As of July 1, 2021, the NCAA granted student-athletes the privilege of profiting from their name, image, and likeness (NIL). This reversal of policy is welcome news and has been celebrated by nearly everyone. As the saying goes: With great freedom comes great responsibility, and this is truer now than ever as these student-athletes can now add “business-athlete” to their title. As business owners and entrepreneurs quickly learn, whenever money is to be made, Uncle Sam is there to take his cut of their profits in the form of taxes.