It took the NCAA an awful long time to get to the bottom a slew of violations made by the USC football program.
Unless Reggie Bush is particularly slippery, the IRS might be much faster tracking him down. FoxNews.com reported that the government could be going after Bush for back taxes and penalties on an estimated $300,000 worth of gifts he received while he was an “amateur” athlete at USC.
The report indicates that the IRS could be shooting for more than $150,000 from Bush before it is all said and done.
“If the entire $300,000 is determined to be taxable,” Los Angeles-based CPA Mark Greenberg told FoxNews.com, “about 50 percent of that would go to the IRS and Franchise Tax Board. And with penalties and interest, it could go up to 60 percent since it’s going back a few years.”
The NCAA hammered the Trojans program earlier this month, placing USC on probation for four years, banning it from postseason play for two years and cutting scholarships. It’s all the result of a lengthy investigation into a slew of gifts, benefits and perks Bush received from marketing agents while he was in school.
Bush has denied any wrongdoing but it’s not like he’s going to step forward and announce that the IRS knocked on his door looking for cash. Stay tuned.
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