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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)

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.