Former UC basketball star Yancy Gates had to pay $ 270,000 for not paying taxes
Updated: 1:05 p.m. EDT September 25, 2020
Former University of Cincinnati basketball player Yancy Gates has been asked to pay more than a quarter of a million dollars for failing to file taxes. Cincinnati-born Gates, 31, received a one-year suspended sentence and was sentenced to a refund of nearly $ 270,000 to the IRS for failing to pay his taxes, federal officials said Friday. According to court records, Gates has been playing professional basketball for teams in Lithuania, Israel, China, Germany and France since 2012. Gates made between $ 80,000 for his first season and $ 80,000 a month during the season he played in China. In addition to his salary, Gates’ employer teams provided him with all of his needs while he lived abroad, including his apartment, utilities, a car, health insurance, transportation, and multiple round-trip flights that he could keep for himself or herself could use for family and friends during the off-season, Gates returned to the Cincinnati area where he lived. Gates knew he was required to report his foreign income on a U.S. tax return but never filed a tax return or reported any of his income on that tax return.According to a Justice Department statement, Gates was indicted in August 2019 by an informational certificate issued in January 2020 for was found guilty of two cases of willful failure to file tax returns. His case was unsealed on Friday. Gates played for the University of Cincinnati between 2008 and 2012.
CINCINNATI –
Former University of Cincinnati basketball player Yancy Gates has been asked to pay more than a quarter of a million dollars for failing to file taxes.
Cincinnati-born Gates, 31, received a one-year suspended sentence and was sentenced to a refund of nearly $ 270,000 to the IRS for failing to pay his taxes, federal officials said Friday.
According to court records, Gates has been playing professional basketball for teams in Lithuania, Israel, China, Germany and France since 2012.
Gates made between $ 80,000 for his first season and $ 80,000 a month during the season he played in China. In addition to his salary, Gates’ employer teams provided him with all of his needs while he lived abroad, including his apartment, utilities, a car, health insurance, transportation, and multiple round-trip flights that he could keep for himself or herself could use for family and friends, the government says.
In the off-season, Gates returned to the Cincinnati area where he lived.
Gates knew he was required to report his overseas income on a U.S. tax return, but did not file a tax return or report any professional basketball income, according to a Justice Department statement.
Gates was charged in August 2019 by a notice found guilty in January 2020 of two cases of willful failure to file tax returns. His case was unsealed on Friday.
Gates played for the University of Cincinnati between 2008 and 2012.
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