Mark Matthews & Meghan Biss Comment on Tax Impact of College Admissions Scandal

A wide-ranging college admissions cheating scheme allowed wealthy parents not only to get their kids into sought-after schools but to write off the bribes on their taxes, federal authorities say.

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Key Worldwide Foundation should have reported to the IRS all contributions over a certain threshold, said Meghan Biss, who spent a decade with the IRS before joining Caplin & Drysdale.

That means that in addition to clawing back taxes from the parents who’ve been charged, the IRS will likely be going through those names to determine whether the other donations were legitimate, she said.

“Are there more people who have potential criminal charges or just civil fines out there?” she asked.

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The IRS has “been known as the follow the money crowd since the days of Al Capone so they will be following those lists and that money very carefully,” said Mark Matthews, a former deputy commissioner of the agency who’s now an attorney at Caplin & Drysdale in Washington.

For the full article, please visit the Associated Press’ website.

Excerpt taken from the article “Parents Could Face Tax Charges, Big Fines in Admissions Scam” by Alanna Durkin Richer for the Associated Press.