and not drawing a wage on part of their income. I see that pretty frequently with firms I deal with who have to draw some wages and not count everything as partnership draws.

No way an athlete under a collectively bargained union contract is gonna claim non-employee status.

 

 

 

Edited July 18, 2024 by WrigleyField 22

[jersey cubs fan]

If this were legally possible it would already exist. I’m sure their endorsement income is treated this way, not their contracted salary. 

[WrigleyField 22]

5 minutes ago, jersey cubs fan said:

If this were legally possible it would already exist. I’m sure their endorsement income is treated this way, not their contracted salary. 

Or whatever the hell deal Tom Brady made with his wellness coach/business hired by the team

[Hairyducked Idiot]

Only 10 days until the preseason opener.

This is the most hyped I've been to see a sports team in quite a few years.  There's plenty of downside and ways it could go wrong, but the upside is just as real in a way I'm not sure I've ever seen from the bears.

[Brian707]

Summer of 85 and 06 and maybe 19 only comparable to the hype this year 

[imb]

18 hours ago, Hairyducked Idiot said:

Only 10 days until the preseason opener.

This is the most hyped I've been to see a sports team in quite a few years.  There's plenty of downside and ways it could go wrong, but the upside is just as real in a way I'm not sure I've ever seen from the bears.

holy horsefeathers 10 days, thats crazy

[Tryptamine]

I'm trying not to get too hyped since we know Caleb is going to throw like 2 passes before he's out of the game. 

[UMFan83]

6 minutes ago, Tryptamine said:

I'm trying not to get too hyped since we know Caleb is going to throw like 2 passes before he's out of the game. 

Is he even going to play in the HOF game?  Being an extra preseason game, I think many teams don't even play their starters at all.  But since Caleb is a rookie and the Hard Knocks hype, maybe he'll play a series.

[Tryptamine]

21 minutes ago, UMFan83 said:

Is he even going to play in the HOF game?  Being an extra preseason game, I think many teams don't even play their starters at all.  But since Caleb is a rookie and the Hard Knocks hype, maybe he'll play a series.

I'd hope so. As a rookie he's going to need all the lives snaps he can get before week 1.

[jersey cubs fan]

57 minutes ago, UMFan83 said:

Is he even going to play in the HOF game?  Being an extra preseason game, I think many teams don't even play their starters at all.  But since Caleb is a rookie and the Hard Knocks hype, maybe he'll play a series.

The article I read said he won’t play in first game 

[Hairyducked Idiot]

4 hours ago, jersey cubs fan said:

The article I read said he won’t play in first game 

I deserve this disappointment for believing in NFL preseason 

[Tryptamine]

1 minute ago, Hairyducked Idiot said:

I deserve this disappointment for believing in NFL preseason 

It really baffles the mind. So he won't play game 1 and starters notoriously don't play in the last preseason game. So we're going to have a rookie QB, in a year where the playoffs are realistic,  throw maybe 20 passes before week 1. Sounds like a great plan, he certainly doesn't need extra time to get acclimated to the NFL or anything. 

[jersey cubs fan]

22 minutes ago, Tryptamine said:

It really baffles the mind. So he won't play game 1 and starters notoriously don't play in the last preseason game. So we're going to have a rookie QB, in a year where the playoffs are realistic,  throw maybe 20 passes before week 1. Sounds like a great plan, he certainly doesn't need extra time to get acclimated to the NFL or anything. 

Preseason games are worthless. He’s not missing anything by not playing a ton behind backup linemen and against future practice squad guys 

[Bobson Dugnutt]

I think it was Biggs that mentioned on the Score this morning Eberflus’ plan for Williams during the preseason will be dependent on what members of the OL are healthy and available in a given week. Seems like a sound enough approach to me. If starters get dinged up and they’re resorting to practice squad guys, play it safe. Otherwise, put Caleb out there.

[Tryptamine]

1 minute ago, jersey cubs fan said:

Preseason games are worthless. He’s not missing anything by not playing a ton behind backup linemen and against future practice squad guys 

It's a step up from what he faced in college. Think of it as a brief minor league stint before he hits the bigs.