The NCAA's University of Southern California Public Infractions Report (June 10, 2010) details over $300,000 in benefits from agents provided to former Trojan Heisman Trophy Winner (and current New Orleans Saint) Reggie Bush. FOX News reports that the IRS and California tax authorities may seek over $200,000 in back taxes, interest, and penalties from Mr. Bush:
Good thing Reggie Bush is a fast runner, because the IRS might be chasing him for back taxes, penalties and interest on the estimated $300,000 worth of luxury gifts he allegedly received while playing football at Southern California, FOXNews.com reported Monday. If they catch him, Bush could end up writing the government agency a check on the high side of $150,000.
"If the entire $300,000 is determined to be taxable," Los Angeles-based CPA Mark Greenberg said, "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." Greenberg estimates that Bush, now the star running back for the New Orleans Saints, "ultimately will wind up paying about $150,000," but "it could be up to $200,000" if his financial team can't get the penalties and interest waived.
