Alleged tax fraud or evasion could end up being a big part of the college admissions scandal, here's why.
It’s almost Tax Day. Unless you’ve had your head in the sand, it would be hard not to know something about the college admissions scandal. Prosecutors to secure spots at top universities by illicit means, from fixing test scores, to faking athletic prowess, to rigging donations. The charges have yet to be proven, but the 33 parents who are charged will have to contend with cooperating witnesses, including the alleged mastermind of the scheme, William Singer.
Members of the media and attendees gather as actress Lori Loughlin, not pictured, exits federal court in Boston, Massachusetts, U.S., on Wednesday, April 3, 2019. Wealthy parents appeared in court as the clock ticks down on plea bargains for their alleged role in the biggest college admissions scam the Justice Department has ever prosecuted. Photographer: Scott Eisen/BloombergA number of parents were charged with conspiracy to commit mail fraud and honest services mail fraud.
The tax law is clear that you can’t write off a charitable contribution if it wasn’t really a charitable contribution. One way it might not be is if you were paying for services. Another way would be if the charitable entity wasn’t really charitable. Still another might be linked to where the money you contributed came from originally.
But the tax issues don’t stop there. An Affidavit in the case alleges that some of the parents paid bribes and other payments from accounts associated with their businesses.
Shortly thereafter, the defendant father's company allegedly wired $100,000 to Key Worldwide Foundation. The Senators say this strongly suggests the payments were not legitimate business expense deductions. Willfulness or knowledge of wrongdoing can be hard for the government to prove in a criminal tax case. But it may be hard to argue that these tax mistakes were unintentional. Then, there is the alleged end-run around capital gain taxes.
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