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I've already seen a little bit of this, delayed payment to vendors. Our monthly overhead is, in my opinion, too high for the type of business we run. He just bought a new house and tripled his mortgage payment and also has another child on the way.
If he wishes to avoid jail, in near future, he will go to older, modest housing. Increasing your lifestyle, behind on taxes - IRS not gonna like that.
I should add that I am paid fairly well and my boss leaves me alone. I can come and go as I please. He is an ass to staff members but I do a lot of the work, so he leaves me alone. I am just concerned that this is a sinking ship due to his mismangement.
You see the signs. The writing is on the wall. You need to get out of there ASAP.
i've been at my job for 8 years, working for a small company. I have a competitive job offer with another local employer. I found out a few weeks ago that my boss hasn't paid any estimated income taxes for 2017 and has not paid all taxes due for 16. He is now well into 6 figures (think 300k) in tax debt.
I asked about this and was told everything is fine, we just got behind and can catch up. The owner lives beyond his apparent means and takes a lot of money out of the business monthly.
I don't prefer to leave a job i've been at so long but common sense says trouble is on the horizon. Thoughts?
run!!!!!!! Run!!!!!!!!! Run!!!!!! X 10,000,000,000,000,000,000
PS: Finance person left, no doubt, since she knew owner is essentially, a CROOK.
As OP said, "common sense says"...
Take the job, and spread the word to present colleagues on the deadbeat's tax situation, so they avoid going down with the ship. Network for THEM. Get as many out as you can. N-O-W.
Well it seems unanimous. Basically in line with my thoughts, but I appreciate all the unique perspectives on here and looking at this from different angles. It can be hard to leave when you aren't being pushed out the door but best for me to get a head start before it gets bad. I doubt his spending or attitudes towards money will change substantially.
Well it seems unanimous. Basically in line with my thoughts, but I appreciate all the unique perspectives on here and looking at this from different angles. It can be hard to leave when you aren't being pushed out the door but best for me to get a head start before it gets bad. I doubt his spending or attitudes towards money will change substantially.
Bigger house, plus not reducing draws = Biggest Red Flags.
He has an external spending problem. His wife is likely a large part of that problem.
We all want to see you write you accepted the offer..FAST.
IRS is likely going to get very aggressive with the corp very soon. Paychecks will BOUNCE soon. To the IRS, you are not a priority.
Bigger house, plus not reducing draws = Biggest Red Flags.
He has an external spending problem. His wife is likely a large part of that problem.
We all want to see you write you accepted the offer..FAST.
IRS is likely going to get very aggressive with the corp very soon. Paychecks will BOUNCE soon. To the IRS, you are not a priority.
If anything draws have increased since house purchase.
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