Saints running back Reggie Bush had no real reason to fret about the NCAA’s investigation regarding whether he accepted money or other things of value while still an “amateur” athlete at USC. The NCAA can do nothing to Bush. At worst, the Heisman Trophy Trust could decide to take away his a trophy he has had in possession for more than four years.
But there’s another group that could have an interest in Bush’s alleged or actual receipt of money from a prospective agent in 2004 and/or 2005 — the IRS.
Per FOXnews.com, the federal taxation agency “might” be chasing Bush for taxes, penalties, and interest on the $300,000 or so (allegedly) in cash and benefits he received while still in college.
Still, there’s no indication in the report that the IRS is chasing Bush. It’s also unclear how the various statutes of limitations would apply. The IRS has three years to conduct an audit, but 10 years to collect unpaid taxes.
Under California state law, no statute of limitations applies to the auditing of a return or to the collection of the taxes.
So while this may all blow over in time, Bush’s best move could be to get with a tax lawyer, come clean about what he did and didn’t receive, figure out now the taxes and interest that would be owed, and pay it all.