IRS could chase Reggie Bush next

NFL_Bush1_250.jpgSaints 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.

34 responses to “IRS could chase Reggie Bush next

  1. Three years to conduct an audit – after a tax return has been filed for the tax year. In the event Bush never filed for one of those years (not unheard of for a college student), they would still have statutory rights. Or as Kramer would say, statue rights.

  2. Yeah, I’m sure Reggie is really sweating a few thousand bucks for the IRS. You could probably find the $300K, plus interest and penalties between the cushions of his couch. Yawn.

  3. If the IRS deemed Bush’s actions as intentional fraud there would be no statute of limitations.

  4. Odds are, Reggie didn’t file a tax return in school since he didn’t have “legitimate” income. If that’s the case, the statute of limitations wouldn’t begin to run since it doesn’t begn to run until the taxpayer files an adequate return. Even if a return was filed, the IRS could apply a 6 year statute of limitations if he omitted gross income from the return, and the amount of the omission is > 25% of the amount of gross income reported on the return. Also, if the omission was fraudulent, the IRS has an unlimited statute of limitations.

  5. The IRS should also look into his NFL money as well. He has been stealing that money since he signed his contract. Overrated scam artist…

  6. Florio, your probably the biggest douche bag sports writer in existence. I saw this title and automatically knew you were the only scum bag sports writer that would write an article on this.
    I just hope you don’t have some poor intern doing all this research for you.

  7. Mike give it a rest you have been going into Reggie Bush overattack mode today. It is obvious you hate the guy and the Saints for that matter, I guess even more now since they beat you beloved Vikings but damm, what did Reggie ever do to you?
    btw – the MJD post was a reach earlier today

  8. What’s the hold up on taking his Heisman ?? This is an award for “amateur” players… He clearly can’t be considered “amateur” anymore..

  9. Reggie Bush is somewhat overrated and although he made the right decision in not saying whether he was given benefits or not, he does deserve to lose his Heisman. the irs thing is pretty irrelevant though

  10. I wonder if this is the same dubious legal advice florio offered while running his legal career into the ground…

  11. Under California state law, no statute of limitations applies to the auditing of a return or to the collection of the taxes.
    —Wow, not surprising at all. That state is so broke, they will go after him just to help the state get some money.

  12. Probably won’t be hard for IRS, he’ll be hurt after 3 weeks anyway!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  13. redrum87
    this has nothing to do with the vikings. this has to do with the fact that the guy was a cheater. you just don’t like it when it’s one of your teams guy’s doing the cheating.

  14. Why do you come to this website if you hate Florio so much? If you don’t like an article, sure complain all you want, but if all you want to do is spew your venom then don’t come here. I get more sick of reading your garbage comments than you do of reading Florio’s stuff. Please go away….and yes Jack Diesel (that names says it all doesn’t it?) this means you.

  15. damn florio… u woulda been awsome during the salem witch hunt era or even the black list era.
    im starting to doubt we walked on the moon. man up and get over it!!

  16. Sparta, good point. I agree with the above poster, if you don’t like what Florio posts, don’t look at the website. The guy updates around the clock, of course you may deem some stories more important than others.

  17. Wouldn’t the IRS need proof before they could take action? Has there been any proof whatsoever besides verbal claims? Nope.

  18. Are we sure that it’s actually income? Seems to me that the better target would be those that gave him the money, as it sounds more like they were gifts (Gift Tax) to Reggie.
    If the only argument the boosters or whatever have is that “we gave it to him because he went to USC,” chances are it’s really a gift, not taxable income.

  19. @exit322
    Question for you, how much ” gift” can a person receive without paying taxes? Is is 10K?

  20. Wow. After reading the comments to this (really boring) article, I’ve come to one inescapable conclusion: conservatives have finally lost what little they ever possessed of their minds. What does this even have a LITTLE BIT to do with Obama? But…there are the Obama comments. Not everything concerns politics and your obsession with Obama. I genuinely fell sorry for conservatives. The sky must be an odd color in their twisted universe…

  21. First of all, California law does not apply to IRS statutes. That is Federal law, not State. You would think an attorney would know this.
    Secondly, there is no limitation on when the IRS can go after unpaid taxes in cases of fraud, unreported income or unfiled returns. If you filed a false return in 1975, and they have evidence you knowingly lied, they can come after you for penalties, interest, tax evasion etc.

  22. Yikes… two groups you don’t want to piss off and have after you… The Bureau of Motor Vehicles and the IRS… good luck with that Reggie. It would be hysterical to see them disperse some well deserved justice

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