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Parents In College Admission Scandal May Face Tax Fraud Charges And IRS Penalties
The parents involved in yesterday's widely reported college admissions scam could have even more bad news coming their way in the form of tax penalties and civil tax fraud charges, as the parents involved in the scheme were able to take tax deductions on purported "donations" that were doubling as bribes in order to get their children into elite colleges like Stanford and Yale.
The Key Worldwide Foundation has been declared a tax exempt organization and fronted/brokered many of the bribes that were paid out to University administrators. The Internal Revenue Service declared the foundation tax-exempt under code Section 501(c)(3) around 2013. If parents decided to "double dip" and write their bribes off, they could eventually be charged with tax crimes.
As long as the statute of limitations has not expired, the IRS has the option to audit the parents involved in the scheme, potentially resulting in deficiency notices, according to Sam Brunson, a professor of law at Loyola University Chicago.
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The Great Awakening Episode 6
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Just found this Community in one of the posts on FB and had to sign up right away! I grew up in Germany and became a US Citizen in 2008, just in time to not vote for Obama. I love my adopted Country!
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