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Taxes...
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#2
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I think taxes are already too high but I really hate a cheat.
I hope he has lots of fun at the gray-bar hotel. |
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"A NASCAR team owner was sentenced Monday to two years in federal prison after he pleaded guilty to defrauding the government of more than $34 million in taxes.
Gene Haas, the 54-year-old owner of Oxnard-based Haas Automation and NASCAR's Haas CNC Racing, was ordered to begin serving his term on Jan. 14, the U.S. Attorney's office said." Wow, 2 years for $34 mil, good thing he wasn't caught shoplifting or had a open beer in the backseat of his car. |
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who'd I hear supposed to run that car next year?
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Does anyone know what he was guilty of?
Haas was going through a major building project. Industrial buildings are paid for with "aftertax" dollars---in other words the company must pay federal taxes (about 40%) on the money first---the money left over can then be used to pay for the new building. A major question occurs when the other parts of the building(lighting, heat, AC, paint, loading docks, special equipment installations, etc.) are paid for. A question always is what is expensed and what must be capitalized(taxes paid before spending). What the IRS got him for was being too liberal with claiming "expenses". They also got the company accountants, another company officer and an outside accountant. Six persons in total were found guilty. He paid 70 million in penalty, interest plus 5 million in fines. As a businessman, I rely on my accountant for tax advice. Haas probably did too---He isn't an expert on taxes. But as company president he is responsible. And that is what can happen when you rely on bad advice. The 70 million in penalty and interest doesn't bother me, that's fair. The fine probably is OK---but the prison time may be piling on! For what I have read about this, that could have been me(on a much, much smaller scale) a few years ago. |
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