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Hot Secretary, Get the President on the Phone. I Just Got Tired of Paying Taxes

so you're saying less business regulation is good?
 
Wrangor said:
Good post. I can see your point with the franchise tax, but not sure about adding more taxes right now with Obamacare still looming over all of our businesses' collective heads. Your point about 49 employees is one of the exact reasons why ACA was so dumb. You are seeing the same kind of 'strategy' to deal with ACA. Once you get to 50 you are required to give healthcare. So you have part time employees and other management strategies to avoid enormous penalties. Business doesn't thrive in those conditions because you are reacting to factors that have zero bearing on the true success of your company. You are just trying to manage and survive. ACA needs to be killed, and the sooner the better.
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i mean, you're always going to have people/businesses on a cutoff, whether it's taxes or ACA. I'm not sure the most substantive discussion to be had is talking about the 50th employee issue.
 
ONW said:
How long did this take you to sort out? That sounds like an absolute nightmare.
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I think the best part was when my ingenious ex bosses budgeted the total accounting/tax costs they plugged in $10k, for me and the outside CPA's. They figured I could do it in addition to my already full schedule. First year tax fees ended up north of $300k, and the return was shipped in about 30 boxes. Luckily, I wasn't involved in having to get all the basis information in the first place, the receiver in bankruptcy handled that. The problem was, they made tons of errors that I then had to go ahead and fix. Bankruptcy lasted about 2.5 years and then the properties got sold in about 2 years, so all told about a 5 year process.

Truth be told I'm just now starting to get un-burnt out from the whole process a few years later.
 
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Wrangor said:
Good post. I can see your point with the franchise tax, but not sure about adding more taxes right now with Obamacare still looming over all of our businesses' collective heads. Your point about 49 employees is one of the exact reasons why ACA was so dumb. You are seeing the same kind of 'strategy' to deal with ACA. Once you get to 50 you are required to give healthcare. So you have part time employees and other management strategies to avoid enormous penalties. Business doesn't thrive in those conditions because you are reacting to factors that have zero bearing on the true success of your company. You are just trying to manage and survive. ACA needs to be killed, and the sooner the better.
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The bigger problem with an expanded franchise tax is that most companies borrow money to fund their capital expenditures, so you'd be taxing them on things that they don't fully own. If a company buys a $3 mil plant, they aren't budgeting that entire $3 mil against revenue in the acquisition year, they are budgeting maybe $300k for the actual payment. So if you were upping the franchise tax to say 20% to replace a corporate income tax, the tax on the item would be twice the cost of the item in that year. That would put a lot of business under really quickly, and would crater the commercial lending market.
It would be like taxing somebody 20% per year on the total value of their house even though their mortgage payment is about 10% of the value. The taxes would far outweigh the acquisition costs; nobody would ever buy a house. That might be a good idea for some people, but it would stifle a good portion of the economy.
 
palmab03 said:
I think the best part was when my ingenious ex bosses budgeted the total accounting/tax costs they plugged in $10k, for me and the outside CPA's. They figured I could do it in addition to my already full schedule. First year tax fees ended up north of $300k, and the return was shipped in about 30 boxes. Luckily, I wasn't involved in having to get all the basis information in the first place, the receiver in bankruptcy handled that. The problem was, they made tons of errors that I then had to go ahead and fix. Bankruptcy lasted about 2.5 years and then the properties got sold in about 2 years, so all told about a 5 year process.

Truth be told I'm just now starting to get un-burnt out from the whole process a few years later.
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$10K????? LOL
 
ChrisL68 said:
$10K????? LOL
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no quite quite understood the ramifications that we were invested in a multi-state LLC. At our level, there was very little activity other than processing distributions.

ImTheCaptain said:
$300k to file paperwork to pay taxes

#amurica
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And for the 800 or so investors if they were to do it correctly, each would have to pay $5k-10k to their CPA to file in 30 states. So add another $4-8 million there. In practice it was just easier and more efficient for the investors to not comply with their filing obligations, and pay whatever the states wanted if they sent them a notice.
 
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buckets said:
so you're saying less business regulation is good?
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Not less regulation. Lower taxes. I would lower the business taxes significantly and probably increase the personal taxes. Healthy businesses are the bedrock of a great economic society, not wealthy individuals. Encourage further business investment and make it up in personal income. So not LESS business regulation, lower business taxes. If you want a healthy middle class, then you need to have healthy businesses. Right now we are putting pressure on businesses, and giving individuals blank checks. We should be doing almost the exact opposite.
 
DeacDiggler said:
At least 704(c) was easy to deal with.
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Oh, and then after they all contributed we allowed all the members to buy and sell their units at auction prices, which meant we then had to transfer all the basis around even further after they were initially setup. I was initially trying to get my buddy's firm to do the returns (kickback central for yours truly), but the fact that we wanted to trade around the interests meant only the big 4 could handle it.
 
palmab03 said:
I think the best part was when my ingenious ex bosses budgeted the total accounting/tax costs they plugged in $10k, for me and the outside CPA's. They figured I could do it in addition to my already full schedule. First year tax fees ended up north of $300k, and the return was shipped in about 30 boxes. Luckily, I wasn't involved in having to get all the basis information in the first place, the receiver in bankruptcy handled that. The problem was, they made tons of errors that I then had to go ahead and fix. Bankruptcy lasted about 2.5 years and then the properties got sold in about 2 years, so all told about a 5 year process.

Truth be told I'm just now starting to get un-burnt out from the whole process a few years later.
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10K...lol!
 
One of the few threads that threw Milhouse off his game. Really got out of character in this one.
 
Did the Ponzi scheme leader(s) get sentenced?
 
ONW said:
Did the Ponzi scheme leader(s) get sentenced?
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http://www.bizjournals.com/portland...pleas-net-15-years-in-prison-for-sunwest.html

I hadn't been paying attention myself, looks like it just recently happened. I had 3 bosses on this one. One of em heard the news back in 2008 from the dude directly, and is like 75 years old and just decked the dude.

The former leader of the Sunwest health and senior living facilities has received a 15-year prison sentence.

As the Oregonian reports, Jon Harder fielded the penalty "for defrauding more than 1,000 investors of at least $120 million," according to Judge Michael Simon.
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I guess this has more quotes and details, as I know all of the people quoted, given that they decided to put me in charge of investor relations as well

http://www.oregonlive.com/portland/index.ssf/2015/11/former_sunwest_ceo_jon_harder.html
 
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WFU71 said:
https://www.washingtonpost.com/news/business/wp/2016/03/21/data-company-ihs-becomes-latest-to-give-up-u-s-citizenship-for-lower-taxes/

"Business groups have argued that inversions will continue until Congress lowers the U.S. corporate tax rate, which is the highest in the developed world. But lawmakers are not likely to take action before the presidential election this year, and Republicans and Democrats remain split on the best way to reform the corporate tax code."
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Lower it how much? They'll always work to pay as little as possible.
 
The US has the highest rate of corporate taxation in the developed world and paying US taxes on international income is a huge disadvantage.

There is a reason that all of these inversions are happening.
 
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