Key Worldwide Foundation Donors May Face Huge IRS Problems

If the IRS finds the parents claimed deductions on fake charitable contributions to an illegitimate charity, the agency could impose large penalties under tax code Section 6601 and Section 6662, which cover interest payments and penalties for underpayment of taxes. Under Section 6662, the IRS can add to the tax an amount equal to 20 percent of the portion of the underpayment.  Some parents paid as much as $75,000 in order for someone to either … Read More

The Key Worldwide Foundation Contributors; The Charity in the College Entrance Exam Scam

The college admissions scandal involved many high profile people and shook up the world of college admissions practices throughout the country. William Singer, a college admissions consultant at the center of the college entrance scheme, which was uncovered by the IRS and FBI, pleaded guilty to racketeering and other charges on March 12, 2019. As a result, dozens of parents may now face steep tax penalties after they allegedly paid bribes disguised as donations in … Read More