Louisville Cardinals

Recent Stories

U of L To Pay Back Taxes On Adidas Swag, Club Memberships

The University of Louisville owes $96,000 to the Internal Revenue Service after an audit found it wasn’t paying taxes on Adidas freebies given to staffers in the athletics department. Roughly $200,000 worth of Cards clothing — polos, workout gear and the like — handed out to coaches is a fringe benefit and taxable, according to the IRS audit of the university’s wages in 2014 and 2015. Since the clothing is not required for work and can easily be worn off the clock, U of L should’ve been considering the fair market value of the clothes to be gross income subject to tax, the audit said. The IRS found that U of L also neglected to treat as taxable income golf club dues for four employees, worth about $25,000 a year. John Karman, a U of L spokesman, noted that the audit was routine and that U of L has agreed to pay the additional taxes as well as any taxes triggered by the free clothes in the future. Continue Reading →

Filed under: , , ,