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ScallionPancake on scored.co
10 months ago0 points(+0/-0)2 children
That sounds like the most jewish shit I've ever heard.
I mean obviously it sounds like a loophole, but are you sure there is no way this guy isn't going to get caught and charged with tax fruad if they ever find out?
If the IRS caught wind of this, they'd just shrug their shoulders and move on? Anyone with 3 brain cells can tell this is scam lmao.
10 months ago1 point(+0/-0/+1Score on mirror)1 child
Here's another one: they skip on payroll taxes by paying their employees via Zelle. Everyone is a 1099 contractor, so it's up to employees to decide what they want to report on their taxes as income. The business itself isn't required to withhold earnings for taxes.
And the Zelle account that pays out the money? It's held under a different LLC (#2), and the "employer" is yet another LLC (#3) than where they do their work. So if the IRS wanted to audit the "main" business, LLC (#1), it technically has no employees and it certainly doesn't pay them either. The LLC (#2) that handles payroll also isn't paying employees, it's paying invoices submitted by LLC (#3).
10 months ago1 point(+0/-0/+1Score on mirror)1 child
> But ultimately the 1099 contractor has to report their income, otherwise they'd be in trouble if the IRS finds out about their income.
That's your fucking problem! Mr. Shekelberg is in the clear, and if you try to get him in trouble, don't forget that you signed an NDA, a non-compete clause, and an arbitration agreement. These rat fucks are ruthless and deserve the rope! They use our own laws to subvert us, which is why they laugh and mock us. Most countries don't allow foreigners to own land or do business, and for good reason.
Another one for a business is a Section 179 Deduction: *"Allows businesses to deduct the full purchase price of qualifying equipment (including certain vehicles) in the year they are placed in service, instead of depreciating them over several years."*
This is why you can find brand new luxury cars purchased in December for sale as pre-owned in January. Business owners buy a car (or cars) for the total amount they're expected to owe in taxes for that year, then sell it back to the same dealer for a few grand off. They get thousands off their tax bill in exchange for losing a few pennies in "depreciation" on the vehicle. They don't even bother registering the vehicle because they get 30- or 90-day temp tags from the dealer. Some don't even take the car off the dealer lot.
The dealer agrees to this because December is one of the slowest months of the year, but they're still expected to sell cars regardless. These "179" deals help the dealer put "points" up on the board to meet quotas and earn bonuses, while giving them fresh inventory of "used" cars they can sell to CarMax or auction for a profit in January, another very slow month. Dealers hate new cars; all the profit is in used cars.
The contractor DOES have a way to avoid taxes, but that's on you if you know how. You're getting Zelle transfers from a company to which you have no documented ties. It could be for anything. It's on you to report what you want. Who's looking? Who's asking?
I mean obviously it sounds like a loophole, but are you sure there is no way this guy isn't going to get caught and charged with tax fruad if they ever find out?
If the IRS caught wind of this, they'd just shrug their shoulders and move on? Anyone with 3 brain cells can tell this is scam lmao.
And the Zelle account that pays out the money? It's held under a different LLC (#2), and the "employer" is yet another LLC (#3) than where they do their work. So if the IRS wanted to audit the "main" business, LLC (#1), it technically has no employees and it certainly doesn't pay them either. The LLC (#2) that handles payroll also isn't paying employees, it's paying invoices submitted by LLC (#3).
Does it make sense, goy?
But ultimately the 1099 contractor has to report their income, otherwise they'd be in trouble if the IRS finds out about their income.
That's your fucking problem! Mr. Shekelberg is in the clear, and if you try to get him in trouble, don't forget that you signed an NDA, a non-compete clause, and an arbitration agreement. These rat fucks are ruthless and deserve the rope! They use our own laws to subvert us, which is why they laugh and mock us. Most countries don't allow foreigners to own land or do business, and for good reason.
Check this one I posted a while ago: https://communities.win/c/ConsumeProduct/p/19AxC0QZwg/consume-income-taxes/c/4eRUZsqMKxF?d=50
100% valid and legal.
This is why you can find brand new luxury cars purchased in December for sale as pre-owned in January. Business owners buy a car (or cars) for the total amount they're expected to owe in taxes for that year, then sell it back to the same dealer for a few grand off. They get thousands off their tax bill in exchange for losing a few pennies in "depreciation" on the vehicle. They don't even bother registering the vehicle because they get 30- or 90-day temp tags from the dealer. Some don't even take the car off the dealer lot.
The dealer agrees to this because December is one of the slowest months of the year, but they're still expected to sell cars regardless. These "179" deals help the dealer put "points" up on the board to meet quotas and earn bonuses, while giving them fresh inventory of "used" cars they can sell to CarMax or auction for a profit in January, another very slow month. Dealers hate new cars; all the profit is in used cars.
There's no "spirit of the law," there isn't a "no, but technically" ruling. These rat basturds know what they're doing.