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Does this plan make sense? v2 (lemmy.world)

submitted 7 months ago by [email protected] to c/[email protected]

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[–] [email protected] 1 points 7 months ago (1 children)

IRS has no reliable way of knowing my cash tip income, that I won the Irish lottery, that I sold my vineyard in France for a tidy profit, etc. without an audit, they have no way to follow a shell game of payments criss-crossing among my 500+ companies to be able to tax my real estate profits. They can’t know the depreciation I’m writing off for expensive office furniture is for my summer home

[–] [email protected] 1 points 7 months ago* (last edited 7 months ago) (1 children)

If I understand you correctly - isn't that profit tax? And companies have the burden and obligation to report.

And I was talking about common folk or like 95% of USA. You are right about cash-tips. We just dont pay taxes on it. But it's also not an integral part of, well, anything. Its more of a p2p transaction.

[–] [email protected] 1 points 7 months ago (1 children)

Companies have the burden to report but if you have many you can play games with payments across each other to concentrate the profit or loss to advantage yourself. Depending on how it’s incorporated m, that may belong to the business entity or you. As far as I know, IRS generally treats each business entity separately, so unless they have reason to audit, may not be able to follow a chain of payments across them.

[–] [email protected] 1 points 7 months ago

I thought we were talking about income tax, not profit tax. And Im sure IRS has group-level reporting and audits ... at last on paper, pre-lobby/bribes at last.

Afaik everyone needs to file solo & consolidated group level bs and p&l statements.