Falling Incomplete with the Tax Law
Freddie Mitchell has his place in NFL history. He was on the receiving end of a throw by Philadelphia Eagles quarterback Donovan McNabb on a 4th and 26 play during the final two minutes of the divisional round of the 2003-2004 playoffs. Had the pass fallen incomplete, the Green Bay Packers would have won and advanced. Instead, the Eagles forced the game into overtime and eventually won the game.
Mitchell was a first round draft pick and played in his last NFL game at the age of 26. Some former players go into coaching, some take up charity work. Others, unfortunately, get into trouble with the law.
Allegedly, Mitchell used his connections with professional athletes in order to defraud the government.
Mitchell introduced at least one athlete, “A.G.,” to a tax preparer who claimed she could obtain for the athlete a large federal tax refund. A.G. made a $100,000 down payment to Mitchell for the services. Using bogus information, the preparer filed A.G.’s 2008 tax return which reflected a $1,968,288 refund. Form 8888 was attached to the return in order to allocate portions of the refund to both Mitchell and the preparer.
This time, Mitchell’s play may put him behind bars.
I hope this story serves as a wake up call to professional athletes who are inexperienced with handling their finances. If it seems too good to be true, it probably is.