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Was watching a news segment about this fisherman who rejected a settlement offer from BP. His claim was for over 100k and BP only offered him 34k.
Then this week on the news saw where so many folks down there who have filed claims don't have paperwork trails. They deal mostly in cash...and they have NO WAY to prove their incomes.
Then I couldn't help but think- do they not file tax returns? Surely they do. So wouldn't a few years of copies of their tax returns be sufficient...along with some affidavits, and any receipts they do have on hand?
Or did they fudge on their tax returns to not report their full income? And if this is the case- not saying it is- but if it is.... isn't this going to be a problem with the FEDS? Them claiming they earned X but they only paid taxes on Y?
Was watching a news segment about this fisherman who rejected a settlement offer from BP. His claim was for over 100k and BP only offered him 34k.
Then this week on the news saw where so many folks down there who have filed claims don't have paperwork trails. They deal mostly in cash...and they have NO WAY to prove their incomes.
Then I couldn't help but think- do they not file tax returns? Surely they do. So wouldn't a few years of copies of their tax returns be sufficient...along with some affidavits, and any receipts they do have on hand?
Or did they fudge on their tax returns to not report their full income? And if this is the case- not saying it is- but if it is.... isn't this going to be a problem with the FEDS? Them claiming they earned X but they only paid taxes on Y?
Could be.....we were talking to night. Just think of a waitress/waiter.
If they did not report every dime, they will either has to admit it or, take what they did report.
Was watching a news segment about this fisherman who rejected a settlement offer from BP. His claim was for over 100k and BP only offered him 34k.
Then this week on the news saw where so many folks down there who have filed claims don't have paperwork trails. They deal mostly in cash...and they have NO WAY to prove their incomes.
Then I couldn't help but think- do they not file tax returns? Surely they do. So wouldn't a few years of copies of their tax returns be sufficient...along with some affidavits, and any receipts they do have on hand?
Or did they fudge on their tax returns to not report their full income? And if this is the case- not saying it is- but if it is.... isn't this going to be a problem with the FEDS? Them claiming they earned X but they only paid taxes on Y?
Every scumbag in the world is going to come out looking for some money. Saw the same thing during Katrina with the insurance companies. If they can't sufficiently document their losses, I'd tell them to go to hell.
If you were self-employed and some huge company destroyed your livelihood and offered restitution at 64 percent of your assets' valuation, wouldn't you be a bit disillusioned as well?
For income/tax reporting advice, I would defer to the companies that pay illegal immigrant workers on a cash basis. I'm sure there is a benchmark paper trail of W2s, 1099s, etc....
Was watching a news segment about this fisherman who rejected a settlement offer from BP. His claim was for over 100k and BP only offered him 34k.
Then this week on the news saw where so many folks down there who have filed claims don't have paperwork trails. They deal mostly in cash...and they have NO WAY to prove their incomes.
Then I couldn't help but think- do they not file tax returns? Surely they do. So wouldn't a few years of copies of their tax returns be sufficient...along with some affidavits, and any receipts they do have on hand?
Or did they fudge on their tax returns to not report their full income? And if this is the case- not saying it is- but if it is.... isn't this going to be a problem with the FEDS? Them claiming they earned X but they only paid taxes on Y?
BP will file 1099's to the IRS on every check they write settling claims to individuals..and the IRS has already stated claims settled will be taxed..
You're missing my point - BP is paying a fraction of the total book value of the losses incurred by the Gulf businesses due to the oil spill. Similar to how the U.S. Government uses Eminent Domain to raze someone's home at a fraction of its cost or market value.
The libs that wanted a big, interloping government got one and we are all paying the price. The heart and soul of the U.S. Economy - the Small Businessperson - is being squeezed out by anti-capitalist maniacs in Washington.
If a drunk driver hit a telephone pole causing power outages... and there is a loss to businesses and workers-
not using tornado or other event as there must be someone to CAUSE the incident.....
Is the drunk (showing neglegance or how they SHOULD HAVE KNOWN) driver sued?
Do businesses sue the driver to recoupe all the lost income? Having to throw away all the food in the coolers?
Do the employees who had to leave work or who can't come to work ....do they get to sue the drunk driver as well?
But then do they get to sue for ALL lost wages...even though they don't work those hours?
Don't want to come out looking unAmerican....but I just don't understand it. Why are businesses held to a different standard? Better yet- why can't business owners and employees recoup their losses from the driver?
If you were self-employed and some huge company destroyed your livelihood and offered restitution at 64 percent of your assets' valuation, wouldn't you be a bit disillusioned as well?
For income/tax reporting advice, I would defer to the companies that pay illegal immigrant workers on a cash basis. I'm sure there is a benchmark paper trail of W2s, 1099s, etc....
I don't think I get your point. Assets are fixed things. Income is something else. If you are taking in 100K and reporting 25K should BP pay you the 100K?
I would think you would have to figure some way to demonstrate the value of your "asset". Probably impossible without an accurate income statement.
I can't really see where a tax evader should be able to use the evaded income to establish a loss.
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