Gary Barnett, the embattled football coach at the University of Colorado, whose program has been investigated for sexual assault and recruiting violations over the past several years, now has Uncle Sam to contend with. The Internal Revenue Service has begun an investigation into two summer football camps that Barnett operates for boys ages eight to 13. Although university officials and the IRS declined to reveal what the investigation has centered on, Barnett's lawyer told the Rocky Mountain News that he thinks the probe is related to media reports that focused on allegations of questionable accounting and lax oversight of camp expenditures. Barnett said that he was cooperating and was "anxious for the truth to get out." The IRS probe follows a report by a Colorado grand jury that criticized how Barnett's football camps tracked money, alleging that the procedures amounted to a "slush fund" for the coaches. The grand jury convened about a year ago to delve into allegations that the CU program freely used sex and alcohol to procure potential recruits.In 2001, three women charged that they had been sexually assaulted by CU football players. Those charges quickly morphed into a series of investigations by the police, prosecutors and the grand jury.
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The Top 25 Firm Eide Bailly will acquire accounting and advisory firm MUN, expanding its footprint with five offices in key markets.
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The Internal Revenue Service's Criminal Investigation unit has been stepping up its enforcement efforts targeting financial crimes tied to illegal gambling.
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Plus, Hitendra Patil releases a new book; Koltin Group and Bennett Thrasher make Inc. 5000; and other firm and personnel news from across the profession.
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The combined average U.S. sales tax rate rose for the first time in four years to a 10-year high of 10.1881%, according to a new report.
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The National Association of Tax Professionals unveiled Accredited Individual Tax Professional and Advanced Accredited Individual Tax Professional credentials.
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Plus, TransFi launches Jarvis for cross-border payment compliance; PwC Canada joins with Alation to develop AI solutions; and other accounting tech news.
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