Random Politics & Religion #02

I got an open purchase order for a million hot dogs, lets do this!

Things people who run ballparks say.

Laundromats generally don't provide soap to you.

The extent of it they could check would be utility bills for water/gas/electric and see if it's way out of whack with reported income.

Honestly, there's no way IRS would figure that out either.

I mean, those 50 extra sales would be considered "waste."

But IRS would still require some substantiation of that.

If anything, you would have to have businesses sell 1,250 hot dogs on the books but really sell 1,300 for IRS to not even notice. 20% of your sales off the record is still able to be caught just by bank deposits alone. You have to go really small, something like 3% of your sales or less off the books, for you to get away with it unnoticed.

And IRS will prosecute people with as little as 3% discrepancy of their income vs. bank records. Like they care, it's a government agency.

Topicbanned

Bad puns are a ban worthy offense.

I was just using their examples.

This is the proper way to go about it.


No, it won't. Not if everything is done with cash and kept off ledgers. It literally never happened and no way exists to prove it did.

They have to prove they bought the computer for 7k though. Again, red flag if the going price of computers for people in that industry is only 2k.

I understand very few things do, such as land.

But we are talking about assets, not investments. Those are two completely different things for a business. One is held for appreciation purposes while the other is used to generate revenue for the company.

I run several businesses myself, thank you very much.

But I wouldn't sign off a tax return unless I know that tax return is correct and honest. And nearly all CPAs do that, because we are putting our license on the line every single time.

If any of my old clients were running a shady business, I would fire that client as soon as I found out. Remember what happened to Arthur Anderson? They did nothing wrong, just guilt by association, and still went out of business because of who one of their clients were.

I'm not going to harangue over specific cases with you.

You need look no further than the length of time it took to nix corporate tax inversions to see that there are issues.

There is a way... Ever noticed that buns and dogs don't have the same quantity per package?

Also repairs and maintenance expense. A smart auditor (they sometimes exist, believe it or not) would go to the laundromat in question to see how many machines are running and compare it to the expense itself. Even ask employees questions about the machines too.

/looks around for the law that says I have to deposit my total earnings..

Nope, none exists.



Do you really think nobody takes cash anymore? I am stunned by this! Oh, A cash invoice does not have a name on it by the way.

You make it sound like those companies don't pay US taxes at all....

Getting off on a technicality is still getting off, true, but if you're shedding tears for them I hope you're equally upset about the unfair treatment of OJ Simpson by the media and American people.

And unless your business is making very small amounts of money (under $100K per year), the tax obligation works out to be the same ~35% rate no matter the bracket. Those were purposely built such that super small starting business's aren't hit with a large tax obligation but will be once they expand.

And I'm discussing charity donations of an individual not a business. In either case though you can't really "save money" by donating, the outlay is greater then the savings.

KN you have a bad habit of arguing technicalities while missing the general point or idea of a topic. Tax and corporate finance is such a complicated thing that if we all argued technicalities we'd be here all day arguing over the definition of basic things like "ownership", "income", "assets", "costs", and "liabilities".

Is the point to pay less taxes, or to keep more money? Because you may be doing the former, but you certainly aren't doing the latter.

GAO: Many Companies Paid No Federal Income Tax

You make it sound like people paying 39% on income taxes aren't saying wtf when they find out a corporation paid 15% and dodged the other 24%.

What is the argument exactly here..cause it looks like a brainstorming to come up with the best way to evade taxes lol.

What a consultancy/accounting firm really sells isn't expertise; it's trust.

Even if they did nothing wrong, the veneer of trustworthiness is gone, and that's death. AA was always going to fall once that came out, innocent or guilty.

It's a business practice that you don't keep all of your money in an unsecured location that's available for theft. You can't be next to the safe at all times.

What you suggest, businesses don't do just out of principle of their employees stealing from them. Unless you are the only employee in the company, you can't trust anyone who works for you with all of your money.

You really think business don't give you a receipt of sale? IRS can request receipts for supplies, and can ask them directly from your vendors if needed.

But a good pun is it's own re-word.

I USED THE WRONG FORM OF "ITS" GOD DAMMIT GIVE ME BACK EDIT AHHHHHH.

Who said anything about bank deposits. This is a cash only super small business we're talking about. Income is cash only, expenses are cash only and the owner is a sole proprietor. The extra 20% income is still so small that it's easily hidden by keeping it cash. I know people who've run these kinds of small cash only business's, it's not hard to keep things under the table, as long as it's small. It's when ***gets big that it becomes noticeable.

THANK YOU.

Cruz did you forget spoilers are broken??

And if they are running solar panels and all the other "green" stuff it is even easier!


I'm fairly certain we agree about this whole computer line of debate. The thing we are stuck on is if he gets audited or not. If he manages to squeak by without an audit he is lucky. But it is possible to do so.


Let me go back and find the post I said every business does stuff like this... Oh wait.. I never did.

Lmao *Rooks
no idea why I said Cruz lol!

How much tax evasion exists and where does it exist.

The debate hinges are whether we accept the definition of "evasion" to mean any method, even legal, at minimizing tax obligation or only the illegal methods. Also how much tax evasion exists on a small business level.

THE HELL, WOMAN

And they aren't broken! There's just some pages where other things interfere! I didn't know this page had them broken :(