But it didn't end there. After the Bears announced Williams signed his deal, Florio revealed Williams' camp made other attempts to help the rookie signal caller earn untaxed money.

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According to Florio, Williams' camp attempted to convince the Bears to pay Williams as an LLC (Limited Liability Company). In Illinois, LLCs have zero income tax filing requirements, meaning Williams wouldn't have to pay taxes on his four-year contract worth $39 million.

Another attempt Williams' camp made was earning 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," Florio reported.

The Bears, according to Florio, went to the NFL with both of these proposals, finding no evidence they were invalid in the NFL's CBA (Collective Bargaining Agreement).

But the league nixed both of the proposals

The NFL told the Bears player's money can't go to a business entity other than the player, per the report. There was no reason given for why the league axed the idea of a forgivable loan.

The clauses Williams' team pitched could've been historic. No rookie NFL player has ever notched a clause in their first deal to exclude the prospect of a franchise tag from the future. And no player has ever been paid in the form of an LLC or through a loan

Not over yet.

The loan thing is an obvious cap circumvention and that had no chance of getting approved. The LLC thing is interesting. So in theory any of us can incorporate an LLC and if we can get our employers to pay the LLC we don't need to pay Illinois income taxes?

The loan thing is an obvious cap circumvention and that had no chance of getting approved. The LLC thing is interesting. So in theory any of us can incorporate an LLC and if we can get our employers to pay the LLC we don't need to pay Illinois income taxes?

Those seem to be the kind of things that get you put in jail if you try or at least you get a strongly worded letter from the IRS asking for more information.

I would think the LLC would still have to pay income tax or distribute the money to an individual who’d have to pay income tax if they’re an S corp.

Unless he’s routing all of his expenses through the LLC, I don’t get how it’d help him that much.

That said, I’m supportive of him doing anything he can do to reduce his tax bill.

what is that list for?

Good to see Rome taking the Iverson approach to practice.

Good to see Rome taking the Iverson approach to practice.

What are we talking about here?

It's a long season you really are going to gave to step up your troll game.











Oink Oink!!!!

Nah, the Packers been trolling the Bears for years.

The past is for cowards and losers.