Chicago Bears quarterback Caleb Williams was reportedly attempting to make use of some rather creative tax strategies to save himself some money, but the NFL seems to have shut down those plans.
According to a report from Mike Florio of Pro Football Talk, Caleb Williams tried a number of different tax strategies before signing his deal with the Chicago Bears, but the NFL shut them down.
“For example, multiple sources tell PFT that there was an attempt to get Williams paid as an LLC. The Collective Bargaining Agreement doesn’t seem on the surface to foreclose that approach. However, the league decided that it does. The Bears were told by the NFL that the player’s money can’t go to a business entity other than the player,” Florio wrote for Pro Football Talk.
“Another approach emerged from the concept of a forgivable loan, which would have resulted in Williams getting the money tax free until the loan was forgiven, as many as 10 years into the future. The Bears, through the NFL, also nixed that possibility.”
Obviously, it makes sense for him to try and make use of some of these strategies, but it sounds like he’s just going to have to pay taxes just like everyone else.
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