Less to See than on NHL Center Ice®

[mmm3587]

Originally posted by notcasesensitive
Ask Richard Hatch.

What a dumbass that guy was. I'm surprised that CBS even paid him the whole amount without withholding. But it serves him right. Anyone dumb enough not to realize that they're going to catch up with you for shit as egregious as that deserves to get fucked.

[bilmore]

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Originally posted by mmm3587
I was aware that the mortgage interest deduction gets phased out, but the state and local income tax stuff does, too? Ugh. Still, I would take the extra income to put me over that hump, I guess. If you made me. If it was absolutely necessary that I get paid more.
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SelfTimmy: "were"

"I were aware . . . .":?

Sounds wrong.

[Mmmm, Burger (C.J.)]

Originally posted by sebastian_dangerfield
I received a chunk of non-cash income and just totally forgot to declare it.

I think your bigger problem is going to be with your partners, who are wondering a) why they didn't get a share of the blow jobs you received in lieu of fees and b) how exactly they should be valued.

[Not Bob]

Originally posted by notcasesensitive
Ask Richard Hatch.

Admittedly, the "prove that I have any gambling winnings, IRS dude" approach is somewhat flawed when one wins one's million dollars on national television.

(yet another song related re line. sorry, paigow)

[sebastian_dangerfield]

Originally posted by mmm3587
That's my approach to cash gambling winnings. I wonder how hardcore the audit would be on that. I don't know that "Well, if you look at all the cash withdrawals I made during that tax year, you'll see that I withdrew X dollars, and you'll see that total cash deposits during that time were less than X. So I had no gambling winnings. Yes, I only use cash for gambling. And never for anything else."

I'd never lie on my taxes, but I'm certainly not going to look really closely to make sure uncle sam gets every nickel he wants. If I miss something, it'll be something I owe, not something I'm owed, but it'll be small enough that no one would give a shit anyway.

I have a friend with a business who basically just lies on his taxes year in year out. He claims as long as he steals only 20k or so a year, no one will ever bother. Is there a cut off like the SEC stuff (won't look at you for insider info unless you have really large suspicious trades or a part of a huge wave of sudden suspicious trades)?

[sebastian_dangerfield]

Originally posted by Mmmm, Burger (C.J.)
I think your bigger problem is going to be with your partners, who are wondering a) why they didn't get a share of the blow jobs you received in lieu of fees and b) how exactly they should be valued.

If you know anything about me, you know that would be phantom income.

[ABBAKiss]

Originally posted by bilmore
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Originally posted by mmm3587
I was aware that the mortgage interest deduction gets phased out, but the state and local income tax stuff does, too? Ugh. Still, I would take the extra income to put me over that hump, I guess. If you made me. If it was absolutely necessary that I get paid more.
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SelfTimmy: "were"
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"I were aware . . . .":?

Sounds wrong.

If it were absolutely necessary that I get paid more. Although, it is ALWAYS absolutely necessary that *I* get paid more so.....

[robustpuppy]

Originally posted by sebastian_dangerfield
If you know anything about me, you know that would be phantom income.

from what I know about you, I would never have expected to see "phantom income" in one of your posts. Plus, that's just a little too clever.

Sigh.

[Hank Chinaski]

Originally posted by sebastian_dangerfield
Is there a cut off like the SEC stuff (won't look at you for insider info unless you have really large suspicious trades or a part of a huge wave of sudden suspicious trades)?

I know someone who audited. I don't know how they get to "you're being audited," but once you're on the list they go like hell to catch you cheating. They get evaluated by % of cheats they catch- and they have a target %.

That is, they won't ignore a "minor" cheat.

[bilmore]

Originally posted by Hank Chinaski
I don't know how they get to "you're being audited," . . .

Two step process:

1. "Are you a lawyer?"

2. "Do you own a business?"

(Answer both "yes", and you get the Platinum card.)

[taxwonk]

Originally posted by sebastian_dangerfield
I totally understand the "oh, I'll just ignore that provision" attitude toward the tax thing. I did something like that last year. I received a chunk of non-cash income and just totally forgot to declare it. Now I don't know what to do about it. But I'm not going to say shit about it now. The way I see it, its too late. Let the fuckers litigate with me if they like.

It's not too late until the three year statute of limitations passes. It's a 6 year S/L if they can allege fraud, which is easier to do with non-cash items. And of course, there's also the interest and penalties which rack up until you pay.

But if you're more comfortable not filing an amended return, then fuck 'em. I think only about a couple thousand lawyers get their licenses suspended or pulled for tax issues every year. It's not like it's your livelihood or real money on the line or anything.

[bilmore]

Originally posted by taxwonk
But if you're more comfortable not filing an amended return, then fuck 'em. I think only about a couple thousand lawyers get their licenses suspended or pulled for tax issues every year. It's not like it's your livelihood or real money on the line or anything.

Heck, you get suspended for non-knowing tax violations. Imagine what they do with the knowing stuff?

But, the forms are a pain.

(P.S. Uh, it wasn't something that someone else expensed, was it?)

[robustpuppy]

Originally posted by taxwonk
It's not too late until the three year statute of limitations passes. It's a 6 year S/L if they can allege fraud, which is easier to do with non-cash items. And of course, there's also the interest and penalties which rack up until you pay.

But if you're more comfortable not filing an amended return, then fuck 'em. I think only about a couple thousand lawyers get their licenses suspended or pulled for tax issues every year. It's not like it's your livelihood or real money on the line or anything.

You gotta polish your marketing.

[taxwonk]

Originally posted by Not Bob
Admittedly, the "prove that I have any gambling winnings, IRS dude" approach is somewhat flawed when one wins one's million dollars on national television.

(yet another song related re line. sorry, paigow)

The approach is also somewhat flawed when the Tax Court judge tells you that the IRS gets the presumption of correctness on unreported income and the taxpayer has the burden of showing real income was less.

[ltl/fb]

Originally posted by sebastian_dangerfield
I'd never lie on my taxes, but I'm certainly not going to look really closely to make sure uncle sam gets every nickel he wants. If I miss something, it'll be something I owe, not something I'm owed, but it'll be small enough that no one would give a shit anyway.

I have a friend with a business who basically just lies on his taxes year in year out. He claims as long as he steals only 20k or so a year, no one will ever bother. Is there a cut off like the SEC stuff (won't look at you for insider info unless you have really large suspicious trades or a part of a huge wave of sudden suspicious trades)?

There are things you can do to make it more likely you will get audited (e.g., win $million on TV and then have less than $1m in income -- or, your tax return doesn't match your W-2), but you can always get audited. And "oh I forgot" doesn't usually make the IRS waive penalties and interest. If whoever paid you the cash reported it to the IRS, they are more likely to audit you (because your return won't match what they have on file for you).

ETA hey, look, seriously, what can they do to you? It's just the IRS. I think you are absolutely taking the right approach. You and mmmmmm. Kudos to both of you.