Kylie Jenner's reputation as a cosmetic mogul has been put in jeopardy following the Forbes Magazine article that questioned her net worth. Now, rumors have it Kylie could even face jail time if it is proven that she and her company forged tax documents.
In Touch published a story this week alleging that the Keeping Up With The Kardashians star could face up to five years in prison for tax fraud. The tabloid based its assumption from Forbes report that indicated Kylie and her accountants provided different tax documents to them and to beauty giant Coty, which bought 51% Kylie Cosmetics earlier this year.
Forbes noted that they named Jenner as a youngest self-made billionaire based on their first assessment of the reality star's wealth. The reputable financial outlet implied that Kylie and her team could have been inflating the success of their business over the years. Apparently, Jenner's business empire is significantly smaller and less profitable than the family made the public believe.
In Touch quoted a Beverly Hills attorney as saying the discrepancies in Kylie's tax records could spark an investigation by the Securities and Exchange Commission. The supposed lawyer shared a theory that if proven that there is a misrepresentation of sales to inflate Kylie's worth or brand, Jenner could be charged with securities and investment fraud.
Gossip Cop, however, believed that the In Touch claim was too much. The outlet pointed out that no one knows what Kylie's official tax declaration is. The youngest of the KarJenner clan could have given the accurate tax report to the government but not to Forbes.
The publication added that Jenner could only be hot water if it is true that she lied to federal officials about her tax returns and the real value of Kylie Cosmetics. She will not be held accountable even if she presented herself as a billionaire to Forbes.
Gossip Cop pointed out that not disclosing the truth to reporters is not a crime. If it is later revealed that the mother-of-one entrepreneur did misrepresent herself by giving different documents of her assets to a journalist, the worst she could get is public backlash and not jail time.
Meanwhile, amidst the controversy that she has been facing at the moment, Kylie disclosed the percentage of black employees at her company. Kylie Cosmetics took part in the Pull Up for Change challenge and revealed that their employee diversity profiles.
In a statement shared on Instagram, the company said the Kylie Cosmetics/Kylie Skin team has 13 percent of black employees. Overall, 47 percent are BIPOC (Black, Indigenous, and People of Color) and 53 percent are white.
