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Old 03-24-2016, 04:19 AM
 
18,950 posts, read 11,557,780 times
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Is this a small business - not a corporation? It's more likely to be an accounting tactic, not personally nefarious activity. I'm curious how you know money is coming from his paycheck, going to a GL account, but you lose the trail after that. Someone suggested you are the company accountant but it doesn't sound that way to me.

 
Old 03-24-2016, 04:34 AM
 
2,702 posts, read 2,755,909 times
Reputation: 3945
If you're not the accountant, don't get involved. The last thing you want is to get fired over finances.
 
Old 03-24-2016, 05:14 AM
 
12,076 posts, read 23,185,839 times
Reputation: 27203
Quote:
Originally Posted by Willowtree222222 View Post
No it comes out after tax.. It's just held in the company for a later withdrawal,
[snip]
There is really nothing substantive for anyone to contribute to this thread, is there? You are asking people to guess why your boss is doing something with his money. If it is that important, ask him.

My guess is booze and hookers.

Last edited by PJSaturn; 03-25-2016 at 07:52 AM..
 
Old 03-24-2016, 07:42 AM
 
Location: NC
6,032 posts, read 9,189,893 times
Reputation: 6378
Quote:
Originally Posted by Frihed89 View Post
You must be accountant for this firm. If you suspect something unlawful is going on; the IRS picks it up, and it becomes known that you were aware of the practice, you "could" be in criminal trouble depending on what the IRS and federal prosecutor want to do.

If you simply have a bone to chew with your boss, find a new job and then resign, which is what I would do in either case.

Any competent accountant would know this is perfectly legal.

Some companies do it for their employee's as a type of forced savings account they can opt into. I have seen some do it for funding christmas gifts, vacations... etc.
 
Old 03-24-2016, 08:02 AM
 
Location: In a city within a state where politicians come to get their PHDs in Corruption
2,907 posts, read 2,060,858 times
Reputation: 4478
OP, I think you're making this bigger than it needs to be.

Most business owners have multiple bank accounts. I do. They are for legitimate business purposes. Operational, Taxes, Owner's distributions and so on.

Chances are the owner is doing this legally and no need to worry.
 
Old 03-24-2016, 08:07 AM
 
Location: Southern California
12,713 posts, read 15,468,522 times
Reputation: 35512
Myob
 
Old 03-24-2016, 10:33 AM
 
Location: garland
1,591 posts, read 2,398,903 times
Reputation: 2003
Quote:
Originally Posted by joe from dayton View Post

My guess is booze and hookers.
Or maybe his wife has a drinking/drug problem and/or keeps paying the pool boy for 'additional services' from their joint account and he's saving up money for a substantial legal fund before taking action?


Maybe he's wanting to start a global charity organization and is funneling funds over to a separate account as a matter of housekeeping and preparation?


Good reasons for doing this are equally as plausible as nefarious reasons.
 
Old 03-24-2016, 12:17 PM
 
16,715 posts, read 19,355,889 times
Reputation: 41482
Quote:
Originally Posted by Willowtree222222 View Post
It's very odd, you get a paycheck and put $ into your own savings account. You don't have $ deducted to later be paid to you in a separate check, it's odd, just curious if anyone knows a legitimate reason someone would do this.

It's none of your business.


It's not like he's taking cash from customers and trying to hide it. He's just setting money aside. For all you know he could be preparing to give all the employees a big bonus, or about to pay off the company truck.


If you were my accountant or office manager, and I saw you on a forum like this asking about MY money, I'd fire you.
 
Old 03-24-2016, 12:19 PM
 
8,076 posts, read 10,035,259 times
Reputation: 22658
Ask Dennis Hastert. He had a similar set-up.
 
Old 03-24-2016, 12:26 PM
 
2,684 posts, read 2,384,437 times
Reputation: 6284
Do you work for a partnership/s-corp? The owners have to pay taxes quarterly in a partnership separate from payroll withholding, that's one potential explanation.
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