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Started By
Message
re: Lori Loughlin now facing 40 YEARS in prison after grand jury indicts her
Posted on 4/9/19 at 3:36 pm to TheCaterpillar
Posted on 4/9/19 at 3:36 pm to TheCaterpillar
If it were state time, I would think so.
Federal? If Martha Stewart did a few years for insider trading, so will Aunt Becky for tax fraud.
Federal? If Martha Stewart did a few years for insider trading, so will Aunt Becky for tax fraud.
2
Posted on 4/9/19 at 3:38 pm to teke184
quote:
Her and her husband MIGHT get off with a minimum of time served but it will also mean they have to refile multiple years of taxes and pay hundreds of thousands, if not millions, in new assessments, penalties, and interest.
They're worth like 100 million apparently.
Posted on 4/9/19 at 3:39 pm to teke184
quote:Will Aunt Becky go to steak and lobster, tennis prison, or will she go to rotten taco hell?
so will Aunt Becky for tax fraud.
Posted on 4/9/19 at 3:39 pm to Hangit
She wont do a day in jail. Our prisons are already overflowing from violent offenders and drug dealers. Anyone who thinks Aunt Becky takes one of the spots needed for a real criminal is living in fantasy land.
Posted on 4/9/19 at 3:41 pm to TheCaterpillar
Considering they claimed about $1m or more in deductions which were fraudulent, I’m thinking that the amount they have to pay starts at $10m and only goes up as it gets closer to trial.
The IRS is fricking brutal when it comes to penalties and interest on back taxes.
The IRS is fricking brutal when it comes to penalties and interest on back taxes.
Posted on 4/9/19 at 3:42 pm to teke184
quote:
Federal? If Martha Stewart did a few years for insider trading, so will Aunt Becky for tax fraud.
Martha got 5 months and the intent of her actions wasn't to get a kid into college.
Posted on 4/9/19 at 3:42 pm to teke184
Her kid should have to go to community college for 2-3 years.
Posted on 4/9/19 at 3:42 pm to AtlantaLSUfan
quote:Anyone breaking the law in a way that can net you 40 years in jail, yes.
Proves that pretty much anyone can be arrested if the government wants to.
Posted on 4/9/19 at 3:43 pm to teke184
I’m still confused by this whole story. Why did she have to give 500K to a middleman. Couldn’t she just donate the 500K to USC and expect the rest to be taken care of?
Posted on 4/9/19 at 3:44 pm to Bonjourno
quote:
Couldn’t she just donate the 500K to USC and expect the rest to be taken care of?
Because it doesn't work like that
Posted on 4/9/19 at 3:45 pm to PurpleKnight88
quote:
Why are you willing to look the other way for someone who cheated the system who could actually afford to pay tuition at any school that her daughter would have gotten accepted to based on her grades and ACT/SAT scores? Why is it okay to look the other way in this case to you?
What if her daughters couldn’t get in on their own merits? What’s wrong with mommy stepping in to pay someone off to get them in? Who really cares? When these girls graduate they will be their job title will be some dumb shite like philanthropist anyway.
Posted on 4/9/19 at 3:45 pm to NIH
quote:
They donated money to a fake charitable organization, which in turn used the money for the bribes. BUT, considering they "donated" $500k to it, they then pretty much claimed it as a donation on their tax returns and it lowered their taxes due
I can't think of anything more American than this
This post was edited on 4/9/19 at 3:47 pm
Posted on 4/9/19 at 3:45 pm to Street Hawk
She should ask for the Jussie deal.
Posted on 4/9/19 at 3:45 pm to teke184
quote:
Considering they claimed about $1m or more in deductions which were fraudulent, I’m thinking that the amount they have to pay starts at $10m and only goes up as it gets closer to trial.
The IRS is fricking brutal when it comes to penalties and interest on back taxes.
First of all, why would fraudulent deductions of $1m be over a $10 million dollar penalty? That seems absurd and made up.
Secondly, I thought it was $500k they paid for this? Were they laundering other money? If that's the case, then that changes intent and makes this way worse.
Posted on 4/9/19 at 3:46 pm to RogerTheShrubber
quote:
Rich folk don’t do prison. Not for this kind Of stuff
Martha Stewart?
Posted on 4/9/19 at 3:47 pm to TheCaterpillar
quote:
Were they laundering other money? If that's the case, then that changes intent and makes this way worse.
Agreed. Was this simply hooking my girls up with an education or was this something worse. That needs to be answered
Posted on 4/9/19 at 3:52 pm to TheCaterpillar
It depends how many returns this happened on and how long ago to begin with.
If this was one return, then that means they have to refile one return, restate their income, then pay the difference in tax, a huge amount of penalties, and interest in all the differences dating back to the date they were filed. And the IRS does not use a lot interest rate IIRC. And penalties are calculated off a percentage of the return, not a flat rate.
The way this is stated, I think they did it over 2 or more years because there were 2 daughters, meaning multiple returns to be refilled and multiple sets of penalties and interest to be calculated.
I pulled the $10m number directly out of my arse but I think that is fair considering they have to pay probably $1m or more in taxes plus multiple years of penalties and interest, on top of the possibility that Massimo’s corporate returns gets audited since his individual returns are fraudulent.
If this was one return, then that means they have to refile one return, restate their income, then pay the difference in tax, a huge amount of penalties, and interest in all the differences dating back to the date they were filed. And the IRS does not use a lot interest rate IIRC. And penalties are calculated off a percentage of the return, not a flat rate.
The way this is stated, I think they did it over 2 or more years because there were 2 daughters, meaning multiple returns to be refilled and multiple sets of penalties and interest to be calculated.
I pulled the $10m number directly out of my arse but I think that is fair considering they have to pay probably $1m or more in taxes plus multiple years of penalties and interest, on top of the possibility that Massimo’s corporate returns gets audited since his individual returns are fraudulent.
Posted on 4/9/19 at 3:55 pm to BayouCatFan
Also, why would Felicity Huffman and others plead out if they didn’t think prison was a real possibility? Or alternatively, why wouldn’t Lori plead if she’s not going to get prison either way?
Posted on 4/9/19 at 3:58 pm to BitBuster
They got a steep discount on the going rate. Normally you have to buy a building.
Posted on 4/9/19 at 3:58 pm to ChiSaint
quote:
Also, why would Felicity Huffman and others plead out if they didn’t think prison was a real possibility? Or alternatively, why wouldn’t Lori plead if she’s not going to get prison either way?
It might just be me, but I feel like getting someone to change answers on a standardized test is a worse crime than bribing your way into a college.
I don't know why I feel that way, I just do.
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