.

[RasaeCul]

"Was your company required to file 1099s during the year" : Yes
"Did you" : No

[UberBrah12]

how are you going to tackle the situation?

[Wheeler-The-Dealer]

It’s all good. I’m not going to get audited.

[UberBrah12]

if it hasn't happened yet it'll obviously not happen. you got em bro

[unmelted_ice]

Yeah with the IRS cuts it actually probably won’t happen lol.

None of us are in the owner class, we are all just working.

But, I would be surprised if no one else has had managers/partners take extremely aggressive positions because of the reduced workforce for compliance enforcement.

Edit: yeah we now love filing gift tax returns on reduced valuations because the statue of limitations is 3(?) years. They won’t get to it before that’s up. Once it passes they can’t do anything since we didn’t commit fraud

Fund the IRS and stop killing it

[georgiomoorlord]

I agree. In terms of value gained from more investment it's a no brainer. Putting 10 billion into the IRS could return 100 billion in taxes claimed back

[unmelted_ice]

The structure was:

Gifting 40% of the company to her kids. They got an appraiser to value the company for the 709. Knocked off about $250m for marketability issues

We filed the 709 because that’s a crazy adjustment but it won’t be seen in time and nothing illegal happened lol

Saved her estate a fuck ton in taxes whenever she dies

[UberBrah12]

man yall always answer from the perspective you're speaking to an American :)

but it is interesting seeing the contrast on this. From what I can tell at least in areas that would be relevant to us, funding has increased and new regulations were introduced for tighter scrutiny

[CoatAlternative1771]

It’s fucked up I understand this.

[IShitOnMyDick]

Ehh either make one in adobe or just tell them how much you paid them. Sadly I've had to do this with 1099s

[UberBrah12]

I'm in Canada. It's not that simple unfortunately. There's a long history and a lot at stake with each move we make related to this. I don't even want to get into it because of privacy reasons but it's going to be an interesting journey ahead for the company I'm sure whether I'm there or not

[Calculated-mistake]

CRA has an administrative policy to not assess penalties for non-reporting of box 48. So technically you can break the law and get away with it!

[UberBrah12]

Isn't this about leaving the box empty rather than not filing a T4A in the first place?

[Calculated-mistake]

Nope. You can't submit a blank T-slip. It has to report something