Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ A billionaire who vows to pay off debt to an entire college will pay $ 140 million to settle a four-year tax audit, the report said.

A billionaire who vows to pay off debt to an entire college will pay $ 140 million to settle a four-year tax audit, the report said.



Robert Smith
  • Billionaire Robert Smith will pay $ 140 million to settle a four-year tax investigation, Bloomberg reported on Wednesday.
  • The executive director of the private investment company Vista Equity Partners will admit illegal behavior, but will not be prosecuted, sources told Bloomberg.
  • The amount of the settlement, which is expected to be published on Thursday, includes taxes, penalties and interest.
  • Bloomberg reported in August that Smith was the subject of a four-year investigation by the Department of Justice and the Internal Revenue Service into outstanding $ 200 million in asset taxes.
  • Smith hit the headlines last year when he promised to repay student loans for the entire graduating class in 201
    9 at Morehouse College.
  • Visit the Business Insider homepage for more stories.

Billionaire Robert Smith, who promised to pay off the debts of an entire class of graduates a year ago, will pay $ 140 million to settle a four-year tax investigation involving assets held in offshore tax havens, Bloomberg reported on Wednesday.

Citing sources familiar with the matter, Bloomberg said Smith told some leaders of the upcoming agreement on Wednesday. Smith, who runs the private equity firm Vista Equity Partners, has cooperated with the investigation and will admit to misconduct, but will not be prosecuted, Bloomberg said.

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In August, Bloomberg reported that Justice and Home Affairs officials spent four years investigating whether the billionaire technology investor and philanthropist owed $ 200 million in asset taxes, which had been relocated through offshore companies linked to the US-based Houston businessman Robert Brockman.

The agreement, which could be made public on Thursday, according to one source, includes taxes, penalties and interest. That doesn’t include Vista, Bloomberg said.

A spokesman for Smith and Vista Equity Partners and the US lawyer declined to comment to Bloomberg on the nature of the agreement.

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Smith’s agreement includes a non-punishment agreement that says he missed about $ 30 million in taxes, with penalties and interest representing the remainder of the payment, a source who spoke to Smith by phone to Bloomberg on Wednesday said.

The person added that Smith admitted that he had not submitted accurate reports on foreign bank and financial accounts for three years, also known as the FBAR.

Smith hit the headlines last year when he promised to pay off the student debt of the entire graduating class in 2019 at Morehouse College in Georgia.


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