Quote:
Originally Posted by 69 Post Sedan
And right here IS the problem that needs to be resolved……
For example, we know of companies/organizations that pay little to no taxes due to misleading/false information on their taxes. They exaggerate on their assets to get loans yet lie about the value of assets to pay less in taxes. Our government needs to put a stop to this!!! Or make them held accountable! Corporate welfare is killing this country, not some measly $600 transaction.
Kurt
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Kurt, you cannot make a general statement like this and be taken seriously. If you have a specific example, fine, we can discuss. Spouting out unsupported talking points only dilutes the argument. For clarity, do you take any deductions on your tax return? Or do you pass on them to pay extra taxes? Corporations are under perpetual audit by not only financial auditors who validate the accuracy of the books and records, but also by the states, the IRS, governing bodies in other countries, etc... There are federal taxes, state taxes, property taxes, payroll taxes,... the list goes on. As I said above, the current corporate tax rules are incomprehensible to 99.9% of the general population, and 100% incomprehensible to the current media. Also, the $600 reporting threshold does not alter the tax consequences of those transactions, they were always required to be included in the determination of income, it just makes them easier to audit. Most tax plans can create a deferral, where taxes are due in a later period, but not avoidance.